In today’s fast-paced, globally connected business environment, companies targeting growth often expand their presence across regions. This expansion brings added complexity, particularly in the finance and accounting (F&A) domain, with diverse compliance requirements for each new legal entity, subsidiary, or functional team set up. As reporting demands intensify, finance teams frequently rely on multiple departments for data, leading to labor-intensive data collection exercises.

Global CFOs and their teams, especially during month-end or year-end book closure, often face a mountain of data compilation tasks in the record-to-report cycle. The solution? Automating information requests—a step that offers key advantages, including the following:

1. Effective cross-border/cross-functional co-ordination: Scaling leads to dependencies on stakeholders at various levels across geographies/functions. Automated information requests streamline this by identifying information owners, setting priorities, assigning deadlines, and tracking each request to ensure timeliness. This process clarifies expectations, reduces ambiguity, and improves accountability across the organization.
2. Timely internal reviews: Regular internal reporting and reviews become imperative for an efficient multi-divisional/multi-locational operation. Automating information requests help identify blind spots that delay the process of data collation, indicating where structural changes may be needed. It also highlights high performers, recognizing those consistently meeting data requests promptly, which can be a morale booster.
3. Compliance with stringent statutory regulations: Operating in multiple regions means adhering to various local regulations with specific deadlines. This can be challenging, especially when a centralized compliance team handles these requirements for all divisions and locations. By enabling automatic mail remainders on certain frequencies for critical information requests, compliance teams can ensure hassle-free statutory filings avoiding any penal repercussions.
4. Centralized data repository: Automation allows for an efficient archiving of information across divisions and locations, creating a valuable data repository. This repository not only serves as an audit trail but also enables finance teams to retain important data without having to sift through endless email chains.
5. Streamlined Governance: With automation, CFOs can independently have a panoramic view of overall progress via intuitive dashboards, eliminating the need for frequent status calls or meetings. As data compilation becomes more efficient, CFOs can focus more on strategic initiatives and key results.

Automating information requests redefine the role of finance teams, freeing busy finance teams from administrative burdens and equipping CFOs with real-time insights to drive strategic impact. It’s the backbone of agile, high-growth operations in today’s complex business landscape.