The goals for accounting and finance transformation are well known: increase visibility, improve speed and accuracy, and mitigate risk. With automation comes greater efficiency, freeing accounting and finance teams to become stronger business partners and contribute strategic insights.
Yet getting there can be a challenging journey. Some finance teams make the mistake of simply throwing technology at a problem. They might automate a bad process without first fixing underlying process flaws, or expect a single technology platform—like an ERP—to fulfill all their needs.
Others neglect the essential element for accounting transformation: strong executive backing and engaged employees who can thrive with modern tools.
World Fuel Services Corporation (World Fuel) is an example of a company that’s getting it right. Headquartered in Miami with nearly $40 billion in revenue, World Fuel has charted a strategic roadmap to accounting transformation that’s extending competitive advantage in an industry that’s been traditionally conservative.
The Fortune 500 company (NYSE: INT) provides fuel, logistics, and technology solutions to aviation, marine, and land customers at 8,000 locations across 200 countries and territories. Founded in 1984, it’s grown organically and through acquisition into a global powerhouse with 150 offices and regional centers in Miami, London, and Singapore.
Goals: Adopt a less manual and more scalable approach to monthly account reconciliations and book closing processes, as well as journal-entry retention, support, and review
Strategy: Implemented a scalable, automated, cloud-based solution for account reconciliations, journal entry, and financial tasks that integrates with SAP ERP and delivers push-button reporting and real-time access to data
Outcome: Shaved days of work off the desks of Under Armour’s accounting employees, who are now able to spend more of their time analyzing balances, reviewing results, and ensuring relevance and accuracy, rather than monitoring completeness and executing administrative tasks