Fast and clean. These two words define the ideal financial close process. This standard is held up as a measure of a finance or accounting department’s effectiveness. Companies are expected to get the financial close process done within a standard business week. This demonstrates competence, resource efficiency, and good management. An efficient financial consolidation and close process does two vital things.
In this article, you will learn how Bitrise helps financial institutions solve rigorous security and compliance challenges to give teams the confidence they need to release quickly.
In this article, you will learn how Bitrise helps finance apps deliver a better customer experience resulting in more engaged and active users, and more market share.
The banking business is fast evolving, and individual banks that serve retail, commercial, small-to-medium-sized businesses (SMEs), or wealth management firms must make rapid changes to become “digital-first” enterprises. However, making such a transformation entails enormous risks. Banks that get digital transformation wrong risk damaging client relationships and losing market share to digital-only competitors who are more agile and technologically capable.
FinOps is a solution for controlling operational costs in a cloud environment and offers ways for teams to manage their cloud costs, wherein everyone takes ownership of their cloud usage. FinOps term is coined by combining Finance + DevOps. It’s an evolving cloud financial management discipline and cultural practice. In practice, FinOps means establishing performance indicators on an organization’s cloud costs based on service, business unit, environment, etc.
Digital banking involves the digitization of all traditional banking products, processes, and activities to serve customers through online channels. Banking that is done through the digital platform without any paperwork like account opening forms, cheques, pay-in slips, and so on is referred to as digital banking. It relies on high-level process automation, web-based services, and APIs to provide banks and their customers with high levels of cost efficiency, security, and flexibility.
The smart pairing that will turn your numbers into dynamic C-level insights Financial and tax management has evolved enormously since the advent of computational technology. These days, you can’t just get by on spreadsheets and ledgers – everywhere you look you’ll hear the buzz of the age of automation. Your data needs to be sophisticated, offering essential storytelling to help support strategic insights.
Automation is your key to success in Finance and this includes your close. Anyone who has been through a close knows a clunky one is painful, and it arrives routinely whether you are prepared or not. A recent survey by Hanover Research found that a staggering 49% of Finance professionals felt unable to execute their tasks completely because their current manual processes were too time consuming. And those manual processes impacted their ability to execute essential tasks efficiently and effectively.
Being a finance professional is stimulating and rewarding, but it comes with a set of unique challenges. The accuracy and timeliness of information is essential, yet for most organizations, the volume and complexity of financial information is growing continuously. Simply working harder doesn’t seem to solve the problem; finance professionals must work smarter, applying the right tools to get the job done quickly, efficiently, and accurately.
