If you were to analyze the average work day of your finance and accounting personnel, you would realize too much of their day is spent managing or performing tasks using outdated methods. What’s most important is the fact that the excess time spent entangled in inefficient financial processes is completely avoidable.
In order to thrive in today’s competitive business environment, finance and accounting professionals must be given the technological tools they need to allow them to succeed. As I mentioned before, there are now a multitude of software tools and resources to help streamline financial business practices.
Cloud-based financial management is the answer. It allows data to be shared, reviewed, and revised between various systems. It allows employees to access documents from anywhere they happen to be. It also eliminates the need for information to be manually input and transferred. In essence, it creates a fast, accurate, reliable, and flexible way to manage financial information.
The core objectives of all finance processes are speed, accuracy, reliability, and compliance. And the following steps will help your finance and accounting department get there.
- Create a process map. Mapping a series of events that produce an end result helps to define boundaries, ownership, responsibilities, and effectiveness.
- Implement automation. Introduce automation tools into the workflow to take over tasks like bookkeeping, accounts payable, invoicing, accounts receivable, tax compliance, payroll, and expense management.
- Monitor, measure, and improve. Automated management is essential. By pulling reports and assessing how the process is running, you can determine which parts of the process are inefficient and which need improvement.
Too many people are still underutilizing the digital resources and tech solutions available to them, instead getting entangled in inefficient and outdated financial processes. Companies that had previously been hanging on to traditional working practices are repeatedly turning to Miami CFO. Our financial professionals are skilled at pairing various tech solutions with hands-on, personalized service to help clients improve their financial well-being.