Refreshing finance: Make your processes work for the year ahead

The new year has a way of sharpening focus. Budgets are signed off, goals are set and finance teams are under pressure to deliver clarity and control from day one. But whilst a lot of attention goes into what the numbers should look like, far less time is spent examining the processes behind them.

The reality is that even the best financial strategies can fall short if they’re built on outdated, manual or disconnected workflows. The start of a new year offers a natural pause – a chance for finance leaders to step back, assess what’s really working and make improvements before the pace picks up again.

By using this moment to review and revamp financial processes, CFOs and finance teams can reduce friction, strengthen controls and enter the year with clearer visibility, stronger foundations and greater confidence in every decision they make.

Key takeaways:

• The new year creates natural clarity. Year-end reporting highlights inefficiencies and blind spots, making it the ideal time to reassess how financial processes really perform.
• Small changes can deliver great impact. Process improvements don’t need to be disruptive; focusing on high-impact areas can unlock quick wins and long-term value.
• With better processes come better decisions. Strong data, streamlined workflows and clearer controls give finance teams the confidence to act quickly and strategically.
• Continuous improvement beats one-off fixes. Making process optimisation an ongoing habit helps finance stay agile, resilient and ready for whatever the year brings.

Why the new year is the perfect time for a review

There’s something about the start of a new year that naturally invites reflection. For finance teams, that reflection often begins with year-end reporting – and it’s usually where inefficiencies start to surface.

Manual workarounds, slow approvals, patchy data and clunky processes tend to reveal themselves when you’re closing the books. That visibility makes the new year an ideal moment to ask: what’s actually working, and what isn’t?

It’s also a time when organisations are more open to change. New goals are being set, budgets approved and priorities reset. That momentum makes it easier to have conversations about improving how finance operates, whether that’s streamlining workflows, tightening policies or introducing better tools.

Just as importantly, reviewing financial processes now helps ensure they’re aligned with the business’s plans for the year ahead. If finance is expected to support growth, agility or cost control, the underlying processes need to be able to keep up – not slow things down.

And finally, the new year offers a chance to strengthen risk controls before issues arise. Reassessing approvals, spend policies and data quality early on can reduce the risk of errors or compliance gaps later, giving finance teams greater confidence as the year unfolds.

Key areas to audit

Once you’ve decided it’s time for a reset, the next step is knowing where to focus. A financial process review doesn’t need to be overwhelming – starting with a few core areas can uncover quick wins and longer-term opportunities.

Budgeting and forecasting

Start by looking at how well your budgets and forecasts actually held up over the past year. Were they flexible enough to adapt to change, or did they need constant reworking? The new year is a good time to assess whether forecasting processes support agility, scenario planning and better decision-making – or whether they rely too heavily on static assumptions and spreadsheets.

Spend management and procurement

Spend is often where inefficiencies hide in plain sight. Reviewing approval workflows, policy compliance and visibility over company spend can reveal where money is leaking or processes are slowing teams down. Clearer controls and simpler workflows help finance teams stay in control without creating friction for employees.

Cash flow and liquidity management

Cash flow challenges rarely come as a surprise; the warning signs are usually there. A review helps teams understand how accurately cash positions were forecast, how well working capital was managed and where visibility may have been lacking. Strengthening these processes early in the year puts finance in a better position to respond to uncertainty.

Reporting and data management

If reporting feels slow, manual or reactive, it’s worth asking why. Data silos, inconsistent inputs and heavy spreadsheet use can all undermine confidence in the numbers. Reviewing how data flows between systems – and how easily it can be accessed – is key to faster, more reliable reporting.

Technology and automation

Finally, take a close look at the tools supporting your finance function. Are systems well integrated, or are teams forced to jump between platforms? Identifying opportunities to automate repetitive tasks – from expenses to approvals – can free up time for more valuable work and give finance teams better visibility throughout the year.

Common red flags to keep an eye out for

You don’t always need a full audit to know something isn’t working. Often, the signs show up in day-to-day finance operations. If any of these feel familiar, it may be time to take a closer look at your processes:

• A slow month-end close: One of the most common indicators that something isn’t working according to plan is a slow or stressful month-end close. When closing the books consistently takes longer than it should, it usually points to manual work, unclear ownership or disconnected systems behind the scenes.
• Frequent rework or data inconsistencies: If numbers don’t match across reports or teams are constantly chasing corrections, confidence in the data starts to erode – and decision-making suffers as a result.
• Heavy dependence on spreadsheets: Don’t get us wrong; spreadsheets have their place. That being said, relying on them for core processes often introduces risk, limits visibility and makes scaling harder as the business grows.
• Bottlenecks in spend approvals: Slow or unclear approval workflows can frustrate employees and delay purchasing, whilst also making it harder for finance to maintain proper oversight.
• Struggling to respond to market changes: Market changes can present a challenge – but if adjusting forecasts, budgets or cash plans takes weeks rather than days, it’s a sign your processes aren’t built for agility.
• Limited cash visibility: This is one of the biggest risks of all. When finance teams don’t have a clear, real-time view of cash positions, it becomes much harder to plan confidently or react to unexpected changes.

Once finance teams can clearly see where friction, risk or inefficiency exists, it becomes much easier to prioritise what needs attention and what can wait.

The good news is that improving financial processes doesn’t require a complete overhaul overnight. Small, intentional changes can make a meaningful difference – especially when they’re guided by clear goals and the right tools.

With that in mind, the next step is turning insight into action.

5 steps to revamp your financial processes

The most effective changes often start small, with a clear understanding of what’s happening today and a focused plan for what to improve next.

These five steps can help finance teams turn reflection into action and build stronger foundations for the year ahead:

1. Conduct a process audit

Start by taking a step back and mapping out your core finance workflows – from budgeting and forecasting to spend approvals and reporting. The goal isn’t perfection, but clarity. Where are the manual steps? Where do delays creep in? And where is ownership unclear? Even a light-touch audit can reveal inefficiencies that have become ‘just the way things are.’

2. Engage stakeholders

Sales, operations, HR and procurement all interact with your finance processes daily, so their input matters. Engaging stakeholders early helps uncover pain points finance teams may not see and builds buy-in for any changes that follow. It also ensures new processes support the wider business – not just finance.

3. Prioritise improvements

Not everything needs fixing at once. Focus first on changes that will have the biggest impact, whether that’s improving cash visibility, speeding up approvals or reducing manual work. Quick wins can build momentum, whilst more complex improvements can be planned over time.

4. Implement technology strategically

Technology should simplify work, not add complexity. Look for tools that integrate well with existing systems, automate repetitive tasks and improve visibility across spend, cash and data. When implemented thoughtfully, the right technology frees finance teams to focus on insight and decision-making, not admin.

5. Build a continuous improvement framework

Finally, treat process improvement as an ongoing habit, not a once-a-year exercise. Regular check-ins, feedback from teams and periodic reviews help ensure processes evolve as the business grows. This approach keeps finance agile, resilient and ready to adapt – whatever the year brings.

The benefits: Better processes, bigger results

Taking the time to review and revamp financial processes isn’t just about fixing problems: it’s about unlocking real value for your team – and the business as a whole. When processes are streamlined, modernised and better connected, the impact can be felt across the board:

• Faster reporting: Clearer workflows and better data flow mean month-end closes and reporting cycles become smoother and quicker, giving finance teams more time for analysis rather than chasing numbers.
• Better cost control: Stronger spend management and improved approvals help finance stay on top of where money is going, reducing waste and keeping budgets in check.
• Higher forecasting accuracy: With cleaner data and smarter processes, forecasts become more reliable, helping the business plan confidently and respond proactively to change.
• Enhanced cash flow stability: Real-time visibility and better liquidity management allow finance to anticipate shortfalls, optimise working capital and make strategic decisions with confidence.
• Reduced risk exposure: Clearer processes, stronger controls and less reliance on manual work lower the chances of errors, compliance gaps or financial missteps.
• Greater organisational agility: When finance operates efficiently, the whole business benefits. Teams can move faster, pivot with confidence and seize opportunities without being slowed down by process bottlenecks.

Ultimately, improving financial processes doesn’t just make life easier for finance teams: it equips the business with stronger foundations to grow, adapt and thrive in the year ahead.

A fresh start for finance

By taking the time to review financial processes now, CFOs and finance leaders can move beyond firefighting and set the function up to deliver real strategic value.

The most important thing to remember is that progress doesn’t have to be perfect. Whether it’s tightening spend controls, improving cash visibility or reducing manual work, every improvement builds momentum.

Over time, those small changes add up to stronger foundations, better decision-making and a finance team that feels confident, in control and ready for whatever the year brings.

As the new year gets underway, the question isn’t just what finance needs to deliver, but how it delivers it. Investing in smarter, more agile financial processes today can make all the difference tomorrow.