Practice: Accounting Tech
Key Stakeholders: Chief Financial Officers, Chief Accounting Officers, Vice President of Finance, Vice President of Accounting, Corporate Controllers, Financial Close Directors and Managers, Accounting Directors and Managers, Finance Directors and Managers, Accounts Payable Directors and Managers, Financial Analysts, Staff Accountants
Why This Matters: Transaction matching, a key function in the account reconciliation process, is one of the most time-consuming challenges for timely financial close. Amalgam Insights estimates that 80% of mid-market companies currently conduct transaction matching either manually or with only the assistance of ungoverned spreadsheets. Current transaction matching solutions are either limited in transaction scope or extremely challenging for mid-market organizations to implement in a cost-effective and time-efficient manner.
Key Takeaway: With FloQast Matching, mid-sized enterprises and organizations have access to a scalable and usable transaction matching solution that will significantly reduce time-to-close by eliminating painful manual reviews for the vast majority of transactions and reducing matching error rates.
Vendors and Solutions Mentioned: VMware, CloudHealth Technologies, Cloudyn, Microsoft Azure Cloud Cost Management, Cloud Cruiser, HPE OneSphere. Nutanix Beam, Minjar, Botmetric
Key Stakeholders: Chief Financial Officers, Chief Information Officers, Chief Accounting Officers, Chief Procurement Officers, Cloud Computing Directors and Managers, IT Procurement Directors and Managers, IT Expense Directors and Managers
Key Takeaway: As Best-of-Breed vendors continue to emerge, new technologies are invented, existing services continue to evolve, vendors pursue new and innovative pricing and delivery models, cloud computing remains easy to procure, and IaaS doubles every three years as a spend category, cloud computing management will only increase in complexity and the need for Cloud Service Management will only increase. VMware has made a wise choice in buying into a rapidly growing market and now has greater opportunity to support and augment complex peak, decentralized, and hybrid IT environments.
About the Announcement
On August 27, 2018, VMware announced a definitive agreement to acquire CloudHealth Technologies, a Boston-based startup company focused on providing a cloud operations and expense management platform that supports enterprise accounts across Amazon Web Services, Microsoft Azure, and Google Cloud Platform.