As 2023 comes to a close, finance managers find themselves at a crossroads, faced with both challenges and opportunities. With rising costs and an ever-evolving financial landscape, staying ahead of the curve is more crucial than ever. That’s why, as we head into the New Year, it’s time for finance managers to update and streamline their processes and bid a final farewell to outdated practices that are holding back efficiency, productivity, and growth, to do more in '24.
Here are 4 things finance managers should leave in the past:
Paper P2P Processes
Traditional paper-based procure-to-pay (P2P) processes have long been a bottleneck for finance teams. In an era where digital transformation is reshaping industries, relying on manual, paper-driven processes is not only time-consuming but also error-prone and environmentally unsustainable. Finance managers should wave goodbye to the stacks of invoices and purchase orders and embrace automated P2P solutions. These technologies not only reduce the risk of errors but also enhance transparency and accountability in the procurement process, as well as promoting more sustainable practices.
Manual Data Entry
Manual data entry is not only monotonous but also highly susceptible to errors. Finance managers should leave behind the days of manually inputting data into systems and embrace automation. Modern financial software utilise machine learning algorithms that automate data entry tasks, minimizing the risk of human error and allowing finance teams to focus on more strategic, value-added activities. This shift not only increases accuracy but also frees up valuable time for finance professionals to analyze data and make informed decisions. In fact, advanced financial software solution Sage Intacct even uses AI to automatically detect anomalies in data, saving precious time and boosting data integrity.
Complex Excel Formulas
While Excel has been a staple in finance for decades, relying on complex formulas and intricate spreadsheets can is extremely time-consuming and requires a lot of staff training. Finance managers should leave behind this era of spending countless hours crafting complex Excel models and pivot tables. Modern financial software offers intuitive interfaces and robust features that can handle complex calculations with greater accuracy and speed. This allows finance professionals to leverage their analytical skills instead of getting bogged down in the intricacies of spreadsheet formulas and removes the pressure on specific members of staff to run certain processes.
Multiple Spreadsheets
Juggling multiple spreadsheets is a common pain point for many finance managers. It not only increases the likelihood of errors but also makes collaboration and data sharing challenging. With the advent of integrated financial management systems, finance managers can finally leave behind frustrating spreadsheet searches and scattered systems. Consolidated accounting platforms offer real-time visibility into financial data, streamline collaboration among team members, and provide a centralised hub for all financial information. This shift promotes a more cohesive and efficient financial management process that will relieve the functional frustrations of financial workflows.
Conclusion
In 2024, finance managers have an opportunity to embrace change and propel their teams into a new era of efficiency. Leaving behind paper-based processes, manual data entry, complex Excel formulas, and multiple spreadsheets is not just about adopting new technologies—it's about fostering a mindset of innovation and adaptability. By embracing advanced finance technology, finance managers can empower their teams to focus on strategic initiatives, drive better decision-making, and navigate the evolving financial landscape with confidence.