Cognitive surplus has been recently proven to be a gold mine for a
collection of different departments. Don’t you think it’s about time you
learnt to benefit from this within your finance department as well?
Go beyond the apparent and obvious
All of the typical financial processes that most companies will utilise
to drive growth are fairly obvious these include: cutting into the
bottom line, maximizing revenues at the top line, and calculating the
return on investment (ROI) for any new investment opportunities. But if
you can make ‘innovation time’, in conjunction with financial analysis,
you will find that you are given a chance to look at less traditional
levers to drive growth within your department.
Not a very exciting task
Ensuring that you are given real time away from the stress of daily
tasks will eventually prove to be an invaluable exercise. Real time
allows you and your department time to reflect and allow you analyse the
performance of your finance department within the past versus the
demands, your deliveries and performance of today. By reaching into and
exploring your cognitive surplus, you and your colleagues could discover
areas that are limiting, and which could limit your financial
performance tomorrow. By taken a look at these limits you and your
department can explore alternative solutions to help drive growth and
increase the overall innovation of your company. With your financial
performance analysis in situ and a collection of innovative ideas in
hand you’ll be able to better forecast and set up departmental budgets,
whilst providing a firm foundation from which you are able to review any
innovative concepts to vary the business structure serving to help
alter the performance/cost ratio in a positive direction.
Want a push towards the right direction
Want a sensible push towards the right direction, which will help you
greatly improve the performance of your finance department?
You probably have an identical gut feeling that was brought to our
consciousness by an accounting survey of the financial close process:
only 28 % finance employees trust the reported numbers within the month
end financial close making historical account analysis an even more
arduous task. Financial Reconciliation software can make the whole
financial close process quicker and more economical by the complete
integration of automatic account reconciliation with automated approval
workflows. With the utilization of summary dashboards, account
reconciliation software makes strict compliance the quality standard for
your team, whilst at the same time executives are often accurately kept
within the loop with drill-down reports at the press of a button. You
can conjointly do away with binders and build your historical analysis
faster and easier with a completely digital archive. Although storing
all monthly close reports in binders may provide that old-fashioned feel
of security, however that feeling can be misleading. Using binders to
archive can in the long run prove more of a hindrance than a help.
Problems that can arise are:
Which binder is all the information
archived in? This issue can further be compounded with the problem of
physical space required to store all of your company binders.
Where in the binder is it? Generally binders over time become too hefty to go through.
So whether you’re working with binders or spreadsheets maintaining that
control and overview are a top priority. At any moment, you need to
have all documentation in place and to understand the status of every
person and every task. Financial Reconciliation software can help you to
streamline and digitize your monthly financial close process. Whilst
allowing you to replace cumbersome spreadsheets and full binders with an
up-to-date real-time overview of the entire balance sheet
Taking all of the above into account
what’s more, due to all of these efficiencies financial reconciliation
software will actually help you facilitate to make ‘innovation time’
within the financial department, serving to create a virtuous cycle of
enhancements and innovations with in your department. With all of these
helpful features and more it isn’t hard to ascertain how using financial
reconciliation software will greatly utilise your cognitive surplus and
help streamline your finance department helping your business grow.