Data availability and quality: the keys to financial transformation

There are many motivations for a Finance transformation project, but regardless of the reason, they all require improving data processing. What will it take to help the finance department meet its current challenges?

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What kinds of projects does Axway Financial Accounting Hub enable?

With new agility requirements, finance departments face many challenges, such as:

1. Optimization, automation of O2C and P2P processes
2. New standards and regulations: IFRS 15 and 16 for example, but also VAT Group and electronic invoicing
3. the transition to the cloud and SaaS mode
4. managing the obsolescence of existing ERP solutions and consolidation tools

All these projects involve migrations, adding new software components, and rethinking the finance information system to make it more agile – some would say less monolithic, and more autonomous from the IT department – as well as enabling more leveraging of data. These are typically the possibilities that a financial and accounting hub brings to a finance information system. We therefore act as a facilitator for finance information system transformation projects.

What does Axway Financial Accounting Hub bring to a finance ERP migration project?

Finance ERP migration projects are often very demanding, whether or not the client changes vendors, stays on-premises, or moves to the cloud.

To make the most of the change and the new functionalities available, customers have to update their account plans, accounting rules, analytics, aggregation criteria, etc. At the same time, all the back-office applications must be connected to the new system and the existing data migrated.

That represents a lot of integration work, which unfortunately is often underestimated.

Analysts expect that 40% of ERP implementations will underachieve as a result of underinvestment in integration by 2025. In this context, Axway Financial Accounting Hub provides turnkey functionality that accelerates projects, reduces risk and cuts costs in half, and increases data quality and overall agility.

How would you describe Axway’s Financial Accounting Hub solution in a few words?

AFAH is a financial and accounting hub. It allows the company’s finance department to regain control over the data that enters and leaves the finance information system. It allows them to produce, use, and share quality data while ensuring the traceability and justification of the processes carried out.

Axway Financial Accounting Hub offers simplified connectivity to the various producers and consumers of data, data transformation based on accounting rules, auditing and data recycling tools, as well as configuration and supervision services for financial and accounting data flows.