Recognise these 5 pet peeves from your workplace? You're not alone! But read on to discover how taking a devolved approach to accounting tasks can eliminate these daily headaches.
Devolved accounting is the idea of delegating accounting tasks to departmental users.
It sounds simple and that's because it really is. Far more than just a ploy for the finance team to offload their work, it's about adopting a self-service culture to certain accounting tasks. Empowering management teams and budget holders with up to the minute figures, speeding up admin processes, and freeing up the finance team to focus on business strategy.
But what difference will it make to you on a daily basis? Read on and see if you recognise any of these common accounting pet peeves, and discover how devolved accounting could eliminate them from your workplace.
You need to make reactive, strategic decisions but you can’t get the latest figures you need right away. Instead, you have to wait for the end of week/month reports.
All the key people in your team can log in to the businesses accounting software themselves. Working with a tailored, intuitive system, they're able to view interactive dashboards and access the reports they need whenever they need them, in real-time.
When you finally receive your reports, they are out of date because of the time taken to crunch, compile and send out.
All your reports are available at the touch of a button and are updated in real-time - so you’ll always have the latest figures at your fingertips, whenever you need them, wherever you are.
You need to manually input handwritten receipts or till rolls!
A devolved approach to accounting distributes labour intensive tasks out to admin in each department. Inputting this information themselves, directly into the finance system. This spreads the workload out across multiple teams, reducing the administrative burden on one.
Pesky details have been missed or processes skipped because forms were completed manually over the phone.
Things like orders can be entered directly into the finance system, with clear forms and mandatory fields ensuring you get all the information you need first time around.
You and your team are wasting time on menial tasks such as data entry and compiling reports for other departments!
Decision makers across the business can view their own reports via tailored dashboards directly within your accounting software. What's more, modern systems can be easily tailored so management teams only have access to the data that's relevant to them.
All your key people can have tailored access to the information they need in real-time, without having to put in requests to the finance team. Not only does this alleviate the burden on your finance team, but also ensures departments around the business always have the data they need to make quick, strategic decisions.
Other departments can carry out some of their own finance tasks, like entering their own POs. So now your finance team are free to focus on more lucrative and strategic tasks.
Ultimately benefitting the entire business.
Get in touch to talk to us about your common workplace peeves and we'll help you figure out what devolved accounting could look like for your business. It's a free, no-obligation chat.
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