There are very few managers in any organisation who do not feel under pressure. Yet they tend to assume that other departments are under roughly the same level of stress, if not a little less – a bit of ‘grass is always greener’ psychology.
But do other managers really suffer the same pressure and stress as we financial managers?
Managers from other departments often think that all the financial department has to produce is the profit and loss statement and balance sheet. Managers rely on this data, in particular the financial data on internal departments, to adjust their strategy and achieve great results – and, in the modern era of computers and automation, what could be easier? From their perspective, finance reporting is essentially little more than data entry and a few spreadsheet calculations – the accounting/ERP system being so very advanced and automated.
If they only knew…
In reality, the financial department and its managers face very different operational pressures to neighbouring departments. More importantly, these pressures must be dealt with before they can even start to consider their strategic or tactical efforts. For example, financial departments must first worry about:
- Legal demands, such as compliance, tax and regulation
- Business demands that can come from being registered on the Stock Exchange
- Chartered Accountants hanging over their necks checking that every figure is spot on. And if it isn’t – it will be flagged up by external agencies
- And even with a lot of tools, there is still a lot of manual work, such as periodisation, inter-company reconciliation, accounts receivables, accounts reconciliation, closing reconciliation etc…
It is only when all these issues are taken care of that financial managers and the financial department can start on the offensive – start to provide tactical and strategic information and business guidance from a financial perspective.
Managers in separate departments tend not to realise this level of detail and the amount of manual work that goes into preparing the accounts and assume finance is operating at the same level, especially as their departments become ever more automated.
Financial managers and directors would relish the opportunity to use their knowledge and expertise to provide strategic financial intelligence, yet with so much tedious manual work to do, this becomes very difficult.
It is for these reasons that more and more financial managers and CFO’s are looking to automate their more time-consuming operative tasks – leaving them time to draw-up strategic and tactical recommendations. That is probably why Gartner found that Financial Reconciliation Management software is the third highest priority for CFO’s and Financial Directors this year.
Are you interested in automating tedious reconciliation tasks so you can spend more time on offensive tactical and strategic tasks? Adra Match has specialist reconciliation automation software with built-in advanced logic and reporting to allow you to do just that. Why not book a free demo today to see how it works? If you’re left with any questions, then simply get in touch or find us on Twitter, LinkedIn and Facebook.