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6 signs your organization’s finance function needs modernizing
November 6, 2023
Authored by RSM Canada LLP
Phil Malafarina shared this article
ARTICLE | November 06, 2023
In recent years, the finance function has grown increasingly complicated, and in today’s uncertain and competitive environment, your organization can’t afford to fall behind. Is your finance and accounting team burdened by manual or labor-intensive processes? Do you rely on outdated technology for close, reporting, and planning?
If you recognize any of the six signs below, it may be time to explore upgrading your systems or processes.
Challenges with compliance and external reporting
Meeting these routine requirements is disrupting day-to-day work and forcing your team to extend the close timeline. You’re not able to seamlessly move through annual compliance exercises, and satisfying external reporting requests means your team stops doing other important work to complete these tasks.
If your company struggles with any of the scenarios outlined above, consider working with a third party to bring an outside perspective to the challenges you face and accelerate solutions. At RSM, the first step we take with any client is to understand your current platforms and processes and how they interact. Then, based on your organization’s objectives, we determine the corrective effort needed and prioritize and sequence the next steps, which could include solutions to support your organization by filling key gaps in your accounting infrastructure. Our mutual goal is to refine your finance function for better performance, resilience, and longevity.
To succeed in today’s competitive environment, companies need to balance cost optimization with growth, doing more with less by effectively deploying resources and technologies to address challenges and pain points. A modern finance function is digital, efficient, agile, and strategic, and delivers business insights to internal and external stakeholders.
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Source: RSM Canada
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