[et_pb_section bb_built=”1″ admin_label=”section”][et_pb_row admin_label=”Row”][et_pb_column type=”4_4″][et_pb_image admin_label=”Image” src=”https://www.e-magination.co.za/wp-content/uploads/2017/04/CFO-Header-972×650.jpg” show_in_lightbox=”off” url_new_window=”off” use_overlay=”off” animation=”left” sticky=”off” align=”center” force_fullwidth=”off” always_center_on_mobile=”on” use_border_color=”off” border_color=”#ffffff” border_style=”solid” /][/et_pb_column][/et_pb_row][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_text admin_label=”Text”]
The role of the CFO is constantly evolving as new technologies are introduced and organisational needs grow as businesses expand. They are having to adapt and prepare their businesses for the future in a way that gives them the edge, and here’s how you can too:
Automation, automation, automation
We cannot stress it enough. If you are not already talking about ways to automate your reporting then your business is going to fall behind. Automation is where everything is headed, and there is no longer any reason why any organisation should waste another man-hour manually creating reports in Excel.
Even if your process may seem simple, when things do go wrong the pressure mounts and that process is really tested. Worst case scenario, reports are submitted with invalid or incorrect data – which could have been completely subverted through automation.
Be XBRL ready early on
By 2018 CIPC intends to standardise business reporting by implementing XBRL (eXtensible Business Reporting Language) as a standard language for all companies to submit their business reports.
You need to ensure that your business is prepared well in advance for XBRL, as companies that do will set themselves at the forefront of the movement. We at e-magination Infosolutions can most certainly help you in understanding how you can get your company ready for XBRL.
Futuristic reporting by embracing the Internet of Things
The future of business reporting sees KPI and dashboard type reports as a large part of everyday business, alongside the traditional table- and data-heavy reports. Dashboards can be incredible tools at almost every level of the business; coupled with the functionality afforded by incorporating the Internet of Things (IoT). For example, through the usage of sensors on equipment in production departments CFOs can receive live notifications of malfunctioning equipment so that they can remedy issues before they impact on other projects or delivery deadlines.
Biometric timesheeting has also been revolutionary for the construction industry, adding the benefits of more accurate data through automation, drastically reduced paperwork, requiring fewer admin staff, and dramatically cutting down the amount of time and effort to produce wage reports.
Apps like Power BI can provide you with automation and live reporting for your business, allowing you to see a snapshot of your business at any point in time.
You can even set KPIs and get alerts when your business gets too far from ,or very close to, your goals. This way you don’t have to wait until the end of the month to see how your business is doing, making it easier for you to step in and make changes when and if they’re needed.
Taking time off
Once you’ve implemented the previous four points you are going to have a lot more time to relax! CFOs need to realise that it is also important to take some time off. Implementing these good processes early on and investing in the business will free up valuable time for what really matters.
If you would like to explore automation within your business, leave your details and let’s connect.
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row”][et_pb_column type=”4_4″][et_pb_signup admin_label=”Mailchimp Signup” global_module=”1412″ saved_tabs=”all” provider=”mailchimp” mailchimp_list=”ca7aee012b” aweber_list=”none” title=”Get more from your Excel reporting” button_text=”Click to connect” use_background_color=”on” background_color=”#e74c3c” background_layout=”dark” text_orientation=”left” use_focus_border_color=”off” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_button=”off” button_letter_spacing=”0″ button_use_icon=”default” button_icon_placement=”right” button_on_hover=”on” button_letter_spacing_hover=”0″]
Leverage our BI tools and boost your business’s productivity. Let’s connect.