Hidden efficiency challenges in finance: How to address them and improve outcomes

There are hidden efficiency challenges in finance that can impact organisations of all sizes. From the end-of-month reconciliation procedures to financial reporting, many regular tasks can take up a lot of time and resources. However, by looking to adopt best practices and implement systems and processes that work better for your team, you can improve outcomes and achieve more with less effort. As LightArc’s Ashley How has said, “when businesses adopt behaviours that improve outcome-focused activity they have the potential to accelerate value rather than just maintain what they have.”

The hidden efficiency challenges many organisations face in finance

In the day-to-day running of finance, many tasks are focused on being completed as processes, rather than thinking of how to automate and systemise them for greater efficiency. There’s often a great deal of time spent doing these regular and repetitive tasks when instead that time could be well invested in identifying efficiency pain points and then automating or systemising processes where possible to reap greater rewards.

Many businesses are actually still using unproductive manual processes when it comes to their finances. For example, data entry is often a time-consuming and error-prone task involving much copying and pasting of information. With automation, the time spent on this task can be reduced and accuracy improved. Similarly, financial reporting often requires compiling data from multiple sources which is laborious but the automation of data collection would ensure that reports are accurate and up-to-date.

How to address these challenges and improve outcomes

The first step in addressing this issue is acknowledging it and then changing the organisation’s mindset from being focused on delivery to instead looking towards improving outcomes. It’s very easy to get stuck in a cycle of just completing tasks without thinking about how they could be done more efficiently but business growth requires being open to exploring solutions that offer a better way.

Implementing automation and systemisation can certainly help to address efficiency challenges in finance and by streamlining processes, you can free up time for more value-add activities. In addition, automating tasks can improve accuracy and efficiency while reducing the risk of errors. Ultimately, taking a strategic approach to finance efficiency can help your organisation run more smoothly and profitably.

improving efficiency

Moving forward rather than just maintaining the status quo

In order to move forward and improve outcomes, it’s important to take a proactive approach and look for opportunities to streamline processes. Many businesses get stuck in the trap of just maintaining the status quo but this is no longer enough to stay ahead of the competition. It’s essential to continuously review systems and processes and make changes where necessary in order to ensure that you are always operating at peak efficiency.

According to How, one way to do this is by investing in technology and upskilling your team and that “within your team, you really need somebody who is a learner and always looking for a new way of doing something. The ability to look at new technology and adapt to it is what can begin to make significant changes in a business.”

“By upskilling your team and giving them the tools they need to succeed, you can empower them to be more efficient and productive.” This is especially true when it comes to hidden efficiency challenges with finance. LightArc can help with this by providing a range of services to assist with process automation, systemisation and training. Contact us today to find out more and schedule an appointment with one of our automation consultants.

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