With Chief Financial Officers moving into the spotlight in many organizations, the role is moving from tactical, administrative work to that of strategic decision makers. In this move to a strategic role, organizations are finding that one goal is a top priority: Improving Financial Operation.
What Does it Take to Improve Financial Operation?
Improving the operation of finance within the organization, a desired priority of 96% of financial executives, will lead to better process execution, improved budgeting and forecasting, and an increase in net income/profit margins.
However, in the expansion and redefinition of this role, financial executives are finding that there is a key factor standing in the way of improved financial operation.
According to the CFO Report titled “Building High-Performing Finance Functions,” finance professionals are finding that while technology is a key enabler of transformation, disparate systems stand in the way.
According to the Report:
“When finance systems and processes are not optimally integrated, a great deal of manual intervention is needed—leaving them inefficient and error-prone. In fact, despite the investments their companies have already made in technology, three-quarters of the respondents report that their finance operations systems still require a great deal of manual intervention in order to be effective.”
How much time are manual processes costing organizations? A lot. According to the Cloud Accounting Institute (CAI), manual processes in finance cost roughly 40 hours per month for smaller organizations. That’s about one day per week fixing gaps in business processes. As your organization grows and you take on new functions and software, how much worse will it be?
Both the CFO Report and the Cloud Accounting Institute Best Practices Guide found that integration is the component that boosts ROI, betters visibility, and improves financial operation.
A Single Version of Truth
Second of course to the assumed pain point linked to disparity (duplicate data entry), 63% of organizations seek “A Single Version of Truth,” says CAI.
Even if there are complexities achieving a true definition of a single version of truth, proper, automated integration helps speed decision making, minimize errors, and allow for increased confidence among managers.
Achieving Integration Nirvana
We’ve talked about how integration helps improve agility, financial operation, and decision making. Now, you may be asking, “How can I achieve integration?”
Well, you can of course, select a suite. This allows integration among multiple platforms. Unfortunately for you, you’re generally tied into the provisions of the provider, or subject to complex (read costly) workarounds.
There is another option, a financial platform built to integrate with your current software through simple connections that auto-populate data.
This solution is Intacct, a cloud-based financial management platform that, through integrations like ExpenseConnect (Travel and Expense Integration with Accounting) or SchoolConnect (Private School Management integrated with Accounting), allows organizations to operate more efficiently, with increased ROI, allowing you to improve financial operation.
As a provider of Intacct, Brittenford is proud to share these insights with you, and welcomes you to contact us to learn how you can improve financial operation with ready-to-integrate Intacct.