Most CFOs are already well aware of the fact that routine transaction processing is costing their finance and accounting teams time, money and growth potential. But what is harder to understand is why this holds true for so many organizations, and how the best companies are able to leverage F&A teams without getting them bogged down by paperwork.
The solution to every CFO's transaction headaches requires a new approach to these foundational F&A functions. Time and again, research has shown that the businesses that spend less time on invoices and data entry are able to spend more time on adding value through strategic planning. From there, these teams are more free to finally act on their growth plans, regularly evaluating and improving upon them to continue succeeding.
A survey of more than 1,500 finance and accounting teams conducted by APQC provided some deeper insight into the transaction processing problem. According to the report:
It's clear that many organizations are facing obstacles in improving and scaling their transaction processing infrastructure. As Philip Bernstein explained for Tech Target, the nature of the beast that is accounts payable and receivable makes complexity and inefficiency almost inevitable.
In short, transactional F&A work turns into one of the most pervasive bottlenecks for any expanding business. At the same time, it is also an ideal target for improvement, as small changes will grow into measurable results and savings.
Perhaps the most obvious way to ameliorate the F&A transaction processing issue would be to take it off the team's workload entirely. Many organizations are now realizing that this is no longer an unrealistic ambition - Consero connects F&A teams with the people and proven processes to tackle unwieldy payment accounts and bookkeeping tasks that have grown too quickly. Consero's solution is uniquely positioned to benefit growth-stage business as well as large, established companies.
Processing transactions accurately and quickly is an absolutely critical function of every finance and accounting team. That doesn't mean it needs to get in the way of business growth, though. Visit Consero to learn more about how businesses are overcoming this hurdle.