As a result, Finance teams are increasingly being asked to manage several strategic
Implementing more effective tools
- Making the Finance Department a communication channel
- Controlling costs
- Using technology to benefit the Accounting Department
In the face of fiscal tightening and downsizing, the public sector must do more and better with less, while undertaking major IT transformation projects.
As a result, Finance teams are increasingly being asked to manage several strategic and / or IT initiatives that require coordination with various stakeholders throughout the organization … in addition to their usual financial and operational obligations!
Because the Finance Department generally feels responsible for setting an example of fiscal discipline and cost control, public sector organizations tend to extend the life of existing IT systems and ask Finance managers to work overtime when completing financial years and / or projects.
The end result?
We end up with people who manage huge, often complex processes and communicate information throughout the entire organization, using a limited budget and tools that are completely inappropriate for the magnitude of the tasks to be performed. Often the only software available to the Finance team is good old Excel.
The cost of inefficiency is real, and that cost is paid by the entire organization, not just by Finance.
It is common knowledge these days that organizations take huge risks when they use Excel to manage projects, from simple to complex, whether they want to collect data for a decentralized budget, deploy strategic financial information such as monitoring budget consumption, or track changes in critical ratios. In addition to the risks to which this exposes the organization, using Excel is inefficient, and hugely unpopular with accountants.
In 2018, no organization should be relying on a spreadsheet to optimize its performance and deal with today’s challenges. Using the software as an information system runs counter to the innovation and transformation today’s public sector must demonstrate. As ministries and agencies become increasingly aware of this fact, they are demanding tools that are flexible and able to radically simplify processes.
As a result, Finance teams are increasingly turning towards integrated solutions that can help them control the costs of programs and services. These tools greatly simplify the various budget processes by reducing non-value-added activities and by making it easier to pass on management information to the organization’s managers.