Automating accounting processes is necessary for leading mid-market organizations to effectively strategize and scale their operations.
By moving from a mostly manual process to streamlined automation, finance and accounting professionals can shift their focus to strategic initiatives, allocating more time to identify new opportunities and genuinely impacting the organization. However, changing a business process is no straightforward activity, and taking a multi-phase approach to transform the Office of Finance is a journey, rather than a single occurrence.
The three stages of the financial automation journey include: standardizing close processes, visibility and confidence in financial reporting, and a risk-based approach to financial close automation.
Stage 1: Standardizing Processes
Organizations in the infancy of implementing financial automation should focus their initial efforts on standardizing and digitizing their processes
Stage 2: Visibility and Certainty in the Numbers
The second phase of a financial automation journey is gaining complete visibility into the financial data of the organization.
Stage 3: Risk-Based Approach to Automation
Once an organization has established a standardized process and gained much-needed visibility, a risk-based approach to automation becomes the final piece of the puzzle.
Download the infographic to discover these three stages in greater detail.Download File