Innovative technology in finance post-Brexit

How to empower companies to respond quickly to robust changes in business and society post-Brexit with innovative technology for finance departments.

Dominik Duchon, executive board at LucaNet AG

Gavin Allen, managing director for the UK and Ireland at LucaNet UK

With the Brexit timelines recently announced, now more than ever the finance departments within all sizes of organisation are facing impending changes, and will seek innovative technology solutions to guide them through such changes.

However, despite this, technology in isolation is not the solution, it is merely an enabler, and here at LucaNet we are passionate about technology, not only streamlining the traditional challenges of consolidation, budgeting, planning, reporting and disclosure, but also embracing the people and processes underlying these areas, with technology augmenting and enhancing these processes.

Brexit should be seen by all organisations as a trigger or accelerator for change, and now is the time to review current processes within the finance department and beyond to understand ways in which CFOs can utilise their limited resources more effectively.

The technology should of course increase efficiency, transparency and security, but above all else simplify all core processes, releasing more time for analysis and reaction to changes likely to come over the next few years.

Despite all the media attention of Brexit, the challenges within the modern finance department remain, and have been the same for several decades. The tasks of the monthly close, consolidation and statutory requirements remain.

The perennial budget processes and in some cases rolling forecasting providing the more forward perspective of the business all involving numerous personnel, with supporting processes and reviews thereof.

CFOs are often instructed to look at technology and solutions to deliver the benefits of increased efficiency, transparency and security.

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