How might you know if your Finance Function needed optimising?
A finance function needs to be ready to adapt to changing market conditions and disruptions. At the same time it must balance resource allocation with performance and cost efficiency with resilience. It's an ongoing process of improvement and development but the five questions in the tabs below point to possible priorities.
Unsociable hours
Ever wondered if there really has to be so much extra work at month or year end? It's not as if we don't know it's coming. After all, it's a very predictable timetable. What if we could smooth out that work and create sociable hours for everyone?
Reliable data for decision making
Every CFO needs to be able to sit in the boardroom, own and present the numbers for the business with the confidence that those numbers are right, and that they are a single version of the truth.
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Being able to get a clear snapshot up front with all the layers of detail behind, enables decision makers to track important relationships between business activity and cash over time.
Take a look at our Cash Management page.
The CFO and Automation
All too often, finance people spend a big chunk of their time gathering and compiling information. They often invest so much time on this task that they are left with no time to apply the value of their expertise and experience.
But using tools your organisation already has, it's possible to produce consistent numbers directly from the system. These numbers will have a transparent and traceable provenance.
As a result, your finance team will find itself spending the day doing significantly more interesting, rewarding and productive work.
Are we spending more than we should?
Businesses often measure the efficiency of their finance function by looking at its costs as a percentage of the revenue of the business. Naturally, each business needs to adapt the benchmark according to their own circumstances but how does yours measure up?