Businesses 'likely to adopt new financial management policies in 2012'

Companies will be aiming to revise their corporate financial management policies in the coming 12 months in order to better navigate economic challenges.

This is according to business software company Unit4 Coda, which suggested that businesses will be seeking greater flexibility in their financial reporting through the use of real-time granular data.

Other issues driving the need for improved adaptability include the renewed focus on the global marketplace, particularly in light of the US transition from Generally Accepted Accounting Practices to the International Financial Records Standards.

Meanwhile, efforts to streamline operations and maximise IT investments will see companies adopting cloud-based solutions to financial software, while moving away from costly enterprise resource planning systems.

The report observed: "Companies increasingly may start turning to specific best-of-class applications to deliver greater functionality and business benefits."

This follows a study from the organisation last September suggesting that a gradual transition to cloud-based financial management solutions could be set to take place among large organisations in the coming months.