Technology Can Serve as a Catalyst for Change
Ventana Research coined the term “continuous accounting” to describe how recent advances in information technology can help finance organizations to fundamentally restructure their departmental operations to transform their function. Whereas most past enhancements were incremental, the financial management software and data management methods available today can enable more profound advances, freeing up skilled professionals to undertake the more strategic and valuable job of providing timely, insightful and forward-looking information to the rest of the company. In short, continuous accounting is a framework for eliminating barriers to making the finance organization more strategic.
The continuous accounting approach integrates people, processes, information and technology to achieve a transformation of the finance function and its corporate role. Continuous accounting is based on three principles:
- Use technology to distribute departmental workloads continuously across accounting periods.
- Support continuous, end-to-end process management to enhance efficiency and increase data integrity.
- Adopt a continuous improvement approach to overcome inertia and the “we’ve always done it this way” mindset to which finance staffs are particularly prone.
Download the white paper and see how to apply these three principles to your organization.