To achieve financial control, there is a need to have a structured way to do Business Process Management (BPM). Process Management has two key elements:
- Describe effective financial procedures and
- Ensuring process completion according to the procedure description.
Standardization of the business processes increases efficiency and reduces costs in the finance function which are an essential combination for a successful lean process. By focusing on continuous improvement of the procedures, with emphasis on risk and materiality, the efficiency in the process will increase in time.
The goal with Financial Process Management:
- Corporate Governance
- Performance Management
- Comply with regulations
Key elements in Financial Process Management:
- Define KPIs for measurement of the financial processes
- Transparency of the process flow
- Keep cost of implementation and rolling out new processes low
- Continuous improvement, benchmark and review
- Risk based approach
How Adra supports Financial Process Management:
Describe and organise tasks in the Finance Process. Achieve accountability through transparent and defined processes. Reallocate resources optimally. Read more.
Organise balance sheet reconciliations with a focus on an effective process. Integrate with any ERP system and automate the reconciliation management process. Read more.