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Working remotely: A nightmare for CFOs and Controllers

As the fight against Covid-19 continues, companies are frantically monitoring the financial impacts from the outbreak. Finance activities are even more crucial during these difficult times in the following areas:

Yet, the need to work remotely during the outbreak is giving nightmares to CFOs and controllers.

Culprit: Hybrid digital/ Analog operation

The question remains as to why finance teams are unable to work remotely, and with less manual efforts?

Most businesses are convinced that they have gone digital with ERP and robotics, and various other digital initiatives in recent years. However, the reality is that finance operations remains largely hybrid. Whilst some processes and data have been moved online/ automated, the majority are still kept offline/ manual. Some finance teams cannot operate away from the office as they need access to their desktops and documents, manually process and reconcile information on premises, etc.

Such a hybrid state creates inefficiencies and challenges to working remotely:

Solution: Virtual Finance Operations

To introduce efficiencies into your operations and to keep the team running smoothly in times of crisis, CFOs and controllers should empower their teams with the "freedom" to work from anywhere, collaborate in real-time and minimise tedious, manual processes.

How can we do that? We can go "Virtual Finance Operations" by rethinking finance operations from the ground up via 4 steps:

Case studies: Potentially significant benefits

As a "numbers" person, you may wonder about the benefits vs costs of creating a “virtual” finance organisation. Whilst the benefits may vary depending on the strategy of the company, as well as the maturity and scale of operations, the benefits of digital finance are promising. Below are some success stories:

How can we help

Creating a “virtual” finance organisation is no easy feat, especially when you operate across multiple jurisdictions with disparate processes and systems. To help you through your journey, we offer assistance via: