BLOGS

Toolkit for CFOs to navigate “The Great Resignation”​

Nanda Chintaluri

Nanda Chintaluri

April 4, 2022

‘The Great Resignation‘ is real. A record-breaking 24 million people in the US quit their jobs between April 2021 and September 2021 across sectors[i]. While the attrition rates and reasons varied across industries, a function that was uniformly affected, regardless of the vertical, was finance & accounting (F&A).

Reimagining the F&A Function with an F&A Toolkit

The increased workload due to the high employee turnover, coupled with talent scarcity in F&A has created fresh challenges for CFOs. It has thrown into stark relief the inefficiency of paper-based disparate systems, compelling CFOs to consider alternative methods that will help them create a more agile, future-ready function.

As the role of the CFO evolves beyond book-keeping to that of a strategic business partner, there is little doubt that a technology-powered infrastructure will help them steer business growth. And when preparing for the unexpected, a custom F&A toolkit can be invaluable for scenario planning.

An F&A toolkit that harnesses emerging technologies such as AI, data analytics, and intelligent automation can be a huge help to CFOs in making informed decisions and improving working capital. These tools, when combined with process re-engineering and delivered through a shared service center, generate significant business value for the enterprise.

F&A ToolKit

Expert Support for Future-Ready F&A Function

With more than 20 years of experience collaborating with organizations to create disruption-proof F&A teams, RRD can be the ideal transformation partner to CFOs. Its suite of Smart Work F&A solutions enable CFOs to enhance various F&A functions including:

Accounts Payable

OCR

Automating templatized supplier invoices

IDC and Expert-in-the-Loop

Invoice processing by the machine and QC/feedback by the accounting expert

RPA

Enter data extracted by OCR/IDC into ERP
Three-way matching with PO

DMS and automated workflow platform

Store document, route for approval, index, and allocate for AP processing

Analytics and visualization

Spend analytics
Vendor rating
Accounts Receivable

RPA

Automatic remittance, data aggregation, and cash application
Automated correspondence for missing or short payments
Customer credit monitoring
Customer notification of upcoming payments
Generation of customer quotes
Order book creation
Invoice generation from Excel

Analytics

Customer credit monitoring

IDP

Invoice generation from unstructured data

Other Areas

Citizen automation and dashboards

Financial closing checklist

Productivity tools

Reconciliation
Journal voucher posting
Compliance reporting

AI and advanced analytics

Aging analysis of debtors
Predictive modeling of collection delays
Cashflow forecasting
Targeting of profitable customers
Demand planning
Fraud detection
Better audits

Visualization and real-time dashboards

Financial reporting

RRD’s global delivery centers with skilled, on-demand resources, technology-powered solutions, and deep domain expertise can help CFOs:

  • Integrate operations by establishing a centralized F&A function
  • Strategize for future market growth and downturns by leveraging business intelligence and visualization tools
  • Lower cost and resource burden through process re-engineering
  • Deliver accurate, on-time services using intelligent automation
  • Comply with extant regulations by setting up transparent, defined processes and policies
  • Streamline processes through automated, data-backed resource allocation
  • Gain access to F&A best practices/technical expertise

To know more about how RRD can help you create the F&A function of the future, get in touch with me at nanda.chintaluri@rrd.com.

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