New normal? That's finance automation.

By Shak Akhtar, SVP Finance Automation/Customer Experience Officer, Redwood Software

Resilience has always been important in finance and accounting, with the relentless cycle of immovable compliance and reporting deadlines. That resilience was pushed to the limit during the first few weeks and months of COVID-19 lockdowns around the world as organizations were forced to rapidly switch to remote ways of working.

To their huge credit, CFOs and finance teams have stepped up and adapted to these restrictions and unusual conditions and, mostly, kept the show running. But the situation has undoubtedly highlighted areas of weakness that will need to be addressed as organizations switch from this react-and-respond mode to longer-term recovery.

In the latest episode of the Redwood Finance Podcast, “New Normal? That’s finance automation”, we look at how automation can support a more resilient finance function as organizations look to recover and adapt to the new normal following the pandemic.

In the podcast, writer and editor Tony Hallett talks to finance transformation expert Adrian Li and Redwood’s director of finance automation Aaron Veach about the need for greater resilience in finance.

Talking about the impact of COVID-19 on finance teams, Li says: “It’s really shone a light on the single points of failure in processes. And a lot of that has been down to people – they are a single point of failure.”

Redwood’s Veach adds: “The office of finance is always dealing with tight deadlines and restrictions, whether regulatory or statutory filings or reports for strategic partners and shareholders. They really don’t have the opportunity to skip a beat. They have to be resilient.”

Listen to the podcast now to learn:

  • Why it’s important for CFOs to hit reset and renew with resilience in the coming months.
  • How automation can help drive greater resilience across all aspects of finance, including record to report, order to cash, pay to procure and asset accounting.
  • Why point solutions and RPA tools fail to fill the ERP automation gap and create more complexity and technical debt.
  • What steps CFOs can take to automate and transform their finance processes.

“There is a unique opportunity here,” explains Li in the podcast. “Finance is ripe for change. It’s all about looking at the opportunity to transform the finance function using automation and other enablers.”

Find out how to make your finance function more resilient. Listen to the Redwood Finance Podcast now.

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