Rose Report: Issue 28
Innovating Accounting Processes with RFSWorkflow™
Most companies have their own custom system in place for maintaining financial and accounting information. Accounting and financial professionals develop these systems based on their knowledge of best practices, how to effectively manage those practices and how to train employees on implementing those practices—essentially reinventing the wheel each time accounting processes need to be put in place.
Unfortunately, this method leads to accounting processes that aren’t cost effective or scalable. As a result, financial information can become mismanaged, mishandled and lack consistency and visibility, especially when there’s turnover within the company’s finance and accounting staff.
With technological advancements utilized by RFSWorkflow™, we now have the ability to reduce human error, simplify accounting processes and eliminate paper from the process. While computers are better at managing processes, accountants are better at applying professional judgments. That’s why RFS created a solution to providing meaningful financial information to our clients through RFSWorkflow™—the system we use to standardize processes and procedures, allowing workflow technology to manage tedious processes so accountants have more time to provide proactive measures, financial management and strategic guidance.
The Advantages of RFSWorkflow™
One of the biggest advantages of using a workflow system is the creation of structured data that empowers RFS to build reporting that yields financial insights. For example, with our month-end closing automation tool, RFSClosing, accountants and clients have ready access to financial information that cannot be replicated in the manual world—all while removing the paper closing binder from the close process. RFSClosing documents all journal entries and reconciliations, tracks the completion of tasks required to meet the closing deadline, allows for senior level reviews to occur electronically and issues financial and management reports to management through secure links in RFSReporting. The module also allows RFS to monitor all closing activities, identify and resolve issues that could delay issuance before the close is due and maintain year-end audit documentation in indexed format.
Structured accounting data is an evolutionary process: when structured data accumulate into financial information it becomes exponential and creates new and novel information to better guide companies on making better business decisions. The ultimate benefit of structuring accounting information is to be Audit Ready All Year™. Full implementation of RFSWorkflow™ will allow us to support an audit remotely, providing eighty percent of the information requests through automation. Audit logs are maintained on all user activity, facilitating compliance needs and strengthening internal controls.
With the benefit of over 20 years of experience working with a wide range of companies and over 10 years using workflow technology, we’ve developed RFSWorkflowTM. The system is now an integral part of how we operate, and we’ve seen its advantages: seamless integration with existing accounting systems, modules that provide activity reports and metrics and flexibility that allow companies to select solutions that best match their business needs.
Learn more about how RFS and RFSWorkflowTM can be a solution for your company’s accounting processes.