Improving the Value of Financial Processes Through Best Practices

Financial managers continue to operate in a challenging and competitive environment as their organizations demand a higher value from the output of their processes. They are bombarded with concepts and buzzwords, such as: “Business Process Management,” “Best Practices,” and “Process Improvement.” These terms represent different tools and techniques designed to assist in improving the value of any process. While initially developed and applied to the operations or manufacturing aspects of a business, they are now being applied to back office areas such as accounting and finance.

Organizations today have shifted the focus and expectations of the accounting department. Financial systems and processes focused on managing large volumes of transactions and ensuring accurate, timely external reporting are only addressing their minimum requirements. A world-class finance organization is now defined by tangible results, such as improved business measurement analytics, innovative solutions to business problems, reduced operating costs, and timely ad hoc reporting.

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