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COVID-19: Rebooting your finance function and making it future ready

2020 is a year most of us will remember as the year that altered the way we view an enterprise’s ability to survive. India has been under full or partial lockdown for almost three months.

During this lockdown, the corporate world has undergone a revolution. Many companies closed their books remotely during this period, audit committees and boards met virtually, companies recast their plans and cashflow requirements, investors wrote down investments, supply chain financing underwent silent travails and now we are on the brink of entering a “new normal”.

Here is what finance leaders should consider as they PLAN to reboot operations and make their function future ready

  • While rebooting, it is important to consider if the investments made in processes are temporary or if they will become an integral part of these functions, going forward.
  • It is also critical to consider the difference between risk and uncertainty at an entity level and then zoom into your department.
  • It is equally important to equip teams with the right tools and processes.

The report also analyses inputs from a survey conducted with finance leaders, some of the key findings are –

  • Around 30% of organisations reported a significant impact in their transaction processing activities
  • Another 15-20% reported severe impact on their book closure and reporting, budgeting, analysis and costing processes
  • 58% of respondents mention they do not have access to advanced forecasting tools

and more…