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Finance and Accounting Modernization
Modernizing finance: Building the finance function of the future
To succeed in today’s fast-paced business environment, finance and accounting organizations must continuously be focused on improving performance through driving positive operational enhancements. With the impacts of a global economy, regulatory changes and the advancement of technology, finance professionals must be at the forefront of driving organizational performance.
Globalization has changed the way companies operate and put more of a focus on operational efficiency. Regulatory changes have a continuous impact on companies and put a strain on operations. The technology landscape is constantly changing, providing finance the opportunity to truly drive organizational performance through improving access to relevant operational data. Finance organizations must be positioned to help develop and drive key strategic business enhancements.
Key components of finance improvement
Focusing on improving the foundational areas of your finance and accounting function can bring significant efficiencies and have a transformational effect on your organization. Some key questions that all finance organizations should be considering include:
- People – Is my finance organization structured appropriately to support strategic goals?
- Process – Does my finance organization have the right operational processes in place in order to drive efficiency and improve performance?
- Technology – Is my finance organization leveraging the right tools to develop a best-in-class finance function?
- Reporting and analytics – Does my finance organization have the correct metrics in place to truly understand organizational performance? Is my finance function driving a planning process that aligns these metrics appropriately?
- Controls – Are the right controls in place to ensure that my organization is well controlled and not vulnerable to the many threats of my business?
Modernizing the office of the CFO
To increase effectiveness, organizations should view the finance and accounting function as a strategic enabler for achieving business goals, rather than just a back-office recording and reporting function. For many companies, this requires transforming the finance function. A finance transformation framework brings several key areas together, including increased automation, strengthened data and analytic capabilities, and improved controls to support the strategic direction of the business.
At RSM, we understand the complex challenges facing modern finance and accounting organizations. We work with hundreds of chief financial officers (CFOs) and their teams, navigating those issues so finance can become a true partner to the business and drive strategic decision-making.
We assist finance and accounting organizations with operational optimization and process improvement in three key areas:
The RSM team can evaluate your finance and accounting strategy and operating model to identify potential gaps and opportunities for greater efficiency through:
- Finance strategy development
- Shared services evaluation and implementation
- Target operating model design and deployment
- Finance and accounting outsourcing evaluation and implementation
We analyze your specific finance and accounting processes, developing an improvement strategy that includes more effective technology utilization. Our services include:
- End-to-end business process improvement
- Technology-enabled business process transformation
Our experienced advisors help you leverage data to develop more insightful performance metrics and understand more about your critical business drivers. Our services include:
- Financial planning and analysis
- Financial and management reporting
- Costing and profitability analytics
- Performance management and analytics technology evaluation and implementation