Showing data to business stakeholders in long-winded tables and with lots of numbers is a no-go.
You will not find many finance professionals that have not yet understood that point. Similarly, most finance professionals know that we must develop insights through analytics to get a seat at the table. However, doing this does not come without challenges..
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.
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.