CFOs and finance professionals should take what they learned from the current lockdown during COVID-19 and implement it in everyday work at the finance function.
Around the globe, CFOs tend to need faster and automated processes to deliver relevant and accurate financial data to the management.
Digitalization and digitalizing work processes have been key subjects within the finance business in recent years. The main idea behind digitalization is to automate tasks and workflows to increase efficiency.
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.
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.
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 Let's break down the reasons why using Excel for your corporate group consolidation is outdated and no longer a viable option.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.