Research from PwC states that the number one method finance professionals identify in making their finance processes more effective is improving their finance technology. While we obviously can’t ignore the people and the process, the biggest driver for change within these three is often technology. It helps to underpin and enforce standardized processes and enables people to be freed from manual, menial tasks to focus their efforts on higher value activities.
Many companies will already be looking at their P2P or O2C processes and the next great opportunity for improvement is the Record to Report, or R2R, process. The R2R process consists of all the sub processes that a company needs to go through to ensure the integrity of the period end numbers. This includes the reconciliations, journal entries, close tasks and activities, and compliance controls.