Each of us is carving a stone, erecting a column, or cutting a piece of stained glass in the construction of something much bigger than ourselves. –Adrienne Clarkson
You can’t be a seasoned CFO without looking further ahead and seeing the pitfalls before they happen. Focus on spending your time strategically. Allow finance operations to transform into a more efficient system. Improving finance operations should be one of your company’s continuous priorities.
The finance department should have an excellent work ethic and their knowledge and expertise should be of a high standard but, how does the typical executive see their finance operations, staff?
A report by CFO research gives examples of the problems faced by the finance department:
The controller of a construction company in Asia notes that one of the most serious weaknesses at his company are “payments that lack [sufficient] detail and do not go through, which chokes up the entire system.” Another example from a financial services company laments his company needs “more focus on standardization and more/better communications around the benefits of standard, efficient processes—instead of many, many special processes depending on various customers and products.
Although efficiency and productivity are laudable ends, they are not the ultimate goal for the most forward-thinking finance leaders.
The CFO of a U.S. professional services firm describes how his finance operations organization is taking the next step and delivering value outside of the function itself: “A/R management is very proactive and we have the best realization and turnover rate among our peers in the industry. [We have a] highly efficient close process at month end and year end, with very timely reporting of management information following close. Analysis of operations and business units [is] both thorough and timely, with an emphasis on information that can impact decision-making and strategic assessments.”
Effectiveness -> Working Processes -> Upgraded Information -> Systems Successful Projects
Business Process Flow
Finance leaders believe in their staff, but are concerned about the demands placed on them. Your staff needs better information tools and processes to unleash their full potential.
The primary challenges finance operations staff experience can be split between poor processes (that create inefficiencies) and user-unfriendly information systems(IS). Upgraded IS is vital for speeding up processes efficiently.
Tweet this: Your staff needs better information tools and processes to unleash their full potential.
This organization has clearly improved its efficiency and effectiveness across different processes. By being proactive and aggressively managing accounts receivable, the organization improved cash flow and financial performance. It goes to show that many policies become outdated and inefficient over time.
Manufacturers can drastically improve their overall business strategies by reviewing their current business processes to find areas that can be redefined, improved or reorganized. By eliminating redundant, out-of-date or unnecessary business practices, manufacturers can see their production processes improve, productivity increase and profits expand.
Update Your Technology
Efficiency at lower costs is possible by updating and improving helpful tools. Streamlining the production process with technology and new processes lead to fewer overall costs and greater profitability.
Approval of the annual budget is one of the fundamental building blocks of sound financial management. Most people tremble at the word “budget”. If done correctly it should give you more freedom than a cause for fear.
A straightforward and easy to use smart spend management process will ensure enough time to spend on all the facets of your financial processes.
Procurementexpress.com purchase order management app
- All purchases are run through a customized approval routing, whereby managers (who make the decisions) can approve purchases with the click of a button.
Instantly view budget spend, rather than waiting for the bookkeeper’s report!
- Save time with same day implementation.
- No training required so all your departments can use it – easily.
- Award winning customer success team available 24 hours a day.
- Adaptable with tailored reports and a customizable Pdf.
By using the live information app we control your budget so you have the time to entertain your clients and keep the CEO happy.
The construction CFO serves their company as a member of the executive team prepared to increase efficiency and drive growth. Finance operations rely on many different information systems and choosing the right one to make your financial system flourish, is essential.
Never again will you have to stress about spending within budget, click on the link and access your financial freedom; Try it for free!