I want to share with you my personal story about bringing the Wdesk cloud platform to my previous organizations and the impact on our financial reporting.
In typical fashion, it started out with a few hard-to-schedule meetings, multiple iterations to business cases and vendor due diligence. Then came the hundreds of hours of implementation time spanning several months (due to quarter ends and a host of other interruptions), but in the end the benefits were clear.
By replacing our third-party publisher using the Wdesk powerful end-user processing capabilities, we achieved an ROI north of 300%, a payback period of under one year and an average increase in financial reporting speed of around 30%. If you’re thinking these results sound unbelievable, I’d think the same if I hadn’t experienced it myself.
Financial reporting automation tools are widespread and its no secret that IT projects are hit and miss. Yet back office technology in today’s fast-paced and competitive business environment is absolutely essential for finance functions to stay relevant by ‘going behind the numbers’ to provide appropriate and timely decision-support.
For me, this all started with selecting the right collaboration software and knowing precisely what point in the accounting cycle to make a small, targeted investment to maximize the benefits to the organization. In hindsight, having a team of CPAs in our corner with extensive Wdesk and reporting experience would have been worth an investment.