Leading Practices for Accounting and Financials
In a large and competitive marketplace, organizations strive to improve business performance and to increase customer satisfaction. While technology has helped to ease internal processes, businesses are constantly challenged with four key areas:
#1 Metrics based on unreliable data.
#2 Duplicative and manual processes.
#3 Maintaining compliance and control.
#4 Lack of flexibility resulting in the inability to scale.
There is a solution to these problems and it lies in improving and changing the company’s overall accounting and financial practices. It takes 3 simple steps to achieve this:
#1 – INTEGRATION
Integrating various metrics and components that are related to the company’s daily functions in one dashboard, platform, or interface is the first step. Delivering a single view of customers, orders, items/SKUs and real-time reporting capabilities and combining all of this together will help keep the flow of processes organized.
#2 – IMPROVEMENT
Once all the different variables are accumulated in one platform, take time to incorporate various processes of AI and machine learning to enable the platform to use the data and tackle financial challenges, integration expansion, project management organization, compliance regulations, and global operations.
#3 – STRATEGIZE AND IMPLEMENT
Once you have tried and tested a variety of algorithms on samples of your datasets, the time comes to draft a strategy that will enable your dashboard to do most of the work for you. The objective here is to increase the productivity and efficiency of employees by minimizing manual and monotonous tasks.
With these three practices, the focus turns from manual paperwork and spreadsheets to more innovative and disruptive strategies such as integrated marketing, enhanced customer experience through self-service, and multi-channel integration.
To find out more about integrating detailed workflows, pre-configured functional roles, dashboards, and KPIs, click the link below for more information.
