Though the unemployment rate is at a pre-pandemic low, each month of 2022 continues to see massive additions to the number of open jobs. In July, the U.S. Bureau of Labor Statistics reported an addition of 528,000 jobs, however employment in the professional and business services sector is not as solid. Even though professional and business services saw an addition of 89,000 jobs in July 2022, there was still a loss of 1,500 jobs in accounting services.
“Currently, many organizations find it difficult to identify and retain talent. On top of that, many clients, even Clearview, have a workforce that is located all over the country,” said Scott Freinberg, Director at Clearview Group. “During these challenging times, we are seeing organizations leverage technology and automation to help address requirements across the board, no matter the labor challenges they are facing. These organizations adopt automation to ensure consistency and quality control in the work that they do.”
Automation shows the potential to not only fill talent gaps, but also maximize efficiency and provide cost savings. Once a process is automated and an organization inevitably has staff turnover, the technology will already apply a consistent process to minimize the requirement to bring on additional staff.
When an organization is disconnected, they can face challenges like too much manual work, redundant processes, and inefficient file sharing. Workiva, an active partner of Clearview Group, simplifies complex work through automation. The platform creates a system of records, creates processes that can be easily transitioned to new employees when an organization has turnover, and reduces the level of manual review.
The Workiva platform has specific features that solve pain points many organizations face within their financial reporting process. These practical approaches are especially important when an organization is facing labor challenges.
Workiva’s linking function solves the slow process of cut-and-paste exercises. These erroneous steps tend to increase risk of error, especially when dealing with new employees who may not be completely up to speed with your organization’s processes. The linking feature will keep data consistent across all documents and all users.
Protecting financial data is essential, especially when your organization is experiencing staff turnover and a remote workforce. Some organizations still rely on email to share their financial data, which makes them susceptible to more security risks. The Workiva platform has an activity log, which shows who accessed a file and when. This function offers organizational transparency, which is especially important when your organization is operating across the country.
The Workiva platform offers source linking, which allows users to see spreadsheet history all the way down to cell-level. This removes the need to keep different versions of a file after changes have been made. When your team is working in various locations, being able to collaborate efficiently is crucial. Source linking removes the need for multiple file versions and provides version history even after there is turnover with your team.
Workiva’s built-in search functionality creates a simple way to locate files. No more digging around shared networks or drives to find the correct file. When your workforce needs to collaborate remotely, employees need to be able to find your financial reports quickly and easily. In the occurrence of any staff turnover, there is no worry that files could be lost.
Organizations are inevitably facing labor challenges, yet automation creates an opportunity to offset these trials. Programs like Workiva allow your organization to reduce risk, save time, and fill talent gaps.
If you’re considering implementing Workiva into your organization, contact Clearview’s Workiva Implementation Services team.
We are a full-service management consulting and CPA firm covering all aspects of audit, compliance, risk management, accounting, finance, tax, IT risk, and more. Just let us know what you need help with and an expert will be in touch!
Request Your Consultation
