Posted by: Vineet Mundhra & Subrahmanyan Nandakrishnan

When Numbers Matter

Finance and accounts of an organization is usually a confidential subject but a lot has changed in how it is perceived today.

The change has come about because of the following factors:

  • The standardization of accounting norms for industries.
  • Requirements by banks to be able to provide credit lines and funding
  • To attract investors who will invest based on the confidence derived from the transparency of the accounts

The above 3 along with constant change in accounting rules and regulations has opened up an opportunity for specialists to offer their services such that business need not have to worry excessively about compliance, regulations and timely filings.

Customer demands and quality stabilization of products has ensured that the methodology of business and satisfying consumer demand has undergone a sea change.

A lot of technology, products and services are indistinguishable and can easily be reverse engineered in many instances. This changes the level playing field. Consumer trust and services provided by the seller become the focus of most businesses in such a environment.

As industries standardize similar functions across the market, they need specialists to move ahead and provide the opportunity for core business to outsource and be able to concentrate on the most important.

There is a base definition that makes it easy to discern finance and accounts as a function and this also permits other aspects to work in tandem.

The deployment of analytics on finance and accounts will be easier but the impact is far more than others where inference driven behaviour needs to be worked with.

Covid-19 has increasingly made it clear that there is a need to be more transparent because of the challenges that many small and medium and even large businesses have faced. Correlation between real products and costs and services and time commitment is something the analytics can help enumerate in finance and accounts.

Quantifying risks is becoming just as important in business today and that is most effectively looking at money flow into purchases or even into business operations. Even savings due to automation and transformation is identifiable through costs.

Money is the lifeblood of all business activity. Even charity is quantified in money terms. This makes this function of finance and accounts extremely special and important. The choice of a partner for this function should be based on their capabilities to manage, sustain and more importantly grow the function.

A partner with fundamental understanding of the balance of technology and human behaviour will help transform finance and accounts from a post mortem to an active and vibrant segment that helps support and grow the business.

Author:

Vineet Mundhra & Subrahmanyan Nandakrishnan

Vineet Mundhra leads the Finance and Accounting practice for the America region within the Business Transformation Services function at Tech Mahindra BPS. He has over 20 years of experience in various verticals which includes areas such as Finance Process Transformation, Consulting, Solutions Design, Analytics, Transitions, Service Delivery, Intelligent Automation (including RPA) Process Assessment & Execution, Artificial Intelligence & ERP & BPMS Tool implementations. He has partnered with global clients to deliver engagements with successful business outcomes.

Subrahmanyan Nandakrishnan leads the Finance and Accounting practice for EMEA and APAC region within the Business Transformation Services or BTS function at Tech Mahindra BPS. He has over 16years of experience across F&A Solution Design, Consulting, Transformation, F&A Capability building , Analytics, ERP, Intelligent Automation , Conversation Automation, Artificial Intelligence, Machine learning ,BPMS deployment and maintenance of change requests, with keen focus in Identifying Transformational opportunities.