At a recent virtual event, we surveyed 300+ finance leaders and asked what challenges they’re facing with their current close process and their outlook for 2021. Here is what we found.
Key Takeaway: Organizations struggle to effectively communicate and collaborate across teams, resulting in delays in their operational close process. Gathering data and information from other teams and collecting it in a consistent manner is a challenge we see frequently.
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Key Takeaway: While many organizations have been successful in the forced transition to a remote workforce, there are still many that have experienced turbulence resulting from shortcomings exposed in their processes, roles & responsibilities, and technology that supports their respective organizations. Impacts MorganFranklin typically see as the root cause can span limited automation, inefficient approvals, or technology that requires manual workarounds in order to successfully complete the work.
Key Takeaway: Systems, data and processes form an interlinking chain with the weak link often being well known in an organization. At times it’s a reliance on legacy tools that no longer meet the organizations needs with supporting processes that act more as a bandage. A solid approach is to ensure that each of these areas are evaluated during any transformation and subsequently supported by strong training around a function.
>> Learn how CPM solutions provide tools for organizations facing increasing complexity in operations, financial and management reporting, and business strategy.
Key Takeaway: COVID has forever changed the way businesses operate, and companies that adopted process improvements early on were able to operate with minimal disruption, while others were left facing long delayed transformation efforts. Regardless, companies are subsequently transitioning to a remote workforce working to refine or redefine their processes for whatever comes next.
Finance and accounting organizations that find themselves struggling with these challenges have an opportunity to drive additional efficiency and effectiveness, serve as a better partner to the business, and ultimately increase shareholder value.
>> Take the first step in optimizing your close process.
Interested in learning more?
Addressing record to report challenges is critical to close cycle optimization. Learn how our finance transformation experts successfully tackle challenges through a combination of process improvements and technology enhancements. Contact us today.