For today’s finance teams, one of the key drivers of digital transformation is the need to streamline highly complex, often disconnected business processes to empower new, more agile ways of working. Why? Primarily it’s about meeting the increasing demands of customers who want and expect faster, accurate and more responsive services. However, it’s also about increasing data accessibility and transparency whilst delivering assured compliance to increasingly stringent financial regulations.
Are you keeping up?
New and emerging legislation means that organisations need to be able to accurately process, collate, analyse, report and submit critical information within stringent timescales – so speed, accuracy, transparency – and a clear audit trail are vital. More pressingly, finance teams also need to embrace digital financial management. From Making Tax Digital to e-invoicing and e-procurement, they need to be able to seamlessly move information throughout their organisation as well as integrate with third parties. Keeping HMRC and Regulators happy is just as important as looking after the needs of customers.
However, speed, control and transparency are often a real problem. Many organisations have highly complex operations as a result of mergers & acquisitions activity, resulting in a myriad of disparate systems and data silos which are disconnected, hampering agility and generating mountains of admin. What’s more, some still use a largely Excel based approach to budgeting, forecasting and reporting on key data – combining information from different sources - costing considerable time, money and effort as well.
And that’s not all. Lack of process visibility and control can lead to significant data integrity issues – making it difficult for organisations to perform detailed audits and accurate ‘what if’ scenarios for planning and forecasting based on diverse assumptions and drivers,
Start small - deliver ongoing incremental value
In our view, the best way to start creating transparency and control within finance operations is to review current processes and make phased improvements that deliver the most value. One of the easiest ways to do this is to embrace modern financial management software, tailoring your current and future needs with modular additions that integrate effectively with your existing platforms.
Increase control and make better, faster decisions with Integra Centros
Cloud-based financial management platforms like Integra Centros deliver accuracy, agility and flexibility providing users with highly tailored solutions to meet their accountancy needs. Integra Centros, hosted on the Microsoft Azure cloud, is fully interoperable, working seamlessly with existing systems or most third-party solutions. New functionality can be quickly and simply introduced on a modular basis, delivering incremental value within specific areas of the business without disruption to BAU.
And as well as delivering real time tracking of transactions and instant review/approval of processes, Integra Centros also provides accurate and easily configurable reporting and analytics, delivering additional insights that help business leaders make better and faster decisions. Integra Centros boosts operational accuracy and strengthens controls by automating routine manual processes and incorporating business rules to eliminate ‘human error’. This ensures all processes are accurately followed and tasks performed in record time – whilst also freeing up valuable employees to better use their time, skills and knowledge in more business-critical activities.
What’s more, Integra Centros supports today’s new, digitally focused employees, enhancing the workplace experience and increasing job satisfaction, enabling high performing organisations to attract and retain the very best talent.
Embracing digital transformation, increasing control and enhancing transparency has never been easier. Take a look at Integra Centros and find out how it can empower your organisation and workforce to realise your long-term ambitions whilst delivering outstanding results.
Find out how we helped Dublin Port embrace digital transformation and pioneer new agile ways of working across the procurement and finance function here