The future of finance is unquestionably upon us: between AI and robotic process automation (RPA) and rapid technology shifts, accounting teams are at the forefront of it. To thrive, CFOs must build future-proofed finance departments. Add it to the list of many, many things that already make up the finance executive's changing workload. Learn all you need to know to successfully document your finance processes.
The CFOs Guide to a Future-Proofed Finance Department
Your finance and accounting teams have to do a lot. They're expected to pivot to data-driven reporting as a digital transformation unfolds around them. They're operating within an organizational structure that's often weakened by a serious lack of talent, which means that as they attempt to stay on top of their own growing workloads, they're taking on the work of their "missing" teammates.
What makes all of this more challenging is that when more resources are brought on, full productivity is delayed when onboarding requires locating operational information that's gray-boxed or siloed— a business's institutional knowledge.
A truly future-proofed finance department is one with universally documented accounting processes that are easily accessed by anyone that needs them. This resource makes sense of identifying and capturing institutional knowledge in the finance department — so you can start facilitating the performance that keeps you competitive.
Download this eBook to learn:
How process improvement experts define and capture institutional knowledge
Why small and medium-sized businesses are especially susceptible to knowledge siloes
Three questions leaders can ask to identify which accounting processes to document
The four steps every organization must take for a future-proof finance department
How Virtual Accounting Support helps get better process documentation results
Attracting The Right Accounting Talent To Document Your Finance Processes
Your future-proofed finance department is within reach. With the right partner, you can overcome two of the hardest hurdles finance leaders have to clear: documenting your accounting processes and sourcing the skilled professionals to execute and improve them.
Personiv has over 35 years of building top-notch virtual teams that deliver real results fast for a cost-containment strategy that unlocks efficiency without sacrificing quality. Want to know more about how virtual accounting creates opportunities for process improvement? Megan Weis, our VP & General Manager of FAO Services — and award-winning podcast host — penned an in-depth post about how it works over on our blog.