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To meet mounting demands, Finance is shifting from traditional, rigid, and manual accounting processes to more automated, flexible, and agile operations. This shift is essential because it provides the productivity benefits that free organizations to deepen their focus on analyzing and reporting financial performance. Yet nearly 70% of respondents in a recent survey by The Hackett Group report that manual processes are still the biggest bottleneck in financial close and accounting operations, with most of these processes completed with extreme resource requirements at the end of every accounting period. It’s no surprise that more than half of Finance executives report being frustrated by spending too much time on nonstrategic work. They are awash in transactional activity and two-thirds say they don’t have time for process improvement. Failing to transform core accounting business processes leaves companies at a competitive disadvantage. In order to make the shift from overworked cost center to strategic partner for their business, accounting and finance teams must step out from behind the spreadsheets and embrace the future. Technology is changing the way business is done all around us, and it’s time for Accounting and Finance to realize the evolutionary benefits of modernity. However, technology is only part of the solution. True organizational transformation requires adopting a fundamental shift in philosophy, one that combines technology with a focus on reimagining legacy processes, empowering the best employees, and embracing a culture of continuous improvement. |
