WBSRocks: Business Growth with Enterprise Software and Digital Transformation
WBSRocks podcast features in-depth conversations on customer experience, digital transformation, supply chain, eCommerce, industry 4.0, and enterprise software categories such as CRM, ERP, or analytics suites. The purpose of the show is to help CFOs, COOs, CEOs, and business owners with their daily commercial, operational, or financial challenges by taking a deep dive into business cases and processes, technology strategy and architecture, transformation initiatives, and business models. The show also offers an independent analysis of technology trends, various enterprise software vendors and solutions, and their mergers and acquisitions. Subscribe today to stay on top of digital transformation trends!
WBSRocks: Business Growth with Enterprise Software and Digital Transformation
WBSP400: Grow Your Business by Learning General Ledger Best Practices, a Live Interview w/ a Panel of Experts
How important is the general ledger to your organization? You might not care until you get a huge bill from your tax department for incorrectly coding an expense. Or you come to know that your financial position might not be as strong as you thought. The correct setup of the chart of accounts determines how much admin effort you would have with your accounting. In fact, it's the foundation of the ERP system implementation. If you lump everything under one account, you might lose the insights that you need to be able to find the root cause of financial issues. If you make it too broad, you might enter too much data during your transactions and may have adoption issues among your operations team because of the overly engineered processes.
In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss General Ledger best practices. We discussed the scope and boundaries of the general ledger processes and why the way your general ledger is set up might have an impact on your KPIs and operational performance. Finally, we discussed general ledger practices in different industries, the interaction of BI tools with general ledger, and the differences of general ledger processes for public vs private companies.
For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.