What is the Future of Controllership?
By James Kim, Controller, Client Accounting & Advisory Services
As technology continues to evolve, so does the role of controllership in an organization. Finance teams now encounter expectations that were never asked of them in the past. These demands encompass strategic insight, real-time data and analysis, and more efficient financial operations–changes are needed to keep up with these expectations.
However, companies face challenges when incorporating internal/external changes to their financial operations, such as combating high inflation and interest rates, handling process change management, and reducing time to month end closing. In these tough economic times, companies are looking to strategically modernize ways of operating their finance team leveraging digital technology.
To improve controllership operations, the future of controllership involves finance automation, technology advancements, improving resource utilization, and focusing on value-added activities. In this digital era, it’s time to redesign your finance processes so you can do more with less.
TECHNOLOGY IMPROVING CONTROLLERSHIP
Improving controllership brings numerous benefits to financial controllers and organizations alike:
- Improved Resource Utilization: Controllers play a crucial role in shaping an organization’s financial strategy by analyzing financial statements, identifying trends, and benchmarking performance against industry standards. By incorporating automation, they can identify areas for improvement, optimize costs, and contribute to revenue growth.
- Reduced Compliance Risk: By implementing internal controls and using software with preset workflows and audit trails, companies can ensure compliance with regulatory requirements and minimize audit risk.
- Streamlined Operations: Automation tools can optimize financial processes, automate data collection and analysis, and reduce errors. By automating financial processes and streamlining workflows, companies can reduce costs associated with manual effort and errors.
- Enhanced Decision-making: Automating and optimizing controllership allows financial controllers to gain a deeper understanding of the organization’s operations and financial performance. Armed with this knowledge, controllers can provide live data to senior leaders so they can make important decisions quickly with accurate information.
THE FINANCIAL TRANSFORMATION JOURNEY
Change management can be a challenge for the controllership evolution. To address specific company needs, a financial consultant can provide customized solutions. Here are a few ways a financial consultant, such as Marcum Technology, can help.
FIRST IDENTIFYING GOALS
Our strategic approach begins with aligning to our clients’ objectives. We initiate by identifying their envisioned position within the upcoming year, focusing on short-term, easily attainable gains. Subsequently, we formulate enduring ambitions that span a 3 to 5-year trajectory, ensuring sustained growth and development. Our expertise lies in assisting organizations to pragmatically define and establish these objectives, fostering a path to realistic and impactful achievements.
ANALYZING THE CURRENT PROCESS
Before implementing new systems or technologies, it’s crucial to evaluate existing processes. Resolving any gaps or inefficiencies in the current controllership process can be a challenge, but we are experienced in helping transcend this hurdle. At Marcum Technology, we have deep knowledge and experience in many different industries, whether public or private, and we use this to analyze organizations’ current controllership checklist to identify gaps and areas for improvement. This includes reviewing financial data, identifying inefficiencies, and recommending solutions to streamline operations.
IMPLEMENTING TECHNOLOGY SOLUTIONS
Incorporating new technologies into controllership processes can be complex. Ensuring seamless integration with existing systems and data can be a challenge that requires careful planning and coordination.
Marcum Technology can help companies implement technology solutions to standardize financial processes, reduce manual effort, and improve efficiency. This includes selecting the right software, customizing it to meet specific needs, and providing training to ensure successful adoption.
OFFERING GUIDANCE & TRAINING
Upgrading controllership processes may require your team to learn new skills or use new tools. Marcum Technology can assess knowledge gaps of employees involved in controllership processes. This assessment helps identify specific areas where training is required.
We can design customized training programs tailored to the employees’ specific needs. These programs can include both theoretical and practical components to ensure comprehensive learning. By leveraging the expertise of a consultant, companies can ensure that their employees receive the necessary training to adapt to changes in controllership processes ensuring successful adoption and full utilization of the new process and software.
PROVIDING ONGOING SUPPORT
Implementing new controllership processes or technologies will require a well designed governance model. Marcum Technology can help design the governance model and provide ways to manage the model as processes and technologies evolve. On top of that, we can provide ongoing support to ensure that the controllership process continues to meet the company’s evolving needs. This includes providing training, troubleshooting issues, and guidance on new technologies and best practices.
THE FUTURE OF CONTROLLERSHIP
In the coming years, controllership will be increasingly reliant on technological advancements. Companies can benefit from close management solutions to reduce operational costs, improve data accuracy, and expedite analysis. One such solution is Adra® by Trintech. This suite of four products is designed to enhance your control over the financial close process. By automating and streamlining month-end close tasks, improving accuracy, reducing risk, and providing real-time visibility and compliance, Adra® empowers finance managers and their teams. This enables them to trust their numbers, save time, and expedite the closing process. Some of the results with this technology include closing, consolidation, and reporting four days faster with 49% lower audit fees, 55% lower account-to-report costs.
The future of controllership requires knowledge of technology and business strategy to drive financial performance and support business growth in this complex digital landscape. By reflecting on your current financial processes, determining where you want to be in five years, and identifying the immediate step you need to take to reach your desired position, you can prepare for the future of controllership.
In addition, working with experienced consultants can provide valuable guidance and support in overcoming the common controllership challenges companies face when incorporating technology and a new overall strategy. Marcum Technology can improve companies’ controllership processes by providing customized solutions to address their specific challenges and achieve financial goals.