A clear view of processes is essential
A worrying insight is that almost one in three respondents does not have a complete overview of the finance processes. Moreover, in many companies, there seems to be a discrepancy between how CFOs or company leaders estimate processes and how they really develop. The results of the CFO Barometer speak volumes here: during the COVID-19 crisis, more than 93% of respondents noted that certain processes were being carried out in a way that differed from what had been expected. The fact that employees had to work differently meant that formally written procedures were often no longer followed. Why? Because of the use of new technologies in the workplace, the scrapping of certain functions or roles, a faster way of working, etc.
This discrepancy between theory and practice is not good. Because if compliance with written processes is inadequate, or completely absent, you risk that certain checks are skipped, or that decisions are taken based on incomplete or incorrect information.