Do you have a best-in-class finance department? Does your company quickly and accurately close the books and provide meaningful analytics to guide the business forward? Have you centralized transaction processing and automated to provide bandwidth for business partnering? Does the finance team have a nimble, yet governed, approach to change and evolve with the business? Is your finance team engaged in the business, learning new skills? If you cannot respond with a resounding “yes” to these questions, then here are five reasons to consider an investment in transforming your finance function in 2023.
1. The finance function has evolved significantly over the past decade.
The days of bean counters opining on new Financial Accounting Standards Board standards are gone. Today’s finance teams partner with the business and respond to their needs for speed and accuracy in transaction processing, and prompt and insightful reporting – while understanding new accounting standards and incorporating them into financial reporting processes efficiently.
2. The skills needed to support today’s finance function have changed.
Automation and outsourcing diminish the need for operational talent and accelerate the need for a new finance practitioner with industry knowledge, technical abilities, and business partnering skills. Finance professionals with skills and knowledge, like artificial intelligence, machine learning, robotic process automation, and data analytics, fare even better as organizations use cutting edge technology to elevate the work their teams perform.
3. Inflation is raising the cost of workers.
Automation is a lever to both transform routine tasks and inflation-proof your back office.
4. Integrated enterprise technologies save money and unlock insights – enabling holistic business transformation.
Consolidating systems and data across your HR, payroll, finance, and planning functions minimizes the costs of maintaining a complex technology stack and eliminates data silos. Unified systems and data allows finance leaders to mitigate risk and glean deeper insights into their organization – opening the door to business transformation.
5. Digital transformation empowers leaders with analytics.
From top-down financial dashboards with performance, revenue, spend to reports with transaction level details, digital transformation enables leaders to make data-based decisions with on demand, dynamic data and opens the door to forecasting trends and consumer behavior.
Modernize your Finance Function
Transforming your finance function requires consultants with deep industry understanding and the finance expertise to guide you through your organization’s digital maturity. The CrossVue team is dedicated to help you confidently drive and accelerate your finance transformation through our tested transformation approach. We are with you every step of the way to analyze what is right for your business.
If you’d like to learn more about your finance transformation needs with Workday, contact CrossVue’s team of experts.
Sources:
The Top Characteristics of Best-in-Class Finance Functions
2023 Hiring trends in accounting & finance
