Insights on COVID-19’s Impact on Finance Operations
The COVID-19 outbreak quickly and dramatically changed the role that the Office of Finance played in the overall organization. While historically seen as “bean counters”, finance and accounting teams were suddenly relied on to guide the organization through an unprecedented time.
“It’s no secret that the majority of companies have decentralized financial close processes. While this process may have worked when everyone was located in the same office and you were able to quickly chat with your colleagues, it is no longer sustainable in today’s remote workforce environment.” – Jesse LaJoye, Director of Partner Engagement, Trintech
As everyone began adjusting to the situation, some glaring issues were revealed in the “typical” close process.
The Role Technology Plays in the Office of Finance
Technology For a Virtual Close
By far the most prominent change to come out of this pandemic is the new need for a virtual close. As more offices closed for the sake of public health, many organizations found it difficult to keep up with their close.
Technology For Visibility
At the beginning of the pandemic, accountants were pushed to move from the mindset of “this is what happened last month” to a more forward, future-oriented thought pattern almost overnight.
Technology For Speed
Similar to the need for visibility, to deliver a new level of insight, accountants need time to properly analyze their data. Providing the gold nuggets of information that can provide guidance for the organization is an invaluable contribution that the office of finance can provide, but it takes time.
Technology to Maintain Compliance
No matter what governing body an organization reports to, the compliance process in place before COVID-19 was designed for work that was conducted in-house.
Read this eBook to learn insights from Adra and the Auxis Management consulting Company on the impact of COVID-19 and what it means for finance operations.