Record to Report Transformation: 8 Key Questions to Ask for the Best Results
One of the most common questions organizations ask when they want to embark on a financial transformation program is simply “Where do I begin?.” They understand “why” they need to do it, but struggle with the “how.”
First off, there are some practical requirements to consider. Have you received board level buy in? Identified internal resource requirements or identified external resource requirements such as your project team, your project lead or maybe your communication strategy?
These are vital considerations. They’re also very important to get right from the outset because they will help tremendously as your program rolls out. But more importantly – and this is often the most difficult part – you also need to identify best practices and develop a list of key requirements and objectives that you want to fulfill.
This can be difficult to assess. Best practice examples will take you far, but you also need to work out where to prioritize and what improvements will bring you the most benefits based on your own unique circumstances.
To help with this process, our new eBook, Enabling Financial Transformation Through Technology, includes a list of the top 8 questions you need to ask to prioritize your needs and generate the best results from your transformation project. Specifically, we show why you need to be asking questions around the following areas:
- Do you have capabilities to track performance to identify bottlenecks or recurring issues in order to streamline your processes?
- Is non-close related accounting activity being performed during the critical ledger close period?
- Is your documentation supporting your management control and review requirements?
- Is the allocation of the workload balanced across the teams and expertise?
- Are non-integrated systems slowing the flow of data required to close subledgers and business units?
- Do you have historical data capture that can be used to analyze and review the close process and facilitate continuous improvement initiatives?
- Is there transparency and visibility throughout the process?
- Is it possible to have daily monitoring of the close process at an activity level?
Of course, asking the questions is one thing. Answering them and analyzing what data and systems are required to make improvements is quite another.
If you’re ready to take the next step, download the full eBook now for a step by step guide on what you need to consider (and what you will need to have in place) for your financial transformation to have the best chance of success.