Finance Function in the Future after Pandemic

Bookkeeping finance have been obsolete now, after Covid-19 DotCom boom is going around Artificial Intelligence, Blockchain Fintech, and Cloud Computing are the new finance world.


Paper money and Plastic both are to be obsolete in future
#Paper money and Plastic both are to be obsolete in future

Not Everything We Count Matters -Einstein’s quote -

Nothing could be more true in the world of financial accounting. Being able to discern important nuances in a sea of data to make instant financial decisions with the highest degree of accuracy will give a business its next competitive edge.

Top performing companies close their accounting periods in just under 5 days. That’s according to CFO.com in March 2018. Yet when asked, many of the CFOs we’ve spoken to state that period close consists of just two primary activities: Chasing and Waiting. That’s chasing for information and waiting for a response — plus a fair amount of iteration because some responses require further investigation (more chasing, which means more waiting). 

All organizations are complex. Few except the smallest are simple, so questions have to be raised:
“Is 4.8 days good enough for a period close?”
“If we could eliminate chasing and waiting, how much would our organization’s performance improve?”

No matter the type of business, all sales, expenditures, and investments flow through finance for review, verification, and processing. Everything goes through GL (general ledger). Finance teams touch everything from long-term market forecasts to mileage-reimbursement requests, providing sound counsel to leadership, overseeing compliance, and addressing anything that potentially threatens the organization’s wellbeing.

That’s a lot of data and a lot of transactions, and it is precisely why best practices for finance will be starkly different in the future. As artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), virtual digital assistants, and block-chain permeated enterprise technology, finance teams will be freed from transaction processing and take on the expanded role of strategic influencer.
Improve decisions by using rapid-return predictive analytics and discovering hidden insights that can draw from vast amounts of internal and external real-time data.

Automate most repetitive tasks by using ERP, EPM, and other cloud-based solutions infused with AI/ML capabilities. Most of the transactions for a period-close cycle, for example, will be on an automated continuous loop, with financial team members focusing on the important tasks of managing exceptions, defining business rules, and publishing reports.

Manage risk better through intelligent process automation, which embeds standardization and compliance across the enterprise and eliminates the potential for human error.

Optimize assets by moving financial roles away from transactions and toward more strategic contributions, such as ideas for improved process efficiency and new business models.

Improve purchasing performance using a combination of workflow, recommendations, and 
advanced analytics to eliminate maverick spending, overstocks, and stock outages across a global supply chain.

Specifically, emerging technology will enable finance leaders and their teams to:

How Finance of the Future Will Look Sounds great, but what’s actually going to be different? We expect to see these new and enhanced capabilities become more commonplace as emerging technologies become more commonplace:

Intelligent Process Automation:

Many tasks that humans do now will be turned over to intelligent software that learns as it operates.
General ledger: A continuous and intelligent close process will be used for ledgers, sub-ledger, currency, and posting actions.

Automated consolidation:

 Run financial consolidations continuously with 70 to 90 percent less explicit user action.
Account reconciliations/transaction matching: Automate 70 to 90 percent of high-volume reconciliations to allow accounting staff to focus on complex cases.

Transaction processing: 

This will evolve into software-driven touch-less transactions through continuous AI/ML as well as including block-chain-based networks.

Expense reporting:

Cloud and analytics will help streamline all processes related to expense reporting,
 and improve fraud control.

AI-Driven Procurement:

Procurement professionals will be able to dynamically negotiate the most beneficial terms on payables outstanding based on in-the-moment analysis of treasury position. Combine trusted data from many financial sources to generate investment returns. Optimize payments and cash-on-hand with predictive project scheduling, proactive capacity planning, and smart supplier discounts.

AI-Assisted Decision-Making:

Managers and executives will have easy access to tools for intelligent

Performance management:

Better signal detection enables early intervention to correct problems and faster response to requests. Faster root-cause analysis accelerates problem-solving and solutions. Combining internal and external data for analysis provides a deeper insight into more contexts. Prescriptive recommendations provide reliable, data-driven insights into best actions. Regardless of company size, about "half of the finance teams’ time is spent on transaction processing.”

With these capabilities, finance will never be the same. Automation and machine intelligence will change all processes and practices. Three of those processes are outlined in the following pages. 

  • Future AI-Based Transaction Processing System
  • Close Sub-ledgers monitor enterprise-wide close status. Interact on and finalize outstanding sub-ledger transactions and exceptions. 
  • Pro-Forma Close Ledgers prepare and review preliminary financial statements.
  • Prioritize outstanding transactions based on initial results.
  • Reconcile Accounts and sub-ledgers to the general ledger, automatically matching transactions to entries.
  • Update Financial Forecasts, Modify forecasts and financial plans in light of the result from the just-closed period.
  • Close Ledgers, Route close tasks to task owners automatically collaborate to streamline the close for each entity. Monitor enterprise-wide close status. Publish and Securely Share, Financial Statements 
  • Distribute financial statements to all interested, parties, leveraging collaboration to incorporate feedback.
  • Consolidate Subsidiaries transform each subsidiary’s results to the corporate chart of accounts. Revalue non-monetary balances and translate to the corporate currency. Eliminate intercompany activity and minority interest. Review and Confirm Financial and Management Reports Review consolidated results.
— using the same reports as each subsidiary where new era applicable
— Mobile • Analytics • Social Media Marketing • Artificial Intelligence• BlockChain Technology• Cryptography• IoTs• Cloud Computing

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Beyond Narrative | Blog Where Every Single Word Matters: Finance Function in the Future after Pandemic
Finance Function in the Future after Pandemic
Bookkeeping finance have been obsolete now, after Covid-19 DotCom boom is going around Artificial Intelligence, Blockchain Fintech, and Cloud Computing are the new finance world.
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