CFO.com recently announced that CFOs will be increasing capital spending in 2016 despite speculation that the Fed may soon increase interest rates. However, CFOs are also expressing concern over serious inefficiencies within finance operations due to outdated systems and manual processes.
This sets up a potentially disastrous situation for financial ops. On the one hand, there are more capital expenditure requests to handle and on the other hand, finance teams are stuck with the same inefficient, manual systems. This means bottlenecks, lost opportunity costs and a serious black eye for overworked finance teams.
It would be prudent for CFOs to begin looking at updating manual finance processes with automated workflow systems that not only help speed up the CapEx process but ensure compliance and audit guidelines. I’ve written about the CapEx workflow topic before but it would appear the need for an automated solution is about to increase dramatically.