Automation of mundane tasks frees finance teams
Franck Colich, CFO of Rescale, has two mantras that he has followed in building accounting and finance teams over the years. One is that he and they should automate as much of their tasks as possible and work themselves without work. The other is that by automating themselves, they can move on to things that will grow the business, be fun to do, and make themselves look good.
“When we do that and finish the mundane things faster, we can do the things that will put bullets on our resumes,” Colich said in an interview for “Day in the Life of a CFO. digital “from PYMNTS. series. “These are the things that are going to advance our careers – when we work on fun projects that will definitely move the business forward, but also really shape a person’s pride in doing the job. “
Make everything as dematerialized as possible
Colich recalled that when he started his career, paper checks were everything. Once a week he received a stack of checks with a bill hanging on them. He went through it and signed each one by hand. If there was something he didn’t like, he would refer it to Accounts Payable (AP). The auditors’ files were also printed and kept in filing cabinets.
However, today, at Rescale, everything is as dematerialized as possible. The company uses software, works online, and uses an automated clearinghouse, wire transfers, or other payment gateways.
“I don’t have paper around my desk anywhere,” Colich said. “Everything here is now digitized. There is no working paper, there is no printing for anyone. You upload all of your files to an FTP drive for a listener, and they take care of it. “
A more recent change for many companies is the expansion of remote working. Colich said he misses the in-person interactions people have in kitchens and hallways when they’re at the office, but realizes that a lot of people need to work from home. He said he’s making a concerted effort to have regular check-ups with team members on Zoom or Slack.
“These are the tools that we have, and we have to do it, because if we didn’t, the team would never know what the vision is or where we are headed,” said Colich.
Digital transformation has no stopping point
The day he spoke to PYMNTS, Rescale’s finance and human resources (HR) teams were preparing for a virtual meeting. Colich said it’s important to make sure in these meetings that introverts are heard as well as extroverts.
“I want them all to feel like part of the team, of the company and that their ideas matter too,” Colich said. “You have to be very proactive to move forward and make sure people feel like they’re part of the conversation. “
Looking ahead, Colich said digital transformation is never-ending, and he’s always keeping an eye on how other artificial intelligence (AI) and machine learning (ML) processes will fit into. finance and accounting. One goal, as always, is to speed up mundane processes.
“I’m going to search the internet or talk to my peers, other fellow CFOs, to see what’s new and shiny that’s going to make our lives easier so that we can do more value-added projects,” Colich said.