Improving financial accounting and reporting processes is part of the strategy that best-in-class companies are employing to succeed in global expansion, reports Aberdeen Group.

The business insight provider has published a new study entitled Effective Financial Management for International Expansion.

From its survey of 200 companies, the organisation found that improving financial accounting and reporting is a key element in best-in-class strategy.

“CFOs strive to maintain real-time visibility to financial data and information through a strategic mix of process innovation and technology implementation,” writes Aberdeen Group’s Nick Castellina.

Among the initiatives being put into practice are: effective risk management; streamlining of order-to-cash processes; improved financial accounting and reporting; and improved resource management and productivity.

For companies that are rapidly expanding and wish to adopt a best-in-class approach to doing so, better payroll procedures are an important first step.

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