Are manual finance operations processes holding finance teams back?

It goes without saying that the finance department plays a significant strategic role  for any company with a certain scale.  Founders and leadership teams depend on unique insights, or in the very least, take of the finance team on pertinent issues and challenges.  However, the research indicates that a significant amount of time (almost half of a work week) of finance teams goes in performing rote manual work of transactional nature.  This was reported by finance organizations of 832 companies researched by APQC.  A similar survey done Censuswide also indicated a similar trend.

We also landed on similar findings gathered from the primary research done by us.  Additionally, we found that with the increase in payment modes and the associated infrastructure, the scale of manual work of finance teams has been increasing.  In fact, the volume and complexity around the payments data have exploded leading to a complete failure of manual approaches and tools.

Some of the rote steps that a finance teams have to go carry out on daily basis are:

1. Data Gathering
2. Data Cleaning & Formatting
3. Data Analysis
4. Reporting

A report by McKinsey indicates that four areas where technology can add significant benefits are:

1. Automation to improve and streamline processes in finance operations
2. Data visualization to provide real-time financial information to improve organizational performance
3. Advanced analytics for finance operations to accelerate decision making
4. Insights into overall business operations to uncover hidden growth opportunities

Kosh’s platform helps businesses in completely automating finance operations.  Kosh removes the challenges around data gathering, cleaning, and processing while completely automating analysing reporting. Our customers are able to remove manual efforts and improve efficiency at least by 98%.  With the help of Kosh, our customers are able to reduce time from a couple of weeks to less than 5 minutes.