Rolling out finance automation with the right priorities  

15 April 2021:

Businesses today face many of the same challenges: commoditisation of products; eroding margins and sales volume due to continuous price wars; and customers’ failure to see differentiated value beyond price, customer relationship, and service reliability. To stay competitive, companies become “consumer-centric” by building close relationships with customers and solving customers’ pain points and problems.

As such, it is important that finance and accounting (F&A) be part of the business value-creation process and provide business advisory solutions on top of debits and credits, knowledge of accounting standards, and financial management.

I’ve found in my time observing high-performing F&A teams that successful companies expect the finance function to do more than just the basics and to develop business partnering capabilities.

F&A teams are expected to (1) identify value-creation activities (What kinds of activities create value and what activities don’t?); (2) develop future strategies (Where should the business be headed?); and (3) suggest ideas to execute and drive those goals (How can the business achieve its goals?).

However, many F&A departments fall short as advisers. Two common features prevent them from doing so: being backward-looking and relying too heavily on spreadsheets.

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Source: FM Magazine

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