When the 2020 global pandemic hit, businesses had to make the unexpected change to a virtual workforce.
This large-scale move cast doubt and uncertainty not only on the future of some organizations but on the integrity of the work produced by the Office of Finance.
Trintech sat down with KPMG to discuss some of the challenges organizations face when adapting to a virtual financial close. Within this eBook, we explore six changes that COVID-19 has brought to the Office of Finance:
1. Focus on Cybersecurity Increases
By far the greatest cybersecurity risk and the main cause of data breaches is employee negligence. During times of constant change and uncertainty, it can be easy for staff to forget the fundamentals of preventing cybercrime. This appears to be the case for the pandemic of 2020, as organizations have seen a sharp rise in cybercrime.
2. Data Integrity Becomes Integral to Business Growth
As organizations continue to navigate their way through these unprecedented times, the role that the CFO and finance team plays in the overall company is dramatically changing. While once considered “bean counters”, the Office of Finance is now viewed as an integral guiding voice in most organizations.
3. Global Visibility and Access to Data is Imperative
During the initial pivot to a remote workforce and the subsequent move to a virtual close, many thought that mid-market-sized organizations would struggle the most during the transition. However, this has not necessarily been the case.
4. Standardization and Process Improvement Are Needed to Protect from Burnout
Accountants are no strangers to working late nights and weekends. Due to time-consuming manual processing and spreadsheet usage, during certain times of the year, it is an expectation that team members will go that extra mile to meet deadlines. With a dispersed workforce, a greater expectation has been placed on the management teams.
5. Increased Need for Technology Investments
As time goes on, Offices of Finance are gaining traction and learning how to best conduct work during the pandemic. Due to the challenges that come with dispersed workforces, there has been an increased focus on evaluating technology solutions to modernize financial processes.
6. Automation is Essential for Success
The benefits of automation are well known and documented. From a 90% reduction in the number of accounts to be reconciled to a 99% reduction in time to support external auditors, automating the financial close process, has been, and will continue to be a benefit to organizations for years to come.
Download now to learn more about adapting to a virtual close and how implementing automation into financial processes will provide the control, visibility, and insights finance and accounting teams need not only now, but in the future.