SIX STEPS AND FOUR BENEFITS TO AUTOMATING THE FINANCE FUNCTION

THE JOURNEY

1.    Analyze your current state

What are your biggest challenges? Ask your staff for help with identifying the most painful, inefficient, and risky accounting processes.

2.    Design your future state

Design your ideal plan for the future. Then, start with the low-hanging fruit and areas with excess risk exposure.

3.    Optimize & automate process

Improve and standardize processes, then automate wherever possible.

4.    Finance Automation

Monitor your progress to ensure automated processes are more efficient and continue to yield expected results.

5.    Review outcomes & controls

On a regular basis, review the outcomes of your journey and internal controls around the processes.  What worked? What didn’t? Why? 

6.    Improve continuously

Combining the knowledge gleaned from the review stage, analyze and repeat. Keep moving, returning to Step 1 and focusing on new risks and challenges.

THE BENEFITS

1.    Process

The optimized processes will streamline automation, reduce risk, improve accuracy, improve internal controls and increase efficiency.

2.    People

Reducing manual and routine workloads allowing team members to be more productive and use their exceptional abilities to help guide the business.

3.    Technology

Automating procedures enhances process optimization increasing the overall productivity of the accounting team.

4.    Information

Timely and accurate financial information empowers strategic business decisions.