Need to get more work done? Hire more people.
It’s a reasonable first reaction for any department leader, including those in finance.
More heads = more production.
Of course there are times when hiring and adding headcount makes sense for your organization. For example, you’ll need finance teams at new remote locations as your business expands into regions and you add more offices. You need CFOs and controllers and other experienced finance professionals to analyze the data and provide strategic guidance to the rest of the business.
But some of today’s most efficient finance teams are leveraging new business intelligence and performance management technology to create productivity-boosting processes while maintaining the same headcount. They’re not growing their teams or getting current employees to work harder. They’re instead helping employees to work smarter, and they’re doing it with financial automation technology.
Independent, fast-growing mobile performance measurement company RootMetrics cut its time spent on FP&A processes by 50% after automating all financial planning, forecasting, budgeting, and reporting processes.
Infusionsoft, a leading provider of sales and marketing software, reduced reporting cycle times from three weeks to three days by automating its financial reporting.
Café Soluble, the international manufacturer of nutrition products, automated internal FP&A processes and trimmed the financial budgeting and financial consolidation process by 60 percent across the company.
But even more significant than the time-savings is what leading finance organizations are able to do with time they saved by automating otherwise time-consuming tasks. Spend more time analyzing data to offer more strategic guidance to the rest of the business. Create more financial models and scenarios with more detailed assumptions and formulas. Consistently create rolling forecasts.
All of the above are productive, value-add projects that your team will be able to more heavily pursue with the proper financial automation in place.
But consistently adding headcount within your finance department to continue to do manual processes is neither cost-effective nor scalable. Your workforce will naturally grow as your business grows, but it can’t possibly be a 1:1 ratio. This infographic based on our recent CFO survey shows that more and more corporate finance teams are realizing the productivity, scalability, and dependability benefits of modern, cloud-based financial solutions.
Looking for a guide to improve your financial processes? Join finance expert Steve Player for a complimentary webinar on Aug. 30 to pick-up his blueprint for financial planning success. Click here to register.