September 15, 2016

CFO Survey Results Expose A Greater Need for Automation

CFO Survey Results Expose A Greater Need for Automation

Confidence in our economy is decreasing as concerns about declined global growth perspectives continue to rise. But Deloitte’s CFO Survey 2016 Q2 found that CFOs’ outlook on revenue growth has improved, and acquisitions are high on their agenda.

The survey says, “Some 55 percent of CFOs report that their companies will realize one or more acquisitions over the next 12 months, compared to 37 in the previous quarter.” Before moving forward with an acquisition, it is important to examine the role of finance automation in your organization.

A business acquisition increases process complexity, especially in the area of accounting and finance. A common pitfall for a new business initiative is to focus all energy on the front of house while failing to prepare for the magnitude of data, transaction volume and increased user and login activity.

The essential first step is to identify the process bottlenecks, which typically stem from highly manual procedures. This is where you’ll find the greatest opportunities for improvement. Automating these time-consuming, error-prone processes creates efficiency and accuracy, and gives executives confidence in the reporting outcomes.

The most efficient solution for eliminating the bottlenecks is cloud-based finance automation, which has the flexibility and agility that rapidly growing organizations need to implement stronger controls for their core accounting processes, and reduce exposure to risk and fraud. It creates complete transparency into the numbers along with unprecedented visibility into transactions, account reconciliations, and many other business processes.

The results of using automation are already dramatic, with organizations seeing faster financial close cycles, doubled accounting efficiency and a more satisfied and engaged accounting and finance organization.

This is a bright spot on the current financial landscape, and will continue to brighten the future of finance.

Mario Spanicciati

Modern Accounting