Improving productivity in finance goes beyond simply balancing the books. It's not about multi-tasking or working overtime. Finance productivity is all about enabling every member of the team to provide the highest value to the business. It's about working smarter, not harder, to meet deadlines while maintaining accuracy.
"With Aico Journal Entries, our internal controls related to journal entries are effective and easy to prove . . . Aico supports compliance, and it has remarkably increased our efficiency during month-ends and audits."
- Satu Horko, Finance Manager at Sandvik Construction and Mining Oy
However, many enterprise finance teams struggle with inefficient processes resulting from:
Fragmented processes: The lack of a standardised financial close process leads to time-consuming workarounds and anxiety over inaccurate data. Finance teams also struggle with disparate reporting systems and resort to error-prone manual processes.
Inadequate controls: For large companies with multiple locations, inadequate internal and external control processes may cause delays. Non-compliance is more likely without clearly defined processes and user responsibilities, leading to unapproved financial data and further delays.
Unstructured growth: M&A activity and enterprise growth lead to expanding financial teams. Often, instead of streamlining the financial close process, organisations end up with multiple ERP, spreadsheet and email-based processes. This creates inefficient financial reporting and decreases productivity.
Lack of automated accounting: As the enterprise grows, so does the complexity of its books. Yet many hold on to unproductive legacy processes. Scalability is limited without automation, hindering further growth due to the increasing costs of an expanding financial support team.
Inconsistent data integration: Enterprises often struggle with data inconsistencies and silos as data comes from multiple sources and systems. Some teams work with many instances of the same ERP, some working with different (potentially multiple instances) ERPs as well as bespoke software.
Each inefficiency loses valuable time during the month, but this is felt especially during the financial close.
In this post, we’ll provide 5 examples of how enterprise finance teams can boost their productivity.
- Efficiency:
Aico's streamlined workflows and real-time ERP integration accelerate the financial close process, allowing finance teams to complete month-end close across all group companies in just 3 days or less. By automating tasks like journal entries, account reconciliations and intercompany invoicing, Aico eliminates bottlenecks and ensures a smoother, more efficient process.
As Satu Horko, Finance Manager at Sandvik Construction and Mining Oy, noted: "With Aico, our financial close process is completely transformed. Closing takes less time, and the process is easier to manage." Aico's real-time connectivity to Microsoft D365 has been instrumental in this transformation, enabling rapid journal posting and reducing manual effort.
To illustrate the impact of Aico's automation, consider this: one of our customers posted over 5000 journal entries using Aico automation. Assuming an average of 10 minutes if each of these postings was done manually, it would have required approximately 23 man-weeks of manual labour. With Aico, this time is saved, allowing finance teams to focus on strategic initiatives and value-added activities.
One Aico customer saves, on average, 23 man-weeks per year with Aico automation.
- Compliance:
Aico's automated workflows and standardised processes ensure adherence to internal controls and global compliance standards. By eliminating manual errors and providing clear audit trails, Aico helps organisations mitigate risks and demonstrate compliance with regulations like GDPR, SOX and ISO 9001.
As Satu Horko, Finance Manager at Sandvik Construction and Mining Oy, noted: "With Aico Journal Entries, our internal controls related to journal entries are effective and easy to prove. We measure them on a quarterly basis. Aico supports compliance, and it has remarkably increased our efficiency during month-ends and audits."
- Data-Driven Decision Making:
Aico's automation and real-time ERP integration ensure the accuracy and reliability of your financial data, empowering you to make informed decisions. By eliminating manual errors and providing up-to-date information, Aico streamlines the financial reporting process and frees up finance teams to focus on analysis and insights.
As Claire Rook Head of A2R at Syngenta noted, "Our right-first-time journal postings have increased significantly thanks to Aico Journal Entries and its live connectivity to our SAP systems." Aico also eliminated the need for email follow-ups, as "journal preparers can now follow their requests via personalised dashboards in real-time," ensuring a smoother, more efficient process.
"Our right-first-time journal postings have increased significantly thanks to Aico Journal Entries and its live connectivity to our SAP systems."
- Claire Rook Head of A2R at Syngenta
- Sustainable Growth:
As enterprises grow, so do their financial complexities, but Aico allows you to scale operations without expanding your finance team. The platform’s advanced automation capabilities manage increasing transaction volumes, reducing the need for additional headcount. Additionally, Aico's unlimited user seats enable you to extend access to business-facing roles like controllers, further enhancing productivity and collaboration.
As Claire Rook, Head of A2R at Syngenta, noted: "Aico's flexibility and configurability allow us to continuously improve and adapt our processes. We can rely on Aico to find solutions and support our evolving needs, ensuring that our financial operations remain efficient and effective as we grow."
- Reduced Complexity:
Aico simplifies ERP migrations by ensuring seamless integration and data accuracy. Our expert Customer Success Unit guides you through the entire process, from discovery to implementation, ensuring a smooth transition to Aico.
As Colin Hand, Aico Implementation Lead at AkzoNobel noted: "Using Aico's guidance, we switched to a rules-based approach, streamlining our reconciliation process and improving efficiency."
By leveraging Aico’s advanced automation, finance teams can transform their processes, enhance compliance, and enable data-driven decision-making—all while scaling efficiently.
Let's see how Aico can boost your finance team’s productivity.
Watch our on-demand webinar and discover the future of financial close automation.
