As times change, F&A teams must adapt and embrace digitization to work smarter, not harder
The Office of Finance has evolved over the last couple of years as digitization and the automation of manual work, in areas like the financial close process, have taken center stage – reinforcing that as times change, finance teams must adapt, to not only stay competitive in the market but to get the actual work done in a timely manner, as well.
Trintech conducted a survey of 160+ finance professionals around the globe in the first half of 2022, including organizations from mid-market to large enterprise, across multiple industries and job titles. Results from Trintech’s 2022 Global Financial Close Benchmark Report show that attracting and retaining talent will be the biggest challenge organizations will face over the next 12 months, followed by the need to provide real-time, business-critical insights.
Survey At A Glance
Biggest Challenges and Risks Facing Finance Teams Today
Meetings deadlines and time pressures, reduced team size, and providing analysis continue to be on finance team’s radar.
Maturity of Financial Close Automation Adoption
Organizations are aware they need to invest in automation; however, most respondents have a “basic” or “developing” level of automation.
Making the Business Case for Change
Finance automation increases visibility, improves confidence, and allows for higher-value activities.
- 52% of respondents noted that meeting deadlines and time pressures is the biggest challenge facing their organization’s financial close process today.
- Two-thirds of organizations want to reduce their days to close – 34% state that an improved speed of the financial close is the most important factor to build the business case for automation.
- 74% of respondents reported that they do not have “established” automation in place today – they are still in “basic” or “developing” stages.
Download the report to see where your organization measures up against others in finance automation adoption maturity levels. Plus get recommendations on how to move forward with six steps to accelerate your financial transformation strategy.