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Using Technology to Automate Finance and Help You Make Better Business Decisions

Business process outsourcing
Everyone is being asked to do more with less in the current economy; CFOs are no different. Many are looking for ways to enhance and streamline the finance function, from transaction processing to budgeting and reporting. Automation through leveraging state of the art technology is a key component to assist in this endeavor. With advancements in business applications and cloud-based technology like Intacct, Bill.com and others, virtual work environments, mobility and instant data is the new norm.

As a company grows, it becomes less realistic to run the business with manual processes and spreadsheets. Implementing tools with better controls and workflow capabilities allow for a more accurate and efficient process, enabling real-time business decisions. These improvements allow leaders to reexamine if existing processes are effectively designed to support the current operation and business strategy. 

Another way to increase financial efficiencies is to implement a corporate performance management and business intelligence solution. By using solutions like Prophix and Adaptive Planning to augment strategic organizational objectives, companies can produce enhanced actionable information. The goal is to obtain data that is useful to your organization, measuring financial and operational drivers that are profitable in order to understand where to focus your resources and attention. This data helps organizations make more strategic business decisions faster.

In addition, leaders must consider whether outsourcing of certain tasks and functions is an option for the company. Depending on your business, outsourcing can be a great way to cut costs by allowing management to focus on what they should be targeting–growth and innovation. Many options are available to consider, both on-shore and off-shore.

How do you know which tools are right for your organization? Inviting an advisor to perform an assessment of your business is a good start. Typically, they will present several options that can help decrease costs and increase efficiencies, including a strategic road map focused on people, process and technology.

McGladrey has partnered with CPA2Biz, the technology subsidiary of the AICPA, to develop a road map for firms looking to build niche practices through the cloud. CPA2Biz has emerged as a leading voice for firms on harnessing the power of the cloud. The company has assembled a unified lineup of web-based solutions – from bill management to payroll services to outsourced accounting - that level the playing field for firms of all sizes. In addition, CPA2Biz offers hands-on workshops and webcasts to help firms move to the cloud.

Jim Cashin, CPA, Partner, McGladrey LLP. Jim has more than 23 years of consulting experience focused on providing solutions to the complex problems encountered by finance and accounting organizations. Jim currently leads McGladrey’s Business Process Outsourcing practice and is focused on delivering world class accounting services to clients utilizing state-of-art cloud technology and business processes. 

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