Top Challenges for Finance in 2020

In a world where data is the new currency, businesses are looking for their Finance teams to become more flexible, more efficient and to provide greater levels of service.

Streamline financial and accounting operations

Many accounting departments often are limited by tradition. Established procedures perpetuate a pervasive mind-set of “this is the way its always been done.” This in turn perpetuates the view that finance is a cost rather than an asset. The trend we have seen over the last five years is that although the workload expected of finance has risen, the resources allocated to them haven’t. Today this has reached a crux point where in order to do more with the same, many finance leaders must make big decisions. With established technology and processes, there is a clear opportunity to overhaul day-to-day financial operations for an organisation’s benefit.

Key goals for finance leaders:

  • Digitise operations to position the business for growth
  • Optimise to remain relevant and competitive
  • Predictable and sustainable growth

Minimise exposure to financial risk

Financial risk management requires ongoing analysis of all areas of an organisation. In recent years we have seen a steep increase in complex regulation across a number of industries which has had a major impact on business processes. New regulation may only come into effect after a number of years but still is often many organisations struggle to change processes and procedures whilst carrying out business-as-usual activity.

Key goals for finance leaders:

• Continuously evolving regulations are addressed with highly manual processes

• Compliance processes are error prone and complex

• Support merger & acquisition activities

Become a strategic partner

Expectations of finance are changing. The expectation for back-office processes today is that of lean and more responsive functions, with a particular emphasis on finance to deliver critical data to drive business performance as a whole. This change in mindset often requires a education and re-skilling of resource in order to deliver new value. It is also reliant on internal and external data being credible and readily available.

Key goals for finance leaders:

  • Shift staff from swivel chair work to creative, critical thinking activities
  • Re-skill F&A talent to focus on advising and consulting
  • Provide strategic insights, deep analytics and dynamic reporting

Why automation is seen as a key tool in addressing challenges 

Streamline Financial Operations: Automation streamlines processes and carries out desktop actions carried out by your team at a rate faster than any human.

Minimise exposure to financial risk: Automation standardises processes, can verify information 24/7 and can instantly flag up discrepancies for investigation.

Become a strategic partner: Automation can collate information from disparate sources and systems enabling live data for business decisions.

Proservartner have a long history of working with organisations to transform their finance function and can work closely alongside you to find and implement automated solutions. Get in touch today to see how we can help.

 

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