A conversation I frequently have with accountants and controllers is around doing things more efficiently and effectively.
The prophets of doom and gloom suggest that the role of
What exactly is higher value work?
Answers
Analysis and more importantly, client or supplier facing activities. The human interaction/relationship gets more valuable as processes are automated or digitized.
For A/R or A/P for example. You cannot underestimate a personal call (or for that matter a good professional relationship) to the other side's A/R or A/P or decision maker. A good relationship with the other side can collect that A/R even before the agreed upon terms. Of course, internal controls taken into consideration.
I have encouraged "coding clerks" to approach me and say, why are we paying for this much when we can do this or that.
Yes, that's exactly what I was thinking.
My view is that actually there aren't enough hours in the day to even get through the "must do" tasks sometimes. More time means the ability to consider things a bit more.
There are always pieces of grunt work that suck away time and then if there are escalations or fire drills these mean even less time for "must do's"
this is why GRIR reconciliations languish, small or disputed debts remain uncollected and overpayments occur.
Also, things like the following
- 100% account reconciliations by the 5th rather than the top 10% by month end and 90% by the middle of the month or whatever your team KPI is become unattainable without extra time.
- Debtor reach out of 100% by the 20th of the month as opposed to "whenever"
- An inability to give more attention to treasury
- No time for asset management and asset verification and evaluation
what else is there?
I guess in my mind the challenge is that with most bookkeeping functions continuing to be understaffed, finance is always in catch-up mode. Does automation mean they catch up or does it mean they simply are less far behind.
clinton makes a very good statement (his last paragraph) "Does automation mean they catch up or does it mean they simply are less far behind."
More automation that is not managed, re-evaluated and authenticated/audited leads to accounting that is unsound. While automation saves time, it doesn't stop the responsibilities of control.
Yes, as one of my colleagues said to me the other day. If you're going to hit the wall, you're going to hit the wall. Automation just means you hit it sooner rather than later - and hopefully not harder!