Considering the rapidly evolving world of technology, there is now more urgency than ever to transform manual back-office functions and make the move to modern accounting. This is largely because the accounting team is now being built up as business partners who drive higher-quality strategy and better business decisions.
These increasing demands are not just driven from the top. They’re also a function of the new reality of modern business, which has more systems, data, processes, and regulations than ever before. Indeed, change is here, and digital transformation is imperative.
However, the question remains, how do you transform your accounting processes and get your team up to speed with technology? Especially when your organization is rapidly growing and changing?
Automation is a powerful and proven enabler, but it has often only been within reach of larger enterprises with unlimited resources.
Now, automation can be deployed quickly, in a phased approach that sets you up for success today, and scales for each growth threshold in the future.
Move Fast. Right Now.
If you’re beginning from a standing start—a spreadsheet, email, and paper-based close processes, bank matching that’s performed by hand, or manual reconciliations and ERP extracts—then you have an immediate transformation opportunity.
Here are three near-term opportunities you can move on right now, to achieve modern accounting at your organization:
- Get more speed and less risk in the financial close by moving to digital role-based workflows to get more control over the process. Real-time dashboards and reports show the status of outstanding tasks, items, and everything else closely related to the close.
- Streamline reconciliation processes and improve financial integrity by applying rules-based processes to automate reconciliations, and using digital workflows to route preparation, approval, and review tasks.
- Accelerate bank matching by using automated GL and bank data extracts. Then, match and reconcile transactions automatically using intelligent rules.
Scale Up. When Ready.
When growth happens, you don’t want your automation platform to run out of gas. Luckily, companies like Pluralsight, Zendesk, and Groupon have already blazed a trail and tapped into additional areas as they hit the next milestones on their finance transformation journey.
Here are three areas to consider as your organization grows.
- Tighten integrity and efficiency across more of the close. Think auto-reconciling credit cards, accounts payable, accounts receivable, payroll, fixed assets, deferred accounts, and more.
- Close the gaps, risk, and effort in journal entries with a digital process to create, review, approve, and post journals to your ERP. Then electronically certify and store them all with supporting documentation.
- Accounting readiness for significant growth milestones, like ensuring an excellent intercompany accounting process in the event of an M&A or centralizing governance, risk, compliance, and controls as an IPO closes in.
Read this white paper to learn more about how Finance and Accounting teams at visionary companies are achieving modern accounting quicker than ever before.