Finance executives face a unique challenge when it comes to digital transformation. While they own much of the data that feeds digital transformation projects — and stand to reap tremendous benefit from improved access to rich, real-time finance information that digital transformation can enable — they’re not yet realizing the full potential of innovation.
A report from McKinsey found that CFOs spend less time focusing on digital innovation than they do on traditional finance functions. To a large part, this is because many finance executives are unsure where to start, analysts say.
While digital transformation might seem beyond reach, the report identified key areas that show great promise for improving results within the finance function:
Automation and robotics enable planning, budgeting, and improve data standardization to achieve a single source of truth.
Data visualization helps to create rich, user-friendly reports.
Advanced analytics for finance operations support decision-making.
Smartsheet template sets and templates are user-friendly and provide healthy returns on investment and easy starting points for transforming key finance functions.
Business Budget Management Template Set makes it easier to tightly manage financial performance, with templates for tracking real-time actuals against your budget goals. The Business Budget Overview Dashboard provides a live, at-a-glance snapshot of all your budget data, including charts and visualizations of key data such as actuals by department.
In addition, general ledger sheets, an FY Actuals Report and FY Actuals Sheet make it easy to track and create rollup reports of actuals and performance against budget across all departments.
Asset Management Template Set includes five key sheets and reports to help you inventory, view, and manage assets in real time. This includes reports that enable visibility and tracking of overdue assets, assets needing repair, and expiring asset warranties. The set also includes a rollup dashboard that provides clear, visual high-level data about assets across the enterprise.
Expense Tracking and Reporting Template Set streamlines the management of employee expenses, with Employee Expense Trackers, which allows individuals to easily submit and track their business expenses, and an Approved Expense Reimbursement Report. These tools enable finance teams to reduce the complexity and manual effort of approving employee reimbursements, allowing for more timely expense management.
Transform your accounts payable process with the Accounts Payable With Automated Approval Template. This template allows you to save time and improve the velocity of accounts payable processes, with automated approvals requests and notifications and one accurate source for all relevant details related to the invoicing payment process.
Avoid unnecessary slowdowns in the purchasing process with the Purchase Request With Automated Approval Template. This template eliminates the manual work of approving purchases related to equipment, supplies, and travel by automating requests based on the dollar amount. When a purchase is approved, the requestor will automatically receive an instant alert.
Improve visibility and transparency around cash flow with the Cash Flow Statement Template. This template makes cash flow tracking and reporting seamless by enabling stakeholder collaboration and making it easy to share files, approvals and other key information.
The Financial Month End Template streamlines key activities and reporting related to month-end closing, by providing accounting teams and other stakeholders with centralized data sharing and a user-friendly way of assigning closing activities and tracking approvals.
Instead of approaching digital transformation as a vast and intimidating initiative, finance executives can see immediate improvements by identifying and employing tools that optimize key, repetitive tasks. By automating and streamlining important functions with these seven templates, finance teams can tap into the benefits — fast.