Technology is constantly evolving and challenging the status quo. The playbook you used 10 or even 5 years ago can seem archaic and inefficient. So why has the way companies implement their finance and accounting functions stayed relatively unchanged?
Through the thousands of conversations Compass East has had with clients and companies of all sizes, we started to recognize patterns. Companies would experience the same pain points over and over and would receive the same outdated advice to solve them. Band-aid solutions kick the can creating more expensive problems down the road.
It was time to re-educate the market on how to approach the construction of your finance and accounting function. Needs may change over time, but building the proper financial infrastructure early on can pay significant dividends as a company scales. Commonly seen as a cost center, appropriate investment in the F&A Department is crucial in driving significant value and top-line growth over time.
So what are the best practices? What are the common problems at various stages of a company’s lifecycle? Who are the necessary team members needed to create an efficient finance and accounting function? Should you outsource or build a team in-house? What ARE the core finance and accounting functions in a company?
Compass East is excited to announce our Finance and Accounting Playbook that will help answer all of these questions and more, analyzing the Future Forward Finance Department and how you can leverage technology to streamline the financial operation. In this multi-part series, Compass East will address the common pain points companies experience and how to solve them. Ultimately, this will create a free whitepaper for you and your company to leverage as you think about finance and accounting.
Thank you for reading and don’t hesitate to reach out if you have any questions!
Chapter One: The Finance and Accounting Department Key Functions
