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Productivity Challenges for Financial Professionals

Accounting firms are focusing on productivity to achieve growth.

Most businesses, no matter what their industry, have spent the last few years cutting costs and trying to get their employees to do more with less. However, there are more ways that corporate accounting firms and other companies can achieve greater productivity, according to research from the Institute of Management Accountant and ERP software cloud-based financials provider NetSuite.

The "Rising to the Challenge - Productivity in Accounting and Finance Organizations" report found that there are several issues that businesses in those sectors must overcome, including finding a way to make business process improvements that lead to an increase in productivity.

"Financial organizations most often achieve productivity gains through the use of improved technology and automation," the researchers noted. "A substantial number of organizations are increasing productivity by integrating the various information systems within an organization."

An added benefit of this effort is being better equipped to help customers.

Other challenges highlighted in the report include finding a means of cutting costs through streamlined processes and higher productivity, as well as upgrading information systems and "connecting the finance team with the front office" in order to make multinational businesses run more efficiently.

Finally, here's an interesting discussion of Top ERP systems.