The Last Mile of FinanceStrategically transforming financial governance |
Have you ever paused at the end of a quarter to assess the “extra” time your finance organization logs in to reconcile spreadsheets, close and consolidate the books, and issue your financial statements? It’s likely that this “last mile” of your financial reporting preparation consumes days and weeks that could be used for other value-added activities—and too often, the governance you desire is out of reach.
Why is it so difficult to maintain both control and efficiency in the last mile?
- Short-term thinking - many finance organizations are unable to formulate a clear vision of the future that recognizes potential obstacles and foresees long-term solutions.
- Path of least resistance - when faced with limited resources, it’s tempting—and only natural—to prioritize and address pain points independently of one another.
- Sustainability is not considered - technology is a key piece to the puzzle, but sustainable value also requires processes designed and performed by a trained and capable workforce. There is no technology “silver bullet.”
A holistic approach that understands how people, processes, and systems contribute—both individually and collectively—may help organizations improve efficiency, governance, and the quality of their reporting. By understanding how to implement a true finance governance program, a finance organization can become a key strategic contributor to the company’s success. What’s more, this strategy will help you capture increased efficiency and realize greater effectiveness in the last mile.
The following steps, taken together in a holistic approach, can help you move your finance governance program forward:
- Develop the business case
- Create a solid foundation
- Design with the end in mind
- Implement in phases
Achieving a more efficient and effective last mile requires the adoption of a complete finance governance program—not one component, and not the sum of its parts, but true development and coordination of people, processes, and systems. Starting with the strategy—followed by tactics—finance organizations can realize greater cost effectiveness, improved quality of operations, reduced risk, and the ability to redeploy people into higher value activities that support the overall success of the business
Learn more about how to address the “last mile of finance” by downloading the publication.
The Last Mile of Finance
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