It’s Time to Transform the Finance Function. Here’s Where to Start
Jun 18, 2020 | By John Siegel
Over the last decade, the roles of the Controller and CFO have changed fundamentally. With the massive shift in the finance function, however, many finance and accounting professionals chalk up any shifts to increased demand and expectations.
Traditionally, these roles have been all about crunching numbers, especially the controller. But staying competitive in the market has required a much more strategic approach. Closing the books and producing financials for the sake of hitting a deadline just isn’t enough anymore — that information needs to serve a purpose and allow the business to make accurate, agile decisions in real-time.
And while taking on this new focus may sound exciting (and it should) you also get to keep all your old responsibilities. Crunch those numbers and apply them strategically. Close the books quickly and accurately enough so you have time to step back and look at the big picture.
How do you get all that done with these old-fashioned 40-hour work weeks we insist on adhering to? And how do you do it while ideally saving most of those 24 hours for sleep and sanity? By transforming the finance function.
Recently, FloQast and Citrin Cooperman collaborated on a whitepaper discussing practical ways accounting and finance teams can practically evolve the finance function to fit evolving business needs while avoiding burnout.
In the whitepaper, we discuss why it's crucial to bring our back-office fully up-to-date in order to survive in this climate. You need to update, streamline, and automate your reconciling, closing, and reporting process to cut down on time and manual labor each month, while still delivering the actionable insights being demanded.
Weaving the right technology into the finance function can give you:
- Faster, automated AP/AR
- Smoother reconciliations
- Easier inventory tracking
- A faster month-end close without the second-guessing
- Quicker, more accurate financial reporting
- Better coffee
Okay, maybe not that last one. Sometimes the old way is better, but if coffee is the only way you get through the day, it’s time to make these changes and get your processes working for you, not against you.
Check it out and see how this shift can impact your company.