The back office: where innovation in finance really starts

We even see it in the most innovating companies: finance departments relying on old-fashioned spreadsheets and manual processes. Although some old tricks never die, sticking to manual solutions can complicate innovating internal processes.

In a highly innovative world it however is essential to keep up with the latest technologies in order to boost efficiency. ERP’s are there to help. Make sure you get the most out of it.   

Thriving for innovation by involving the back office

Although we always urge for innovation, we do want to make clear that digitising your internal processes is more than only launching an app or using a fancy collaboration tool. We’re talking about making the whole finance department digital, meaning that the core processes will need a complete makeover. Sticking to spreadsheets rather than stimulating back offices to integrate enterprise resource planning (ERP) won’t help your company in the long run.

We therefore encourage CFO’s to change finance and other related departments from being a small player hidden hidden in the back-office to becoming a key player in the company, sustaining strategy and boosting results. Because at the end, ERP’s especially stand for real-time information, helping CFO’s to step forward and lead the way. All results are driven by finance, so let’s give the finance department the attention it deserves.

Hesitation, despite the advantages

So why are a lot of companies hesitant to integrate new innovative processes? Firstly, legacy systems are the main obstacle for innovative processes and although we need to understand its importance, we also stress the need to move forward. In addition, manual processes could just turn out to work fine, slowing down the will to change. It is furthermore not uncommon that some departments may lack the proper IT knowledge, meaning that IT department would need to step in, costing both time and money. For those involved in the back office it may become somewhat risky when large amount of confidential information need to be digitalised. Reluctancy due to uncertainties about the privacy of online data storage are not uncommon when it comes to introducing innovative processes.

Invest time to save time

Although there are numerous reasons for back offices to be reluctant towards ERP’s, lack of time is widely known to be one of them. “Not having the time to devote to it” is one of the hurdles to overcome, but luckily this is one of the most invalid arguments out there. Yes, we’re talking about the need to dedicate time to it and, yes, we’re talking about a probable change in the workplace culture. But with a knowing pair of hands and the harmonisation of all related processes will lead to time-saving and efficiency. Thanks to real-time data errors will be detected more easily, while we all known how automation saves time when compared to manual processes. Many companies focus too much on the customer-side while it’s undoubtedly important to place the focus on the back-office as well. At the end, closing the books faster can lead to benefits for all departments. Let’s start investing time to save time.