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How CFOs Can Achieve More Efficient Reporting
If you think about it, reporting is the lifeblood of a business. Without accurate data and metrics, you have no way to gauge how your business is performing and make the right decisions to execute your strategy. For CFOs, it’s essential to have a streamlined reporting process that gives them access to actionable analytics. So how can CFOs achieve more efficient reporting?
How to Utilize an Efficient Reporting System
The beauty of an HCM solution is that all of the information is housed in a centralized database to slice and dice as needed. But efficient reporting doesn’t end there - here are four tips for CFOs to follow to take efficient reporting to the next level:
1. Increase Collaboration Between CFOs and HR Managers
By working more closely together, HR managers and CFOs can generate more accurate reports and identify areas for improvement. HR departments are well-versed in the processes and employees of a company, so who better to collaborate with than HR managers? Companies will become more profitable and see greater employee productivity when HR and CFO communication is increased, according to Ernst & Young.
2. Identify Growth Opportunities
When that communication is streamlined between HR managers and CFOs, CFOs will have a finger on the pulse of employee productivity. They can tell when employee engagement is lacking, as well as understand how to correct the inefficiency quickly when employee and financial data are integrated. This will lead to better working environments, better candidate performance, and can lower turnover by as much as 40%. In turn, companies reap the benefits with higher profits.
3. Create Self-Service Options
CFOs have enough financial tasks to manage on a daily basis without having to slog through less important tasks that can easily be delegated to other employees. Self-service options allow CFOs to focus on higher-level tasks while maintaining accountability through the organization. Their time could be better spent elsewhere, like implementing new strategies to benefit a company.
4. Automate Workflows
Automated workflows that simplify reporting by increasing accuracy and reducing risk are the final key to increasing efficiency in CFO reporting. For example, employers in the U.S. will pay $164 billion alone in Affordable Care Act (ACA) reporting penalties over the next ten years. Streamlining basic tasks and transactional processes in a system with a single point of data entry will help eliminate errors and ensure compliance.
Why Efficient Reporting Matters
As we mentioned in our companion post in part one, an HCM unifies a previously disjointed process. With all the tasks that CFOs have to track and manage, there’s a higher probability profit leaks exist - whether they realize it or not. One of the most common reasons for these leaks is syncing data between multiple systems, which creates the potential for data errors. With a unified system, however, CFOs will find their reporting systems are streamlined and more efficient:
1. CFOs Will Save Time:
When CFOs are suffering from reporting inefficiencies, they waste time questioning the validity of the reports and may end up manually pulling data. When reporting processes are streamlined, CFOs can focus more on what the data tells them and take action.
2. CFOs Will Make More Informed Decisions:
Decisions based on inaccurate data are just that - inaccurate. And having accurate data results in better reporting for better decision-making. Strategic decisions regarding anything from employees to revenue and profitability will be based on up-to-date data.
3. CFOs Will Optimize Organizational Costs:
When CFOs know where each dollar spent is going and how it’s performing, they can utilize their resources to achieve the greatest return on their investments (ROI). CFOs can more easily fix profit leaks and enforce growth opportunities when their metrics are actionable.
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