By moving to a single ERP system for finance and at the same time implementing consistent data and technology standards, companies can cut the cost of finance operations by 23 percent, according to Book of Numbers Research from The Hackett Group, a business process advisory firm. But companies that take either of these approaches independently may see little to no savings, or even a slight increase in finance operations costs, Hackett found.

World-class finance organizations rely on both of these approaches, which help them spend 31 percent less than their peers on finance, operate with nearly half the staff, and also complete their financial reporting cycle more quickly each month. In addition, they turn to a wide range of other complexity reduction techniques that help them generate even more cost savings. World-class finance organizations, for example, rely on a single chart of accounts, use half the bank accounts of typical companies and do fewer budget iterations.

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