Finance function review

It is a question you may ask yourself if you are facing issues with your current accounting system and processes. You may have digital technology in place, but the full functionality is not being used or the applications are not integrated, meaning processes are manual and laborious.

It is important to review your finance function to ensure it continually improves over time. Technology has evolved and so should your systems and processes. Spending time mapping out the current state will help you to assess the pain points and identify areas where you can increase automation and drive efficiencies.

Common Issues  

There are many triggers for why it might be time to identify improvements and ensure the finance function is in line with your future state requirements – Are some of them mentioned below?

Processes       

• Inconsistent processes
• Duplication of tasks
• Delays or inability to meet reporting timescales
• Insufficient controls
• Key resource dependencies

Systems         

• Limited automation
• Ineffective systems
• Low level of system or technology knowledge
• Lack of system controls
• Multiple manual interfaces

Data and Management Information

• Out of date, slow or unused reports
• Heavily reliant on Excel
• Inherited templates not fit for purpose
• Lack of data integrity

Our process for improvement

Where we can add value

Increased process visibility:

• Increased clarity and understanding of individual processes, with visual aids

Enhanced Efficiency:

• Standardised and optimised business processes to maximise efficiency 

Automation:

• Optimise costs through redesign and/or automation of current or new business process

Business Intelligence:

• Input from accounting experts and insights from technology specialists to help shape the transformations in your business

Get in touch

If you would like to know more about how we can help your business to increase the efficiency of your finance function using technology, please get in touch.

Contact us today