How to digitise Finance without disruption

Finance technology solutions are indispensable to modern organisations

Improve visibility, control, efficiency and drive organisational performance
Four tips for successful transformation, without the turmoil

Hesitant to transform your Finance function? You are not alone. Anecdotally, we often hear this from business leaders and recent research confirms it. 70% of Finance transformations are deemed less impactful or slower than expected.¹ There are several reasons for this. Concern around operational disruption is one. New technologies unintentionally creating compliance gaps or complicating audits, another. This can lead to a “wait and see mindset” with small tweaks favoured over more significant changes, despite the long-term need for transformation.

However, Finance technology solutions have quickly evolved. They are now indispensable to modern organisations. Cutting-edge technologies such as machine learning and artificial intelligence unlock significant benefits. In this article, we explore these benefits, tips for success and how to drive continuous improvement in Finance. We draw on insights from our recently published Transformation Guide, created in collaboration with our partner FloQast – a Finance and Accounting Operations Platform.

Benefits of Finance digital platforms

Total visibility and control: Technology can enhance task control and visibility across the accounting team, improving accountability and efficiency.
Seamless integration: Rather than using isolated solutions, effective transformation integrates technologies into a unified system, providing transparency and ease of information tracking.
Doing more with less: Technology can empower smaller teams to achieve greater outputs without increasing headcount, offering agility to adapt to changing needs.

The importance of streamlining and data

An efficient Close and reconciliation process – undertaken simultaneously – is often a first step in any broader Finance Transformation. If accounting teams are over-burdened with business-as-usual tasks – inputting, checking and re-checking data – they won’t be able to play the proactive role they should in driving the necessary change for their organisations.

Data is also critical to accounting efficiency. Organisations lose an average of $12.9 million every year due to poor data quality.² Beyond immediate revenue losses, low-quality data gradually complicates data ecosystems and contributes to suboptimal decision-making. On the other hand, companies that build the foundation of a disciplined, efficient and timely Close process can mitigate that risk, ensuring financial and transactional data can be trusted.

“With the constant changes in our global economy, teams and organisations are eager to find quick wins to drive value. Many organisations are taking incremental steps and need to make the right initial moves to progress towards strategic goals. Optimising the Close and reporting processes is an excellent starting point in this type of Finance Transformation project because it offers immediate improvements in the visibility of key financial data, aiding decision-making, building stakeholder confidence, and delivering rapid time-to-value."

Paddy McEvoy,Director, Finance Transformation at PwC Australia

Tips to unlocking successful transformation

Accountants as ‘Drivers of Change’: Transformation should not disrupt existing operations. Involving accountants in the process ensures that their immediate needs are addressed.
Progress over perfection: Organisations don’t need to wait until every process is perfect before beginning transformation. Early wins can create momentum for further improvements.
Clear goals and strategy: A realistic assessment of current capabilities, combined with achievable objectives, is essential for guiding transformation efforts.
Stakeholder buy-in: Engaging senior stakeholders and end-users early in the planning process can facilitate smoother implementation.

The role of AI

It's critical that Finance teams maintain momentum by continuing to iterate, improve and reduce Close times. It’s worth emphasising just how prominent a role AI is set to play in future enhancements of the Close.

Gartner predicts that by 2026, 90% of Finance functions will deploy at least one AI-enabled technology solution but fewer than 10% will see headcount reductions as a result.³ This demonstrates that AI in accounting is about empowering, rather than replacing, accountants. In 2024, PwC Australia’s AI Jobs Barometer found that there will be 4.8 times higher growth in labour productivity in AI-exposed sectors which will, in turn, enable Finance departments to dedicate their greatest assets – their people – to reviewing, rather than preparing, accounts.

The integration of AI promises to reduce manual workloads, add new capabilities, assist with flux, analytics, and data integrity checks, and even drive financial statement preparation and technical accounting research. The speed with which AI-support delivers value adds to its significance for the Finance function.

Your next step?

Finance transformations may seem daunting, but technology, such as AI and automation, can enhance efficiency and decision-making while empowering teams. With a clear strategy, stakeholder engagement and an emphasis on iterative improvements, leaders can unlock substantial value. Start by optimising core processes like the Close, and build on these foundations to drive long-term success and sustainable growth.

If you would like to find out how we can help transform your finance function, contact Mathea Beck or Paddy McEvoy.

Read the full Transformation Guide, created in collaboration with FloQast.

Contact the authors

Paddy McEvoy

Director, Advisory, PwC Australia

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References

How to digitise Finance without disruption

Benefits of Finance digital platforms

The importance of streamlining and data

Tips to unlocking successful transformation

The role of AI

Your next step?

Contact the authors

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Benefits of Finance digital platforms

The importance of streamlining and data

Tips to unlocking successful transformation

The role of AI

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