G2 Guest Post: Optimizing Month-End Close Processes With Financial Automation
Recently, Darren Heffernan, President of the Mid-Market for Trintech, wrote an article for the G2 Learning Hub. Drawing on his twenty-five years of experience in finance and operational roles, Darren identified the main challenges that accountants face today, and how financial automation can help them meet the demands of the entire organization. Here are a few of the highlights from that article.
Over the last few decades, the role of accountants has changed dramatically from data analysts and number crunchers. The Office of Finance is now a critical hub of activity for the organization, and are expected to provide business-critical data insights and be a strategic partner for the company, among many other responsibilities.
However, the tools that finance and accounting teams use have not evolved as steadily as the duties they are required to perform. As organizations develop and grow, accountants struggle to keep up, mainly because of the outdated software and manual methods they leverage in business-critical duties such as their month-end close process.
Many monthly closing complications can be boiled down to three main categories: manual processes and spreadsheets, a lack of visibility and control, and time spent on repetitive tasks.
Though these problems tend to be prevalent in many organizations, finance teams may not have been aware that these problems can be easily solved.
The need for automation implementation in the Office of Finance has gained momentum in recent years. So why should your team be investing in financial automation tools?
Here are five reasons:
- Automate and streamline financial processes
- Delegate more time for strategic focus
- Achieve unique compliance requirements
- Deliver business-critical insights to all stakeholders
- Maintain a competitive edge in the market
Check out the full article here for the rest of the story, as Darren explores the inefficiencies and risks in the month-end close process as well as the benefits that organizations can reap from utilizing automation in their finance and accounting departments.
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Written by: Ashton Mathai