In a recent study by the APQC found that finance workers spend 50% of their time doing transaction processing. That’s half of their day! Here are the results of the study.
“This means that in an average work week, highly paid finance staffs are spending the equivalent of Monday morning through lunchtime on Wednesday making sure that bills get paid, customers get accurate invoices, general accounting work gets done, and fixed assets are accounted for, among many other tasks that keep the money moving through an organization.”
What would executives and board members prefer their finance staff to be doing?
According to the articles this time spent doing transaction processing, maintaining internal controls and financial reporting doesn’t leave much time for decision support and strategy, the area most executives need focus in.
Companies are looking for ways to spend less time on transaction process and other menial tasks and focusing their highly talented financial staff in decision support.
This problem exists in not only large companies, but even SMBs and startups. The less time spend doing menial tasks by finance staff, the more time that can spend helping to grow the company.
How Automation of Menial Tasks Can Free Up Resources
Applications and technologies can automate processes and free up valuable time spent doing menial tasks such as revenue recognition. Even with today’s stats of 50% of staffs time being spent on transaction processing, that number used to be a lot higher. Automating menial tasks can free up resources and allow finance staff to be more productive and contribute to strategy and decision support.