Have you automated your work with budget and forecast? Is your monthly closing process manual and full of time-consuming spreadsheets? The answer is Digital Finance.
The requirements for the financial departments are rapidly changing. Previously, the finance department looked at past results but now they are a provider of data insight that the company in the future will use as a foundation for making decisions.
The new demands in economics call for digitalisation. And all indications are that those who know how to take advantage of digitalisation will gain great competitive advantages in the future. Analyses show that the financial departments that have begun to digitalise work processes achieve significant business returns on digital investments.
If you spend (a lot of) time on inconsistent spreadsheets you are not the only one. Or if your monthly closing process is a (semi) manual and resource-intensive process you are not the only one either. Ventana Research concludes this in their analysis. The numbers speak for themselves. Many hours are spent on tasks that profitably can be digitalised.
44% struggle with inconsistent spreadsheets.
35% acknowledge that there are errors in the spreadsheets used in the company.
54% spend seven days or more closing the monthly accounts.
On average, 12 hours a month are spent on customizing spreadsheets.
At the energy company AURA, reports and analyses were designed by the individual employees and were spread across various file drives.
The management received a large amount of diverse reporting from the various departments, which included financial data, project data and customer data.
AURA Energi, therefore, wanted a digital solution that would eliminate manual reporting, gather data in one central place and provide greater insight into customer data. And that’s exactly what they’ve got.
“So far, the solution has eliminated some of the usual manual reports and replaced them with reports in Microsoft Power BI”.
– Isa Kjærgaard, Business Controller.
Annual closing is primarily characterized by getting things organized, recording everything, and getting control of the many reconciliations and documentation for the audit. Data must be prepared and shared, and here you can advantageously use your data platform to optimize the process.
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