Achieving A Single Financial Truth Requires A Standard Design That Uses A Modern Accounting System As The Brain

Achieving A Single Financial Truth Requires A Standard Design That Uses A Modern Accounting System As The Brain

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I started work in software in the early 80's and since then there has always been a new shiny technology that has been used to justify new projects and software for growing companies.
Today its predictive analytics, artificial intelligence, and machine learning.
Yet, our history of success helping clients implement a financial backplane for growth is about using standard designs for information flow across functional silos.
What has really changed is that past barriers to entry like complexity, effort and cost are much lower thus allowing SMBs from $20M to $50M to take advantage when they outgrow simple or legacy accounting, budgeting and planning and integrate the modern alternatives with their operational systems.
So, my advice is that before some enthusiastic middle manager brings that next shiny object forward as the solution to a business problem - let's take stock of the basics:
  • Which information processing tasks remain to be automated? Look to eliminate areas that still rely on manual processes, in-person communications, or spreadsheets. Many productive, cheap and cheerful tools come Vendor-integrated.
  • What’s missing from your process task templates/checklists that hinder repeatable results. Checklists tend to be only as good as the people who create and maintain them. No fancy new technology can compensate for an incomplete information or process design that fails to accurately record the process and its status. With employees working remotely, it’s especially important for all to see exactly where the group is in any business process.  A modern collaboration tool can help remote workers achieve repeatable results.
  • Have all standard procedures been documented? Documented processes allow understanding, which makes it easier to communicate and address issues for remote workers. Using standard designs documented using a cloud-based workflow tool can be very cost effective.
  • Does the virtual process work for remote people working together in a way that meets their individual needs. Results still depend on people. Orchestrating a successful operation requires an emphasis on collaboration across silos and championing an organization's investment in building and maintaining personal relationships and motivating the individuals that make up your team, now more than ever.

 

If you have any questions on this, or would like to discuss it further, please reach out to us.