The job of CFOs and controllers has evolved as a result of financial automation. Finance leaders are no longer merely tacticians and strategists responsible for an organization’s financial health; their responsibilities have grown to include corporate planning, strategy, and leveraging financial and operational data to drive business growth.
Analytics and process automation are game-changing technologies for firms of all sizes. Real-time access to financial data allows CFOs and controllers to dive deep into transactions, costs, and revenues on-demand, allowing for better cooperation and data-driven decision-making.
Here are three ways accounting software can assist finance leaders in today’s fast-paced environment.
CFOs and controllers both understand the value of collaboration in their jobs. Cloud-based accounting software helps you to take meetings to the next level by automating them and giving you access to crucial information at any time and on any device.
Finance leaders and their teams are reaping the benefits of context-specific chat and dialogue features offered through accounting software, although static emails, chat, and phone conversations remain the mainstays of communication.
These cloud-based technologies integrate the conversation into the dashboard or reporting screen, putting the data and information being discussed into perspective. You can accomplish everything in real-time, from seeing and reconciling journal entries to analyzing invoices, planning, implementing projects, and more.
Having this capability lays a solid foundation for creating and sustaining internal connections, not least because knowing that your data comes from a single source of truth instills trust. In other words, everyone has everything they need to be on the same page.
Furthermore, the type of two-way communication and data sharing built into accounting automation software helps to strengthen relationships, whether they’re with coworkers down the hall or clients across the globe.
Saving More Than Just Money – Time too
Data is one of the most valuable commodities a company can have, but time is just behind it. CFOs and controllers must regularly and promptly give accurate information to executive management teams and company directors. Accounting automation comes into play once more to make life easier.
Previously, extracting data from past transactions could take days or weeks, and spreadsheets were manually completed and filled with errors, but automation eliminates these problems in a flash. Finance professionals that are thinking ahead are replacing spreadsheets with dynamic analytics, which save time when aggregating and managing data while also streamlining cooperation.
Being More Strategic
Accounting and finance teams that are truly productive must not only keep track of past transactions but also build data-driven plans for the future. Cloud accounting software provides the data you need to assess and improve business operations, as well as develop a more solid future strategy.
Dashboards and reports can help CFOs and controllers drive strategic objectives throughout their companies. You can cut through the noise to focus on trends and outliers with real-time data and analytics. This gives you the information you need to decide whether to scale back or expand initiatives and to better plan for year-end audits.
The job scope of controllers and CFOs have expanded as accounting techniques and technology have advanced. Accounting automation software allows finance departments to save time, provide visibility for employees and management, and focus on value-added tasks that have a direct impact on the bottom line.
Automation allows your finance staff to move its focus away from tedious admin and into strategy by automating operations, and workflows and streamlining vendor payments and bank reconciliations.