Solving common financial system hurdles, like managing timely financial reporting, meeting budgeting requirements, and helping overburdened accounting departments work effectively are common challenges for Tribes.
Other obstacles include outdated, paper-based processes or inefficient technology practices that hinder organizational growth and agility as well as a tight labor market and preferential in-Tribe hiring practices that keep Tribal accounting departments understaffed.
Finance transformation is a strategic approach to structuring financial systems that can help Tribes address these foundational issues and improve their financial infrastructure.
What is finance transformation?
Finance transformation is the process of analyzing an accounting and finance team, identifying roadblocks, and creating systems and processes that help finance departments run efficiently and effectively.
Finance transformation creates solutions that help Tribes align their accounting processes, staffing needs, and technology investments with their larger goals.
What are the benefits of finance transformation?
High-functioning accounting departments can create positive impacts for the entire Tribe. Finance transformation elevates Tribal accounting departments’ performance and can help Tribes see better results in the following areas.
Budgets, grants, and forecasting
Winning grants depends on accurate and timely financial forecasting, accounting, and reporting. Finance transformation practices can help Tribes’ budget, manage, and report spending accurately and more efficiently making it less likely that grant applications are returned or rejected.
Finance transformation practices can also improve member service departments’ ability to track goals and adhere to financial forecasts, while allowing program departments to verify spending obligations or compliance adherence.
