Today, you and other finance staff are under pressure to close the books faster with higher quality, a better overview, total control and full compliance. And to do it with less staff. Your team tend to be overwhelmed with transactional issues and can´t find enough time to be involved in analytical and strategic issues that truly help the business forward.
You know that your employees are knowledge workers that have high demands on job satisfaction and you are challenged to keep your staff happy because of the workload. High staff turnover is not uncommon.
For closing the books or for executing all task lists, you, like most organisations, unfortunately revert to Excel as a tool of choice. You know heavy spreadsheets and manual routines results in drawbacks such as inconsistent updates, no secure segregation of duties, unsatisfying internal controls and inefficiency. It also makes it difficult for you to enforce a common way of working across the whole organization and all subsidiaries, or offices. Your processes are not as tight as you want them to be.
To achieve financial control, there is a need to have a structured way to do Business Process Management (BPM). Process Management has two key elements:
- Describe effective financial procedures and;
- Ensuring process completion according to the procedure description.
Standardization of the business processes increases efficiency and reduces costs in the finance function which are an essential combination for a successful lean process. By focusing on continuous improvement of the procedures, with emphasis on risk and materiality, the efficiency in the process will increase in time.
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