Finance operations will receive a renewed focus and company leadership will begin pushing for more speed, more transparency, and greater efficiencies out of their finance function. Every day of the close process matters now so tasks like booking journal entries, booking accruals, and reconciling cash and subledgers will need to be done with greater efficiency.
Transactional processing for areas like payables, receivables, and inventory are likely to see increasing automation. The tools exist to largely make these processes automated or at least self-service, and finance departments will begin to take advantage of these to free up their staff to work on more analytics tasks. In order to automate, you also need to standardize and that means rationalizing (and some cases overhauling entirely) the processes and procedures that govern the finance function.
Improving finance operations can’t be done in a silo – doing so inevitably means also improving the technology and/or the organization. In some cases, outsourcing parts of the function will be more cost effective and will help your staff focus on the strategic element of finance.
Up next, we’ll discuss how to effectively leverage finance technology for your company. Check back next week to learn more!
Missed the previous post? Click here to read Decision Support for the Finance Function.
Re-Building Finance for a Post-COVID World: In this visual guide, Strategy and Business Transformation Practice Leader Steve Ronan, shares how the finance function has changed as a result of the pandemic, how to define finance excellence, what finance executives are (or should be) prioritizing now, the importance of compatible finance technologies, and how you can start improving the finance function for your business. Click here to learn more.
Missed our July webinar on Building a Finance Function for a Post-COVID World? Click here to watch the recording.
Finance Transformation Roadmap: Download our complimentary whitepaper to learn how you can use process engineering and digital technology to close your books faster. Click here to learn more.