The most common problems of CFOs
Inadequate or insufficient reporting management
Whether your reporting options are obsolete, or they just don’t correspond to your needs, lengthy reporting preparation and control is what complicates the work of many financial directors. However, incomplete data, overloaded reports and lengthy manual data input can be solved..
Information flows are slow and they complicate your decision-making
Most frequently, information flows are slowed down by statutory reporting of divisions and branches and an excessive amount of documents, files and tables. CFOs often have to waste time by complex reporting of financial and non-financial data.
You cannot trust your own financial data
Manual data input and other non-standard processes are always the risk. Moreover, if you use separate and non-updated systems, or your reporting tools are not reliable enough, it is impossible to build trust in your financial data, graphs and accounts..
You want to see a higher added value to your work
Time spent by creating accounts, your team members’ lack of knowledge, lack of trust – all these factors have one thing in common. They take the CFOs time that could be used by strategic decision-making instead. Let’s change that.
How do we perceive the future of finance?
The world of finance is changing and the role of financiers with it. It's time to put tedious manual data entry into the hands of automation. Change reporting to be more efficient, easier to read and easier to prepare. Use all available means to more accurately predict your own business development and market. So what will be the role of financiers? More strategic, focused on the areas that the company needs the most - changing business models, finding new talent, transformation and above all real results.
Future of Finance
Olga Cilečková
Technological changes in companies are becoming urgent and those who are ready will be more successful at handling the undexpected crises as well as other challenges. However, successful transformation is mainly about combining new technologies with a change of thinking and a sufficient infusion of digital education among financial teams. From my own experience, this will be a much greater challenge for many companies.
Jaroslav Kuruc
I perceive transformation of finance of future as a great task and, at the same time, as a great opportunity. Companies using cloud solutions, RPA, data analytics, and artificial intelligence efficiently will have a competitive advantage. Moreover, a modern financial director will be expected not only to react to changes of the environment, but also to provide a well-founded forecast of business development.
Do you wish to find out how your company is doing?
Managerial controlling and reporting. Comprehensive and significant part of CFOs’ job as well as the greatest weakness of financial processes. Are these issues imperfect even at your company? Try our Maturity Assessment and find out how your are doing in the area of digitalisation of your financial processes comparing to your competitors.
Areas where we can help you
- Taxes and regulations
- Accounting and External Reporting
- Controlling and Performance Management
- Treasury
- Risk & Compliance
Taxes and regulations
Tools for transfer pricing management
Are the interest rates applied to your intra-group loans or cash pool operations in line with the arm's length principle? Do you want to know the market debt ratio for your subsidiaries? We will help you evaluate your group's financial steps based on a combination of data from S&P Compustat, S&P Capital IQ, Refinitive Deals Scan and Eikon and Bloomberg.
VAT spectrum
Don’t waste time by preparing VAT reports. VAT Spectrum serves for the preparation of VAT declarations and associated mandatory reports with the newly implemented function of control report preparation. It enables uploading data from the existing company information system or other external sources, it is secured by various control systems and performs even the logical data controls, including outputs and correction possibilities. Outputs are generated using a structure prescribed by the public administration.
Unreliable VAT payer
All you need is to pay to the supplier, recorded by the financial administration as an unreliable payer, and you become the guarantor of VAT that must be paid to the state budget. Do you want to be sure that your suppliers fulfil all their obligations? The team of PwC Tax and Legal Services will make a collective screening of your suppliers and the validity of their VAT registration and it will also identify any unreliable payers, compare the published bank accounts with the accounts recorded in your system, and it will advise you how to avoid becoming a VAT guarantor.
GDPR automation - S4
A common challenge associated with the GDPR is the implementation of technical measures, especially with respect to the erasure and keeping track of the storage period, as 61% of companies have not fully implemented these measures since the entire implementation of the GDPR in May 2018. The tool S4-DPO will help you with the processing, control and automation of the process.
Accounting and External Reporting
Accounting optimisation and reporting, including a quick code
Do you need to report the 3rd working day? We will advise you on how to adapt the processes, so that you can do reporting in a timely manner and, moreover, instantly. We will recommend to you suitable tools based on RPA in order to set interfaces and map your KPIs.
Robotic process automation (RPA)
Do you want to cut down on time spent by manual tasks and to direct the talent of your employees to activities with an added value? RPA software is a powerful, flexible and easy to use tool for the performance of manual, time-demanding office tasks based on rules; it is based on the existing applications, which eliminates the need for source-demanding software development.
Post-acquisition services in the area of finance
Did you buy a business or were you acquired by a new parent company and need to report under a new reporting framework? We will help you set the reporting and financial statements, so that all your reporting is correct, timely and error-free.
Automation of FS preparation for large groups and SSC
Are you an SSC hub preparing statutory reports for several countries? Do you need a system control over your ledger versions or adjustment revision and track of changes? We have a solution for you that can be implemented outside your ERP system.
ESEF regulation - Implementation support, including a technical solution
ESEF regulation (European Single Electronic Format) imposes additional obligations on issuers of securities. We will take you through the entire ESEF implementation process - from the training, through brand preparation to the implementation of a technical solution.
More information on ESEF and our services can be found here: http://pwc.cz/esef
Automation tool DokBot
Contracts and reports. Controlling and signing them. DokBot is here to help you make the process of creating, controlling and signing documents faster and smoother. Build the trust of your signatories, as for the quality of your rights, and speed up the process of their approval at your company.
E-Accounting Manual
Does your company belong to a large group? A group that needs to share its accounting policy with subsidiaries? An electronic version of an accounting manual in the form of Wikipedia, with a possibility to search, to control versions and their validity as at a certain date, or to select various approaches. End of user-unfriendly pdf documents.
Accounting Chatbots
Do you have a lot of questions concerning accounting and methodology? The Chatbot will help you find the answers to basic frequently asked questions.
E-Solution for monitoring differences between reporting frameworks
Do you need to monitor the leasing under Czech GAAP and under IFRS 16? Do you do reporting of financial assets under CZ GAAP and IFRS9? We have online tools for you which will help you count and monitor the differences between the individual reporting frameworks
Controlling and Performance Management
PwC predictive analyses
Financial forecasts represent a very important management tool, however, the satisfaction with their actual performance tends to be low. They are still done highly manually by many companies, which limits the ability to integrate large files of data and reach comprehensiveness. Nevertheless, the solutions created by PwC used advanced analyses based on sophisticated statistical methods and techniques of machine learning. Thanks to that, we can integrate internal as well as external data for automatic setting of comprehensive forecasts.
Integrated planning, controlling and reporting
Huge number of different systems, lack of standardization resulting in unreliability of data and time-consuming consolidation of information in order to create financial reports. These are all issues that we are able to help technologies like Jedox, SAP Analytics in Cloud or IBM Cognos Analytics solve. Our service consists in defining the strategy, setting up and optimizing processes, preparing the data model and then selecting the technology and implementation. The goal of the project is a complete solution, where any changes or simulations of data will be immediately reflected in your financial indicators.
Digitization and automation of financial processes
In PwC, we work with clients to increase their capacity by automating routine, repetitive tasks. In this way, we can reduce the time required to perform the necessary tasks and at the same time extend the virtual working hours up to 24 hours a day. As part of the implementation of this solution, clients also gain other benefits such as optimized standardized and documented processes. The PwC solution brings higher quality of outputs, scalability and frees up the capacity of human resources, which can then be used for activities with higher added value.
Treasury
Treasury analytics
PwC's team of professionals represents an integrated solution for treasury and additional services in the areas of law, taxes, receivables management, information technology, accounting or risk management. We connect financial management with data analysis and AI, and we also help our clients with process automation.
Reinsurance accounting
Do you need accounting advice due to changes in accounting standards? Are you facing a new or non-standard transaction? We will provide you with an accounting solution that enables better alignment of financial results with the risk management strategy and is fully integrated with key IT systems.
Cash flow prediction
Do you need to monitor cash flow for more companies within the group? To predict the need for cash? To set the optimum use of finance within the group? Our Cashflow Analytics tool requires only low investment, not much maintenance, it is scalable and it can integrate even other advanced analytical solutions. Cashflow Analytics enables the search for real data, practically an endless number of possible insights and it allows you to find relations even between seemingly unrelated types of data.
Risk & Compliance
Risk Intelligence Services
New business strategies, product innovations, cyber risks and regulatory controls. Not only in these cases, we help our clients reduce risks and eliminate any potential adverse effects to the minimum necessary. We evaluate not only the risks themselves, but also the structure of their management in companies, the correlation between risks and compliance with legal standards, and we will also help you with the implementation of your own control system.
Internal Audit
At PwC, we innovate internal audit by connecting our people's skills with the latest internal audit technologies. The result is a competent, balanced and action-packed PwC Internal Audit team. We provide audit services based on data analysis, check compliance with regulations in your company, offer a review of internal audit quality assurance and banchmarking, and help you set up internal audit functions.
We deal with the CFO agenda
