AP Automation
Financial Reporting: How to accelerate and optimise it?
Financial reporting no longer meets the needs of 1 in 2 CFOs. Identify technological solutions to improve performance management.
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Financial Reporting: How to accelerate and optimise it?
Summary
When we talk about disruptive technology, many people immediately think of outlandish and extreme changes in workflow and behaviour. However, there are plenty of small changes and simple tools we can use to create a smarter, more efficient workplace.
As Generation Z enters the workplace, it’s an opportunity to re-evaluate our working methods and simplify daily routines. For example, using automation to take over mundane, repetitive tasks can free up teams to focus on knowledge-based tasks and projects.
You might not consider the humble smartphone or tablet to be disruptive technology but, in fact, they have fundamentally changed the way we can work. We’ve been able to take calls from anywhere for a long time, but the ability to access emails remotely is becoming more commonplace across the public sector – with some offices fully transitioning away from landline phones. Moreover, we’re seeing the development of smartphone applications and tools, which help us carry out all manner of tasks away from the traditional workplace.
Digital road-mapping and collaboration tools offer amazing opportunities for teams to work together – whether they’re in the same place or not.
Using project management and road-mapping apps that replicate agile Kanban boards is a great way to share your personal and team workflows, assign tasks, and keep track of progress. These apps can usually be used on a phone or computer, and many are free for smaller teams. This sort of team management software empowers your team to balance their workload, prioritise different tasks and track progress.
E-invoicing solutions that allow teams to keep track of spending and digitally capture receipts and invoices can save money and time, and reduce the chance of information being lost or mishandled.
The apps, tools and technology we’ve talked about so far all have one thing in common – they allow you to keep track of work and spend digitally – and from anywhere. This isn’t an exercise in micro-management – rather it’s an opportunity to adapt to a more results-driven approach to work.
Measuring outcomes rather than presenteeism allows managers to fully understand the workload, capacity and resources of their team. This, in turn, allows you to see where issues or bottlenecks are occurring, and fix them quickly. This fail-fast approach (which falls in line with agile methodologies) means you can make fast, informed decisions and get the most out of your workforce, whilst allowing them to work in a flexible way that suits them.
In order for this sort of outcome-based approach to work, you need to clear the path for your teams to meet their goals. Automation is a fantastic way of doing this. Removing as many obstacles as possible allows a skilled workforce to focus on projects and tasks that will deliver clear and measurable outcomes to the organisation.
By examining your workflow (perhaps using some of the digital tools we’ve already talked about), you can spot where repetitive or time-consuming tasks are getting in the way of workflow and – wherever possible – look to automate these processes, thereby freeing your workforce and accelerating task completion..
Introducing measures like AI, IDP (Intelligent Document Processing) and robotic process automation can greatly streamline your workflow. If you’re customer-facing, or deal with enquiries from within the organisation, encouraging the use of an online portal rather than a traditional telephone helpline can enhance customer satisfaction by providing immediate resolutions—even outside standard hours. This approach also offers significant organisational savings.
Machine learning can help improve decision making. By drawing conclusions from large quantities of data, you can use these unbiased conclusions to adjust your activities. This can significantly improve financial planning, workflow, forecasting, and reporting. Real-time data-driven adjustments provide a reliable foundation for business decisions – from budgeting to human resources – and almost everything else in between.
Finally, we need to talk about accountability. Although, in the public sector, we’ve long been concerned with ensuring good value to the taxpayer, it’s not always been easy to track and trace accountability across the board. Combining transparent project management tools, robust financial reporting backed by unbiased analytics, and real-time workforce data simplifies the implementation of accountability best practices.
Accountability doesn’t stop at the workforce. Using machine learning and AI to make real-time adjustments and to influence forecasting also makes managers and senior leaders more accountable for their decision making.
Whether you’re making small changes or planning a more extensive overhaul, always make sure you’re putting people at the centre. Any adaptations to our working methods, regardless of size, require buy-in from those affected by the changes. Take the time to consult your workforce, and always allow for an honest, transparent feedback loop.
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