Since the current health crisis has left the finance function unprepared for what to come, CFOs must digitally transform in order to handle the Corona crisis.
Use the crisis as the catalyst for long-term innovation!
Most things we cannot predict nor control in the current environment. So we need to focus on what we can control. And that is our reaction to it.
And this goes for Finance too!
A mantra which has been heard for many years now, and the Covid-19 crisis has proven more than anything that it is correct.
The whole Corona period has been marked by new situations every day to be dealt with. And you as the CFO have to answer on what it will mean to the business, what the management should do and whether there is enough money in the bank. The CFO is responsible for providing an overview of: what the liquidity looks like, if the company can be part of the government's support schemes and so on. The many and fast changing situations in this Corona crisis show the need for a factual and correct foundation to base decisions on.
The evolution of cloud technology has transformed the way we think and work in the online digital age. Cloud based applications gives us easy access to our data when wherever and whenever we want. This is one of many reasons why finance professionals should consider moving to cloud based software applications. The benefits are numerous.
Decreasing manual maintenance, increasing productivity, and gaining greater access to reliable data - these are key points why 9 out of 10 companies on a global scale are converting to cloud-based software solutions.
Digital transformation - the development from manual to automated or digitized tasks - is a hot topic across industries, especially in finance. The digital transformation in the finance function means the automation of manual and repetitive processes, real-time insights on data, and a higher quality of analysis and strategic decision making.
Almost 90% of all Excel spreadsheets contain errors: Do you trust your data? Or are you willing to live with the financial implications your errors create for the annual account?
In a digital age such as ours, technology develops at a rapid speed. New and advanced technologies continuously become available that empower us to increase not only the quality of our work, but also the flexibility and efficiency of our work while simultaneously saving time – especially when it comes to repetitive processes in our daily work. It goes not only for Finance but for all industries. But when talking about Finance, Excel seems to act as a stop block for going digital when making your annual account.
Financial consolidation and reporting have long been done using Excel as finance and accounting professionals have a long track record for making Excel their preferred tool.
Three main reasons always prevail - familiarity, cost, and ease of getting started. While 10 years ago these arguments may have been valid, fast forward to 2019 and it's an entirely different story. Let's break down the reasons why using Excel for your corporate group consolidation is outdated and no longer a viable option.
Finance professionals need to get out of their comfort zone to take center stage in front of the CEO, and perform as advisers rather than number crunchers.
Over the past 30 years, the role of the CFO has gradually become key on executive boards. Now, automation and digitization are equipping you (and your fellow CFOs) with new tools. When the processing of numbers and delivery of reports become fully automated, you no longer need to spend up to 90% of your time on ensuring that the numbers are correct.