FOR IMMEDIATE RELEASE
Automating certain processes in the finance function would give Chief Financial Officers (CFOs) more time to lead the organization through growth and development, says Paul Byrne, Chief Executive Officer, Trintech. It would also help CFOs control the risk of error in their public company filings in today’s highly litigious business landscape.
From a solution provider company at the upcoming marcus evans CFO Summit XXIII Fall 2011, in Las Vegas, Nevada, November 10-12, Byrne highlights the areas within the finance function that could improve and discusses how the CFO’s role can become invaluable.
How can CFOs maximize the value of their organization?
Paul Byrne: CFOs spend most of their time overseeing the processing of financial transactions. However, their strategic value lies in monitoring risks and providing guidance for the growth and development of the business.
CFOs must manage core processes more efficiently through automation, improved visibility over financial processes and faster reporting through a quicker close cycle. They could be a strategic asset to the organization if they spend less time on basic, low value added activities, such as processing transactions and closing the books.
What opportunities can CFOs take advantage of?
Paul Byrne: Having a single view into all of the company’s activities globally would help CFOs monitor and lead progress. It would help identify risk and opportunities for expansion, as well as operational cost reductions.
There are four areas where the finance department and CFOs can be more efficient.
Firstly, improving transparency and visibility across the organization and its interdependencies. Having a system in place which manages and tracks the financial processes will allow for elimination of duplicate tasks, manage interdependencies and in itself would make people more efficient in their role.
Secondly, automating manual type processes, such as high volume transaction reconciliations, would leave more time to manage exceptions, look at control breakdowns and analyze the patterns in those exceptions. Better quality data produced internally would improve the integrity of regulatory reporting data and allow the re-use of data for similar filings as it will have been captured in the reconciliation process and made available to all reporting engines of the Company.
Thirdly, CFOs need to have internal controls in place to be able to step back, look at the finance function from a different perspective and identify potential risks to the business, particularly when evaluating opportunities for expansion of developing shared service centers. This job carries a lot of personal risks to the CFO, as it is the CFO who signs off financial statements. Making the controls a business process rather than an accounting process can add a lot more efficiency to the role.
And fourthly, optimizing resources, as many highly skilled and paid employees are performing roles which can be automated, thereby spending more time reviewing performance, risks and business opportunities.
What should CFOs of multinational companies consider?
Paul Byrne: In today’s litigious world, reducing the risk of error is critical. Many organizations operate globally and have to comply with changing regulations in different jurisdictions. Having a platform to standardize processes worldwide would help the CFO manage such risks.
This would also give the Board of Directors and audit committee the confidence that the frameworks are in place for the business to grow and expand into new geographies.
Any final comments?
Paul Byrne: Far too many public companies are coming up to a crunch at the last minute with their public company filings. CFOs need to strengthen the controls in their organization, while reducing the time it takes to produce the financial information and close the books.
To do that, they need to innovate. Consider the technologies available in the marketplace which could help them save time and money. CFOs must have an agile mindset to lead the business through change.
Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division
Tel: + 357 22 849 313
About the CFO Summit XXIII Fall 2011
This unique forum will take place at the Red Rock Casino, Resort & Spa, Las Vegas, Nevada, November 10-12, 2011. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on how innovation can transform finance organizations, the CFOs role in growth and international expansion and the 2012 financial landscape.
Complementing our summit format, the Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations. Lend an ear to fellow experts and live news from our events on our LinkedIn and Twitter accounts!
Please note that the summit is a closed business event and the number of participants strictly limited.
Trintech is the leading global provider of integrated software solutions for the Last Mile of Finance. From the time a transaction occurs to the time financial statements are issued, Trintech’s innovative Unity Suite automates data collection, account reconciliation, financial close management, financial reporting, XBRL, and financial control testing.
For more information, visit: www.trintech.com
About marcus evans Summits
marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com
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