We’ve researched the industry and developed a list of the top 4 trends and resources that CFOs, directors of finance, and other finance professionals need to pay attention to in 2021! If growth and business resilience are on your radar leading to 2021, here are the top trends you need to include in your financial strategy and start implementing!
Improving finance processes is the first foundation for enhancing the financial status of your company. There are five business processes in finance that we, as financial professionals, need to strengthen:
- Purchase – to – pay including procurement and accounts payable
- Order to cash including accounts payables, invoicing, collections
- Expenses management
- Working capital
- Controlling & analyses
The goal should be to streamline all the repetitive and manual tasks that waste time and energy from professional finance talents. Using an accounting automation solution such as accounts payable automation will eliminate any paperwork and time wasted on data entry. Accounting talents can then be leveraged for more productive and higher rewards tasks such as account analyses and reporting for better decision making.
Implementing business processes automation solutions for any of these processes is important to boost productivity, enhance cash-flow, and improve visibility and master throughout all financial processes!
Click here to book a FREE demo streamlining all your financial processes for a better and more secure financial foundation.
Embracing New Technologies
Finance professionals acknowledge that digital savviness and a good digital strategy will benefit the organization’s ability to make SMART decisions and to better position itself in the marketplace. In addition, financial experts recognize that grasping cutting-edge innovations, during this time of uncertainty, is vital to progress viability and productivity.
New technologies such as
- Enterprise resource planning that is well integrated and agile
- Enterprise content management using machine learning
- Documents management systems to be able to extract data and manage your documents electronically
Are all systems and ways for finance departments to take advantage of technology for smooth-running, powerful, and modernized financial processes and solutions!
Security and Privacy of Data
This is a huge priority for finance professionals due to security and media challenges. Companies have faced major consequences, for example:
- Reports of data breaches,
- The loss of millions of records,
- Severe financial loss and huge operational effect
These issues have without a doubt led finance teams to search for solutions that are secure, agile, quick to deploy, and easy to manage in case of urgent changes. Click here to see how our clients have access to an easy-to-use, reliable, and secure software that integrates with several accounting systems.
Improvement in Data Analytics
Data is all over the place, and usually, finance sits on the biggest majority of data, however, in most cases 70% of data goes unused!
This is the reason companies constantly seek software (like our own) that extracts data from non-structured documents, generates reports, insights, and captures key information that anticipates finance forecasts!
We continue to invest in AI and machine learning to help finance professionals make sound and fact-based strategic decisions and improve their overall data and analytics operations!
Using our enterprise content management software, you can concentrate less on making reports and more on vital planning with the insights you have automatically generated with easy access to information anytime and from anywhere
We hope with our insights we’ve sparked great ideas to improve your financial processes and data management. Contact us to speak with a representative or book a free demo to see how we can set up all these strategies for you in less than a week!