The LEAN finance function
3 steps to optimise your business’s engine room
Your business’s finance function plays a pivotal role in supporting business operations and driving strategic decision-making. Without a robust and efficient finance system, you won’t have the data needed to make critical decisions, manage cash flow, or fuel growth.
At acumin.io, we like to think of your business's accounting platform and finance function as if they are a high-performance racing car's engine and expert pit crew, essential for navigating it through financial tracks and ensuring a successful drive to its destination.
As your business's engine room, it's imperative your finance function is operating as efficiently and effectively as possible.
What does it look like if it's not?
🌏 Can you access key financial metrics or numbers when you need them, from any location?
✅ Are the numbers accurate / do you have confidence in them?
⏰ Are your suppliers being paid on time?
🔎 Do you have visibility over cashflow for the month ahead?
🤚 Are you sure that financial information isn't being double handled or manually entered into your software?
If you answered NO to any of these questions, then it’s worth spending some time to review the efficiency of your finance function. At acumin.io, we take a three-step approach to help our clients with this:
Know what you’re working with (and within): physically map out the key processes involved in your business’s finance function and those responsible (these might include accounts receivable/payable, payroll, reconciliations, end of month processes, reporting, and management meetings)
Identify opportunities to reduce waste: systematically review each processes through the LEAN thinking methodology.
Articulate success: and craft a plan to get there with a Now / Where / How framework.
This framework involves assessing the current state, defining the desired future state, and determining the most effective path forward.
NOW: what does the process currently look like, what issues can we identify?
WHERE: if we could wave a magic wand, what would the process look like, what actions would be required?
HOW: what is the action plan we need to help us get there?
By following these three steps - process mapping, identifying wastes, and adopting the "Now/Where/How" approach – you will be well positioned to improve your finance function efficiency and drive better business outcomes.
Want a quick win ?
An efficient end-of-month (EOM) process is essential for maintaining a lean and well-managed finance function, and utilising a checklist is a really easy way to tick off on some quick efficiency wins.
Download our 7 page Lean Finance Function Guide which includes access our EOM checklist to streamline your financial operations by ensuring all key areas — from accounts receivable to compliance — are addressed in a timely and accurate manner.
Want a hand to review and optimise your finance function?
We’re here to help.