Below is a Guest Post by Andy McQuarrie from The Hillman Company.
Agile finance will change your ability to impact your organization. It occurs when accounting and data analytics are combined, resulting in a supercharged discipline. Let’s step back and take a high-level look at how accounting and data analytics are perceived.
Accounting is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. Data Analytics is the science of analyzing data.
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Combining these two disciplines will enhance the pros and minimizes the cons of each, resulting in a powerhouse called Agile Finance. This supercharged discipline can be used to create a Single Source of Truth (SST) database to facilitate your organizations’ compliance, treasury, cash management, reporting and analytic requirements. With a SST database, you will have clean and detailed data to apply data analytics, enabling you to provide clarity, insight and understanding to impact decisions across the organization.
At The Hillman Company, we have successfully implemented these concepts and strategies, and they have transformed our ability to meet and adjust to the needs of executives, investment team, shareholders, and employees. The Hillman Company’s solution was validated with a current state assessment (benchmarking study) that highlighted the unmatched functionality of this approach, the efficiencies of scale, the breadth of data, and the real-time visibility to our portfolio and operations. The current pandemic has highlighted the need for agile finance during these challenging times.
Leveraging agile finance when facing unprecedented challenges:
Multiview Financial Software is the cornerstone of our ability to achieve and utilize Agile Finance. Multiview’s enterprise software provides the flexibility to define and configure your financial solution to capture critical data by using accounting disciplines supported by Multiview’s ERP financial platform. In addition, Multiview provides robust and dynamic workflows that enable organizations to embed procedures and processes into its ERP platform. The Hillman Company uses data analytics to monitor and manage operations and resources.
I am an enthusiastic believer in the concept of agile finance and encourage you to utilize this strategy to impact your organization.
The Hillman Company is a privately held investment management firm with over 100 years of experience investing in private equity. The Hillman Company manages the assets of the Hillman family and their philanthropic arm: Hillman Family Foundations. While the managed portfolios also include traditional asset classes, they are heavily weighted towards private equity. The Hillman Company invests globally with emphasis in venture capital, growth equity, and energy. They are not only experienced partners in private equity funds, but an active and experienced co-investor as well.
Founded in 1990, Multiview builds powerful financial and operational management applications to companies across a multitude of industries. The organization’s flagship offering, Multiview ERP, is used across client organizations where they benefit from the powerful integrated modules combined with sophisticated real-time reporting. This allows for leaders to easily analyze key financial, statistical, and operational metrics that drive their decision making. Headquartered in Ottawa, Canada, Multiview maintains sales and support operations throughout North America.