After two years, discussions that center around the challenges of the “Great Resignation” and post-pandemic recovery are starting to get old – yet both continue to persist and have a tremendous impact on businesses in various ways.
As a result, while most companies have been busy putting out fires, there has been significantly less time and collective brain-power to focus on growth and long-term objectives. But what if you could address the challenges of these short-term crises, all while charting the course towards long-term transformational growth in your company?
These days, if there’s one thing that has become overwhelmingly self-evident, it’s that the “old way” of doing things isn’t scalable for the future. Companies are realizing that a “new way” of doing things is necessary to ensure that they can build an effective growth strategy with a smaller and more flexible team than ever before.
Take the next step in your digital transformation journey
Executive teams are aware that they need to be investing in new technologies to continually drive growth. In fact, in an early 2022 PwC survey, 60% of executives identified digital transformation as their most critical growth driver in 2022.
The process of digital transformation had already begun long before the pandemic hit, but there’s nothing like a crisis to speed things up. Today, most companies have already transitioned to a fully virtual or a hybrid work environment. Now, organizations need to be prepared to take the next step to optimize workflows and ultimately, better support and retain their teams.
As businesses scale, F&A teams are not operationally equipped to do more, faster. Some of the findings of Trintech’s 2022 Benchmark Report have found that the majority of Finance & Accounting teams are still using outdated processes, like manual matching and spreadsheets that simply cannot handle more people, new processes, and increased reconciliation volume. Investments need to be made in the right technology solutions that can help address these operational issues.
Three ways financial close automation can help scale and grow your business
1. Financial close automation helps set up the operational infrastructure needed for scalable growth and success.
When the full scale of your business operation lives within the minds of a few individuals and excel sheets, you’re limiting the potential of both your business and your employees. Financial close automation technology could lead to less risk of human error and less time for your employees to spend pouring over excel sheets.
2. By automating tedious manual processes, you can free up valuable time for your F&A teams to focus on more engaging, strategic work.
It’s very difficult for F&A teams to be focused on growth objectives when the financial close process consumes their time at the end of each period.
3. Engage and retain talent – despite an ongoing war on talent.
Implementing an automated financial close process can help lead to higher employee engagement rates among F&A teams, as they can shift focus to the meaningful work of evaluating growth and investment opportunities, and analyzing new business risks. It could also help fill the work gap, meaning that you can work more effectively with a reduced team.
Trintech offers the tools and resources to help your F&A teams leverage financial close automation to automate tedious manual tasks, eliminate the need to add additional headcount and shift your team’s focus to higher value-added analytics and strategic work that is essential to your company’s growth. To dive deeper, watch our webinar, Scale Without Fail – Ensuring the Integrity of Your Financial Close as You Scale and Grow Your Business here.