As 2019 is coming to an end, we thought we’d take a look back at some of the top priorities for finance executives this year. One common theme that kept coming up was the need for investment in digital technology. According to a recent survey of 700 finance executives worldwide by the Associate of International Certified Professional Accountants, companies that made digital investment a priority were much more likely than digital laggards to report revenue growth over the past 12 months. More information on this study can be found here. Additional topics that were listed in a Forbes article as top priorities for 2019 and onwards are listed below.
Focus on Scalable Automation
Approximately one third of the executives surveyed said the cost of their finance function had increased over the past year. Automating invoicing, transactional tasks and other processes can help finance departments improve their overall efficiency. This will leave more time for data analysis and strategic business decisions.
Think Cloud First
Some companies may be reluctant to deploy cloud-based finance applications for many reasons, but there are actually many benefits to doing so. Cloud service integrated platforms offer frequent software upgrades, data protection, and access to real-time data. This is crucial to ensuring the data you are working with for your budgets is accurate and up-to-date. Again, this will help increase efficiency and the overall value that the finance function provides within your organization.
Data Analytics providing Added Value
There’s no doubt that the amount of data companies are working with today is only growing. As such, finance teams are spending more time collecting data than analyzing it, and managing all of this is becoming tougher. As a result, companies are left waiting for detailed reports on all of this information. Having software that can provide analytical capabilities such as visual dashboards is hugely beneficial. With this type of software, monitoring the mass amounts of data you have coming in against your KPIs is much easier. In the long term, this will save you much hassle and provide added value to your organization.
If your organization is looking to improve its efficiency levels and simplify your budgeting and forecasting process, look no further. True Sky can be deployed on-premises or in the cloud, integrates with almost any source data system (ERP, HR, CRM, etc), and has powerful workflow, data tool, and dashboarding capabilities. To learn more, call us today at 1 855 878 3759 or visit www.truesky.com.