CFOs and finance leaders often find themselves overwhelmed by deadlines: reporting, budget, forecast, strategic plans, month-end closing… This leaves little time for modernizing finance operations.
Carole from Penon Partners shares six practical steps to carve out time for finance transformation.
1. Automate routine tasks
Routine tasks consume valuable time that could be better spent. Automation tools, like robotic process automation (RPA), can help eliminate repetitive tasks such as data entry or reconciliations. Automation can free up hours each month and improve data quality, allowing finance teams to focus on more valuable activities.
⏩ My tip: Think about team engagement: reinforce that automation is about freeing up time for more valuable work, which can lead to professional growth. Involve the team actively throughout the process—through brainstorming sessions, tool demonstrations, and designating key users
2. Implement real-time reporting
Finance teams often rely on static reports generated at fixed intervals, which can limit agility and create extra work when management requests additional analysis. Real-time analytics tools, like Power BI, allow users to access live data and dive deeper through interactive features. Their superior visualization tools will also improve the perceived value of your team!
⏩ My tip: Begin with one recurring report. Work with IT for data modeling but keep report design within your team.
3. Dedicate time for transformation initiatives
Transformation will not happen without dedicated effort. To build momentum toward long-term goals, organize team sessions focused on process improvement and strategic planning.
⏩ My tip: Schedule quarterly transformation days where the team can discuss pain points and brainstorm solutions.
4. Engage external expertise for strategic projects
Internal bandwidth often limits finance teams from pursuing transformation projects. Partnering with consultants experienced in finance transformation can accelerate these efforts. External experts bring best practices and can manage specific projects, a tool integration or a process redesign, which might otherwise be too difficult to handle internally.
⏩ My tip: Engage a finance transformation consultant from Penon Partners, who can achieve results without adding strain to your team.
5. Train your team in modern finance tools
As the finance function evolves, so do the skills needed to support it. Training in digital tools can help your team adapt to new systems and be prepared for transformation projects.
⏩ My tip: Review each team member’s training needs at least once a year during performance evaluations.
6. Measure transformation progress with KPIs
Tracking transformation efforts helps maintain accountability and demonstrates the impact on the organization. Set up KPIs to measure success, such as invoice processing time or data accuracy rates. Monitoring these metrics will keep the team motivated and support continuous improvement.
⏩ My tip: Choose simple KPIs to avoid adding unnecessary work and review them regularly.
Conclusion
To make time for strategic work, you first need to invest time in organizing, setting up tools, and creating processes that will save time in the long run—it’s like the difference between Investments and Expenses! At Penon Partners, we specialize in finance transformation and process optimization. Reach out to see how we can help your finance team achieve its strategic goals.