The Bottom Line: Top 10 Finance Posts of 2018
Here's to 2019
This year has been pretty exceptional for Lola. We've grown...a lot! We also inked a new partnership with American Express Global Business Travel. I'm excited for the future of Lola.com.
But, before we get to the future, let's focus on the now. Just because plenty of us are on vacation doesn't mean I'm stopping the newsletter. In today's edition, I've got content about Modern Finance Leader's top posts of 2018, AI-based spend auditing, and more!
Modern Finance Leader's Top 10 Posts of the Year
Oracle's Modern Finance Leader blog is one of my personal favorites, and since it's almost New Year's Eve, I thought it would be a great time for a classic countdown-style post.
So, here are Modern Finance Leader's top posts of the year (I'm not going to cover all 10, and I'll skip around):
9) Why Now is the Time for ERP in the Cloud. Oracle surveyed 400 finance and IT leaders, and found that 76% of respondents either have plans for ERP in the cloud or have made the move already.
7) Three Popular Bitcoin and Blockchain Myths, Debunked. I've covered blockchain in this newsletter a few times, but I think there's still plenty of misconceptions around it. So does Oracle.
5) Is Your ERP Cloud Provider Really Invested in Emerging Tech? ERP technology is moving really fast. If you're considering a new provider, you should definitely look into how they're keeping up with the times. You don't want to get left behind because of your ERP provider.
4) PwC AI Predictions: Are You Ready for Finance's Digital Future? I usually avoid prediction posts, but PwC makes some really interesting predictions in this one.
3) Oracle CEO Mark Hurd’s Predictions on the Future of ERP Systems. I know, I know. I literally just said that I don't like prediction posts, but Mark Hurd is usually pretty accurate with his predictions. It's always worth listening when he's speaking.
Okay, that's five, jump into the blog post for the other five.
AI-based Spend Audits will be the Least Sexy Fiduciary Imperative of 2019
...that title is a mouthful, but let's break it down.
There are a ton of new, trendy financial AI products out there. But, the one everyone is overlooking is AI-based spend auditing. Mostly because there's nothing trendy about spend auditing. But, like I mentioned in this newsletter a few weeks ago, spend auditing is crucial.
Wrapping your head (and spreadsheets) around all of your company's spending is a huuuuge task. But, if you can do it you'll have a deeper insight into your company's risks, and can make necessary moves to improve the bottom line.
According to AppZen, "companies’ auditors look at only 2-10 percent of expense reports."
So why doesn't spend auditing cover more than 2-10 percent? Well, you truly can't manually audit all of your company's expenses. No matter how good your team is, or how big it is, you just don't have the time to audit every single cent that's spent.
That's why an AI-based system is so crucial. Here's exactly how they help:
AI-based systems audit 100% of your company's expenses. An AI system looks at your data to verify if expense reports, receipts, and invoices are accurate. It'll catch things that are wasteful, inaccurate, or don't comply with your company's policies.
Once the AI system goes through this process your audit team will only have to review the 10 percent of expenses that are high risk.
Basically, instead of searching for a needle in a haystack, you'll only be looking at the needles.
AppZen has more on the topic...
The Hit List
What else am I reading this week?
1) Joe Sharkey wrote a great piece for the Lola blog about Mileage Runs.
2) Mineraltree has the scoop on some payment fraud schemes you should know about.
3) Since it's almost New Year's, how about a list of the 10 best financial resolutions you should make? From Forbes.
Pick of the Week
More news from McKinsey in their latest survey of company finance execs. Positive survey responses are trending downward...