Establishing the Foundation for a Strategic Finance Organization
Many senior finance executives want their department to play a more strategic role in the management and operations of their company. They believe there is value in shifting their focus from processing transactions to higher-value functions in order to be able to make more substantial contributions to the success of the organization. Continuous accounting can serve as the foundation for transforming the role of the department.
Rather than merely automating existing practices to increase efficiency, continuous accounting recognizes that longstanding processes may no longer be the best approaches. (Many of these practices evolved within the limitations of paper-based systems.) In their place it applies today’s information technology capabilities to establish a foundation on which the finance and accounting organization can build to serve better the needs of a modern corporation. By eliminating the constraints of the traditional, linear record-to-report processes, continuous accounting typically is more responsive, forward-looking and agile than outdated legacy ways of working. Moreover, when used as a concept not only to define and drive but also to explain a department-wide change management initiative, it can facilitate necessary changes in the finance department’s culture.
Download the white paper and begin applying continuous accounting principles to your finance department.