The Finance Department

Let's take a closer look at the challenges faced by finance departments:

Regulatory Compliance: Finance departments are faced with continual change to accounting standards and regulations at all levels of the ledger and relevant GAAPs. Having to constantly update group policies or implement new standards can be a time-consuming and resource-intensive process.  Add to that, reporting and audit deadlines are getting shorter while the list of reporting requirements and compliance obligations, such as the inclusion of ESG disclosures in financial statements, is getting longer. Through the introduction of more automation and application of technology, finance professionals can gain transparency while spending more time on high-value activities such as strategic planning and providing executive insight, and less time on manual compliance tasks and self-auditing.

Data Management: Finance departments deal with large volumes of data from various sources at both local company and group level, which can often feel overwhelming. They spend a disproportionate amount of time manually collecting and combining data for reconciliation, forecasting, testing, calculating, and apportioning purposes. The time lost in manually creating and re-creating spreadsheets is effort that could be better spent sharing the insights contained within the data. By embracing automation and technology, finance departments can streamline data management, reduce errors, and free up time for value-added activities, and have their data outputs ready and waiting for them when they get to their desks.

Talent Acquisition and Retention: Finding and retaining top finance talent can be difficult, especially in a competitive job market. This can lead to staffing shortages, skills gaps, and increased workload for existing staff. By leveraging automation and technology, companies can offer finance professionals opportunities to build their technology skills for future career growth, as well as focus their efforts on more rewarding work, thereby increasing retention.

Budget Constraints: Finance departments often have limited budgets and resources, making it challenging to invest in new technologies and solutions. Even when big budgets are available for an ERP transformation, they may take years to deliver meaningful improvement, and the benefits may be partially undone by the next merger or acquisition. Implementing targeted automation and technology solutions can help finance departments reduce costs, increase efficiency, and improve accuracy with meaningful outcomes.

Investing in automation and technology can be a game-changer for finance departments, but it requires careful planning and implementation.  Contact us today to discuss how we can help your finance department benefit from automation and technology solutions.