This is the fifth and last of a series of LinkedIn posts where Paluma answers the question: “How CFOs can use tools to achieve goals and overcome challenges?”
The adoption of a new accounting standard or regulation usually represent a significant investment, it is time-consuming and expensive. Compliance with new rules generally translates into an increasing effort to raise awareness and therefore, more training for relevant people. It also often results in a heavy restructuring or replacement of existing systems. As for CFOs, especially in a time when they can be made accountable for compliance violations, it is important to take it as an opportunity to improve the existent infrastructure and to reduce the burden it represents.
Several solutions emerge in the market to cover the gaps, especially for the adoption of a new accounting standard. Some of them are regulatory compliant, which means its implementation represented for CFOs a reduction on the effort, workload and general worries. It also represents an opportunity for companies to allocate more of their resources time to other added value tasks.
Paluma have a long history and success in supporting corporations adapt to new regulations. Our people within our different lines of services have a strong record in projects such as evaluation and implementation of IFRS16, Solvency II, FINREP or COREP.
Whether CFOs and organisations are initiating the evaluation of the accounting and financial impacts of a new directive; require a diagnostic of readiness and compliance of existent system infrastructure and software; intend to evaluate the best software solution for their specific needs; look for an implementation partner we are happy to discuss.
We at Paluma have an extensive track record working with CFOs and supporting organisations in Europe successfully digitalise finance functions, leverage analytics and ensure compliance with new accounting standards. Therefore, we can advise your business with the best solutions to fulfill your goals.
By André Almeida