The Future of Operational Finance
A recent promotional piece from Deloitte describes how Operational Finance should be the epicenter of upheaval. But Deloitte’s experiences with companies around the world leads it to believe that most companies are “sleepwalking” into this future of inevitability – with nearly 50% of the time currently still being spent on data extraction and modelling, leaving precious little time to support decision-making and change management.
Deloitte’s cross- industry benchmarks indicate that more than 60% of the time spent within the entire Finance function is spent on operational Finance activities. Many of these activities are still manual, where the median performer:
Sound familiar? Deloitte says each organization should ask where it sits on the evolutionary spectrum. Today, the role of the CFO is under greater scrutiny, internally and externally, and faces never-ending pressure to cut costs, grow revenue and ensure control. Economic uncertainty, increased regulatory requirements, financial restatements and increased investor scrutiny have forced them into the spotlight. It’s not surprising that CFO turnover is on the rise.
Deloitte has advice:
At VersaPay we assist CFOs with many of these elements noted in Deloitte’s advice, specifically through automating the invoice-to-cash cycle. We are always interested to help.
Katie Canton has been helping companies develop and implement successful social media, content marketing, and marketing communications strategies for more than 10 years. Since joining VersaPay in 2018, she writes on topics such accounts receivables automation, Customer-Centric AR, collections management, and fintech.
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