The COVID-19 pandemic has drawn a sharp focus on the digital transformation efforts of organisations. The rapid shift of people and processes to remote working has been an excellent stress test of existing platforms and tools. The resulting business continuity and agility have allowed organisations to assess their Return on Investments (ROI) from transformation initiatives. Financial operations are no exception to this scrutiny. Finance functions that successfully moved to sophisticated, cloud-based Enterprise Resource Planning (ERP) systems saw the benefits of enhanced visibility and efficiency, with no loss of rigour or control in virtual setups. A top of the line Virtual Financial Planning helps organisations function optimally.
A well-thought solution with systematic implementation planning and transformation framework help the Chief Financial Officers shift from a hybrid model to a completely Virtual Financial Planning. Bearing in mind that all CFOs are passionate champions of risk management, controls, audit and governance, this article looks at how finance teams can be enabled to virtually access, communicate, perform, review and close ledgers with the same rigour as on-premise teams.
Setting up a Virtual Financial Plan is the perfect opportunity in preparing the finance function in delivering the new and emerging demands that these financial officers face. Finance functions everywhere move beyond a control function in playing a strategic, value-adding role by driving business insights. Hence, while the VFO model essentially connects the CFO and finance team to work anytime and anywhere, it is essential to aim for higher business outcomes when selecting technology solutions and re-defining processes.
Even today, several financial functions manage box files, paper trays and storage filled with stacks of invoices, journals, reconciliations, financial statements and review and presentation packs. Several organisations preserve paper documents with physical signatures and review marks to support and satisfy audit requirements. Businesses must employ the current technology and regulations enabling the electronic storing, processing and reporting of financial data.
Moving to the Cloud
Cloud solutions help businesses host applications and store data remotely without the need for on premised servers. Currently, most platform providers have a cloud version of their software to support virtual hosting and maintenance. When planning the move to the cloud, however, it is essential to consider core ERP systems as well as non-core systems to enable end-to-end integration on cloud-based platforms. T&E tools, reconciliation tools, investment accounting systems, Financial Planning and Analysis (FP&A) systems, treasury systems and financial reporting tools are some of the cloud-based platforms.
Virtual close tools help financial controllers collaborate with the entire team virtually as per the month-end calendar and assign month-end activities and monitor progress through real-time dashboards for status updates.
Why Choose Us?
At Virtual PA London, we understand managing finance is crucial for reducing costs and increasing value for your organisation. You can hire our advisors for effective Virtual Financial Planning. They are the experts who would ensure your business’s smooth running and manage your finances for wise spending and investment.