When someone brings up the term Financial Controller. What comes to mind?
Most people conjure up an outdated image of number-crunchers sitting in a back room with spreadsheets and ledgers, preparing financial reports for the CFO.
The role of the controller has evolved and they are no longer solely “spreadsheet jockeys”. They have begun to take on operational roles, applying their knowledge of accounting to strategic planning, risk mitigation and internal controls.
“With great power comes great responsibility...” and with the Controller’s expanding role, they are in a unique position to lead departmental innovations, including being the drivers towards digital transformation.
Digital transformation is defined by The Enterprisers Project to be “...integration of digital technology into all areas of a business resulting in fundamental changes to how businesses operate and how they deliver value to customers.”
The age of automation is here and it has enormous potential in the realms of accounting and finance. This technology can automate tedious, time consuming tasks like bank reconciliation and cash forecasting. These tasks usually require hours of daily manual calculations, but automation technology can streamline their processes.
The difficult first step in leading your team into the digital accounting age is not whether or not to begin, but where. As McKinsey & Company states, “Many CFOs tell us they are unsure where to start… CFOs must begin to experiment, however, or risk falling behind other functional groups in the organization and other companies in the industry.”
Trovata can help you take that crucial first step. Trovata.io is an open banking platform that enables you to automate tedious workflows surrounding cash management, forecasting , and reporting. Bank reconciliations become much simpler when you have all of your bank transactions in one place, cutting out the need for multiple websites and logins. Need to identify troublesome or missing transactions? Trovata has a Google-like search tool that allows you to find and tag specific transactions. Trovata also includes cash positioning, which is fully automated and includes built-in business intelligence tools to visualize, analyze, and report cash flows. Unlike other providers in the space, Trovata.io requires no IT involvement from customers.
Thanks to Automation Technology, the days of spending hours exporting .csv’s and manually reviewing, categorizing, and reconciling every line item are over. Controllers are now uniquely situated to lead their departments into the age of Financial Digital Transformation. It is time to take the first step and let Trovata help you automate your team’s tasks.