CFOs find they're wearing new hats during pandemic
To drive their company’s direction during this critical time, modern CFOs must go far beyond traditional accounting, transaction and payment tracking responsibilities.
Their role has expanded to include improving performance visibility, forecasting, investment decision making, and enhancing financial, cash, and cost controls. Finding a balance between short and long-term needs is the main goal for these future-focused leaders. And automation is the enabler of their success.
Recently, we conducted a survey of CFOswith Censuswide regarding the current state of automation in finance departments. The results were telling:
Seventy percent of senior finance leaders feel that increasing demands from the executive team are challenging to address without automation. In today’s landscape, only 14% of finance teams are ready to work from home without making significant changes to existing processes.
In addition, 62% of CFOs stated they plan to switch the focus of their employees that currently handle manual finance tasks to higher-value work.
Automation is expected to generate trillions of dollars in business value—dramatically changing how companies do business. For high-velocity companies, the strategic application of automation could be the difference between businesses that succeed and those that fail. McKinsey predicts that many jobs, such as drivers, assembly line workers, administrative assistants, and bookkeepers, will soon become automated.
Now, executives are re-evaluating their financial plans and focusing on elevating their team for the future.
According to the survey, 77% of CFOs indicated that if a job is eliminated by automation, they will transfer those workers to a different department. Also, 50% revealed that they would retrain workers with new skills, allowing them to circumvent any displacement concerns brought on by automation.
Manual financial operations hold the finance team back by consuming the time and resources necessary to guide the business. Automation makes finance processes faster and less labor-intensive and allows organizations to spend more time on strategic work. Finance leaders are continuing to adjust to this "new normal" by modifying team structures and compositions to enable success.
Add efficiency across your finance operations. Reduce finance workload by automating the end-to-end workflow and streamlining global operations.
Accelerate business visibility. Improve the financial close cycle for optimum reporting with real-time reconciliation.
Rapidly adapt to changing business needs. Adopt an automated solution that is built to keep up with the changing needs of high-velocity businesses.
Institute smart financial and cash controls. Avoid non-compliance penalties and establish audit-proof best practices with advanced controls. Growing companies need mature financial processes that can handle today’s complexities. And finance leaders have the critical role of guiding their companies to long-term success.