itb-au logo
Story image

Why automated processes are essential

The breadth of CFO responsibilities is only going to continue to grow, and unless some processes are automated, businesses run the risk of burning out their finance leaders.

That’s according to Concur, who says finance directors and chief finance officers are increasingly expected to take on everything from growth planning and risk management to pricing strategies and compliance.

“Almost three quarters of CEOs from high-performing companies believe the CFO’s role will grow in importance more than any other C-suite role,” says Matt Goss, managing director, ANZ, Concur.

“Businesses must streamline and automate time-intensive processes, like managing expenses and supplier invoices, so that CFOs can instead focus on tasks critical to strategy,” he says.

“Ensuring processes run smoothly and that finance leaders can be relieved from administrative workloads starts with empowering employees to manage things like expenses more effectively,” explains Goss.

Employees are increasingly responsible for their own corporate purchases, such as flights and client lunches. When expense processes are inefficient, manual, and labour-intensive, employees tend find ways to quickly process their claims out-of-policy, he says.

“This reduces a finance leader’s visibility into financial data, and can make it more difficult to detect errors and compliance issues,” says Goss.

Automated travel and expense management processes let employees easily make claims on their smartphone and automatically import data from paper receipts and credit cards.

Goss says this can reduce errors and manual processing time, and ensure purchases comply with company policy and tax regulations.

They can also capture negotiated rates and discounts with suppliers, and highlight the most economic options for employees, helping to reduce costs. “Modern finance leaders shouldn’t be bogged down in administrative, reactive processes,” says Goss.

They should have complete visibility into the business’s financial data so they can make strategic decisions to improve the bottom line,” he explains.

Story image
Google and Amazon overtake Apple as most imitated brands - Check Point
Google and Amazon were the most imitated brands in phishing attempts for the second quarter of 2020, according to Check Point. More
Link image
Remote workforces can be a security hazard - but they don't have to be
Many companies have adjusted to a new reality: a workforce working from home. These workers need access to applications and files that sit inside the enterprise network, all while prioritising security. Here's how it can be done.More
Story image
Internet outages drastically increased during COVID-19 lockdowns, report finds
Global internet disruptions increased 63% in March, with internet service providers hit the hardest. This is according to the 2020 Internet Performance Report from ThousandEyes, the internet and cloud intelligence company.More
Link image
Network visibility: Why TAPs reign supreme compared to SPAN ports
TAPs are hardware components that connect into the cabling infrastructure to copy packets for monitoring purposes. So why are they better than SPAN ports?More
Story image
Video: 10 Minute IT Jam - Who is 8x8?
In this interview, we speak with 8x8 regional manager for New Zealand Deane Jessep. 8x8 is a provider of integrated cloud phone, meeting, collaboration and contact centre as a service solutions, and has a global network with offices all over the world. More
Download image
How do your workforce capabilities compare to industry standards?
Managing today’s workforce-related challenges requires a comprehensive security and risk management approach that includes capabilities to meet many different objectives.More