In this post, we would like to highlight the 8 areas that the financial function of companies should focus on in the future, according to the analysis.
Digitization is a prerequisite for productivity and growth in all industries. Software has become more user-friendly, more cost-effective and last but not least, much more automated. Thus, it is important that the economy utilizes this technology to more fully understand what contributes to growth for the company and focus on these growth factors.
The analysis shows that the most effective companies have electronic invoice management – from receiving the invoice until it is paid.
To make the most of digital systems, it is important that employees understand the systems they use and learn to optimally utilize them.
LEAN involves uncovering unnecessary work, so companies can reduce resource utilization in internal processes and deliveries, while at the same time meeting customer needs in terms of quality and service.
Various measures can be taken to streamline the financial function:
– It’s an advantage to automate routine work to free up more time and resources for value-added activities.
– An effective reporting tool reduces the amount of time spent on manual reporting so that more resources can focus on data analysis and decision-making.
Employees focusing on decision support are more value-creating for the company than those who spend a lot of time on operational routine work. It is also advantageous to utilize technology for delivering analysis and management information.
Economics workers should focus on accounting operations and common management information.
A Business Controller will understand information obtained and predict what impact it has on the business.
Research shows that automated solutions have less discrepancies than manual solutions.
Consider whether it is more appropriate to use crowdsourcing or outsourcing, depending on the types of tasks to be solved.
Source. PWC – Do you take charge? (Tar du styringen.)