Integration will help finance professionals understand their data and make critical business decisions
insightsoftware, a global provider of reporting, analytics, and performance management solutions, announced the integration of its CXO EPM reporting solution and the suite of Longview solutions. The pairing of CXO’s purpose-built, web-based Enterprise Performance Management (EPM) reporting and Longview’s modular suite of integrated products for tax, transfer pricing, close, plan, and consolidation will allow organizations to deliver richer narrative behind their data with built-in commentary and dynamic dashboards.
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Financial reports are deeply scrutinized, yet the process to generate these documents remains time-consuming, complex, and manual, leaving room for human error. In addition, a recent insightsoftware report revealed that the frequency of financial reporting has increased, with certain recurring reports taking more than four hours to generate. Finance teams face a significant amount of pressure to not only deliver these reports, but to convey them in a visually-dynamic way that informs business decisions.
“Organizations tend to rely on Excel spreadsheets to gather and analyze data. They often lack a single source of truth and inadvertently create data siloes across the organization because of the manual nature of the process. This is cumbersome and subject to errors that could prove costly – both financially and legally,” said Lee An Schommer, Chief Product Officer at insightsoftware. “By combining Longview’s ability to provide a single source of truth with CXO’s ability to deliver the narrative in a user-friendly way, stakeholders in an organization can make sound, supported financial decisions faster.”
CXO and Longview products came to insightsoftware via acquisition, in 2018 and 2020 respectively. Much of the company’s growth comes from its strategy to acquire, unify, and invest in a comprehensive suite of financial and operational reporting, analytics, and performance management solutions, supporting the Office of the CFO. The goal is to help organizations get the most out of their technology investment, and to automate manual tasks so finance teams and leaders can focus on strategic, data-driven work to improve financial intelligence.
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“The integration of Longview and CXO will provide our customers with a modern, more robust EPM based analytics experience. It also represents the next step in insightsoftware’s broader strategy to drive value for our customers by investing and creating these joint solutions, and to help our customers access them more efficiently and effectively,” Schommer adds.
The timing of this product integration aligns with impending reforms to international tax rules, which will significantly impact tax and finance professionals worldwide. The pending adoption OECD/G20 Inclusive Framework on base erosion and profit shifting (known as BEPS 2.0) implements a global minimum corporate tax rate and includes additional tax implications for multinational companies. This subjects multinational organizations to greater tax scrutiny. The pairing of Longview and CXO will enable tax teams to estimate and visualize the impact of this legislation and convey it to the wider organization.
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