New process automation tools free up time for analytics, enabling finance and accounting teams to transition from performing manual and spreadsheet-driven processes to becoming a strategic partner to their business.
Technology is changing the way business is done all around us, and it is time for accounting and finance to get fully on board. Increased regulatory scrutiny, rising business complexity, and heightened expectations for accurate and real-time financial intelligence is pressuring companies of all sizes to do more with less, and failing to automate leaves your company at a competitive disadvantage.
Many know this but are left wondering, where to even begin? Embarking on this journey requires an understanding of the limitations of legacy, ERP-based technology, and how to overcome them in order to modernize accounting and finance. Let’s start by taking a look at the four key areas of every improvement project: process, technology, people, and information.
Optimize Your Processes to Streamline Automation & Increase Efficiency
Left unchecked, manual processes together with expanding data volumes are preventing Finance from making the shift from back-office accountant to strategic business partner. Rote, human-driven, and error-prone manual procedures expose companies to the undue risk of inaccuracy, or worse, restatement.
Taking a gradual approach to modern process improvement allows an organization to realize incremental results and benefits at every level. The essential first step is to identify the bottlenecks, which typically stem from highly manual procedures. This is where you’ll find the greatest opportunities to improve and streamline existing processes.
Key questions to optimize improvement:
- What are you doing today?
- What’s working, and more importantly, what isn’t? And, why not?
- How would you characterize the controls in your processes?
- Are you at risk?