Post written by Michael Juby, Head of Business Development at DebtBook. Published by Forbes on February 2, 2022.
Meeting the constant challenge of “doing more with less” is nothing new to public sector finance teams. Add in pandemic pressures and the great resignation, though, and suddenly, many finance teams find themselves in survival mode, searching for stopgap solutions in hopes of simply keeping their heads above water.
As those finance teams turn the page on a new fiscal year, another challenge has come into focus: implementing GASB-87 and (next year) GASB-96. The new accounting standards will add more demands on already strained teams and systems, threatening to make finance departments less efficient, responsive and proactive.
While daunting, the challenges aren’t insurmountable, particularly if teams rethink their processes. This includes considering new tools and technology to help recapture some of their precious time. In doing so, teams will not only create the capacity to do their jobs better, but they’ll improve the accuracy and efficiency of their financial reporting.
To help get you started, I’ve outlined four tips to help your organization save time, reduce stress and improve the quality of your financial statements, arming your team with better data and freeing them up to tackle more pressing problems.