COVID-19 has changed the way we do business and we’re not sure if things will ever go back to the way they were. As we continue to learn and adapt to new business practices, visibility and efficiency in accounting processes are key to not only surviving but thriving in the age of COVID.
Scale Without Fail
When you are in the early stages of finance transformation, your team typically relies on manual and siloed processes.
As your business begins to grow and you need to scale up, you typically have no other option but to hire more staff.
However, if you’ve got the right ecosystem in place and the people to make it work, scaling up can be as simple as adopting more efficient accounting software solutions that allow you to move from manual and siloed processes to
- Consistent and documented processes
- Enhanced and automated processes
- Optimized processes
The Adra Suite, which includes Matcher, Balancer, Task Manager, and Analytics automates the majority of your low-risk tasks and streamlines your reconciliation processes, taking the burden off your team and allowing them to shift their focus and energy on more important tasks during month-end close.
Roll with the Changes
It’s always best to make necessary changes with foresight in mind, i.e., implementing new software before you need it.
However, if you’re in the middle of scaling up, you have to manage these changes cautiously. Make too many changes at once and you risk your accounting team mentally checking out due to the sheer volume of changes.
The best method, no matter if it’s before or during growth, is to implement your changes step-by-step.
Integrate one component at a time and let your team adjust to it over a close cycle before moving on. They’ll be able to incorporate it as they need it and see how it fits into their own tasks and responsibilities.
Ensuring Consistency When Scaling
When your business scales up or down, consistency makes everything easier, and the best way to ensure consistency is to document your month-end close processes.
Adra Task Manager documents every step of your processes (and why it’s required) in a single, easy to access location.
Task Manager gives you a clear snapshot of every task that needs to be completed in a very methodical and standardized way, giving you a monthly reconciliation process that runs like clockwork. In addition, you can see task dependencies and remove roadblocks before they occur.
If Bob’s sick with the flu and Susan’s fly-fishing in Alaska, the rest of your team can pull up the process checklist and execute your close, step-by-step.
Open up to a New World of Close Capabilities
In the pre-COVID world, controllers would call meetings that could be upwards of 1-2 hours every day to ask members of the accounting team for their current status. Only then would they address issues that could potentially jeopardize the close process.
For many companies, this order of operations still remains the status quo.
By implementing Adra, accounting teams can log into the system from any laptop or tablet and update their tasks, whether they’re working from home or commuting into the office.
This gives the controller unprecedented real-time visibility into the entire process, significantly shortening those long, arduous meetings and allowing the focus of the meeting to be on resolving any potential issues.
Stop Playing Catch Up, Start Building Your Future
Deploying and implementing new software solutions during an economic downturn might not seem like the smartest move, but you have to ask yourself what does it cost you if you don’t adapt or prepare for the future?
Adra implementation isn’t a long, tedious process, nor is it painful. We can do it between close periods. That’s just two weeks for most companies.
Plus, your assigned customer success manager and our online success center will teach you how to use the tools to make your month-end close more accurate and efficient – even if you’re scaling up or down.
Your business continuity plan needs to be ready for any situation.
If you’re not prepared for struggle, you’ll struggle to survive.
With Adra, you’ll have more agility as you scale up or down, giving you the resources you need to thrive in any climate.
If you’re ready to see how Adra can help you adapt to this brave, new world, drop us a note to schedule a demo.