Implementing Better Accounting Controls: A CFO’s Perspective on Timely and Accurate Reporting

As a CFO, I’ve seen firsthand how strong accounting controls and timely reporting can either anchor or unmoor a business.

When done right, these processes are like the silent engine room of an organization, rarely in the spotlight but absolutely critical to staying afloat and moving forward.

When neglected, even the most promising company can find itself scrambling to explain errors, correct misstatements, or worse, respond to compliance issues.

At a time when financial misreporting is still a leading concern for audit committees and regulators, it's no longer enough to rely on gut feel and old habits. According to a 2024 report from PwC, 45% of CFOs cited the need to improve data accuracy and timeliness in reporting as a top priority for strengthening decision-making. This isn’t surprising. Investors, boards, and internal stakeholders are all demanding clearer financial insight, and they want it quickly.

So what can leadership teams do to implement better accounting controls and ensure reports don’t just check the box but actually reflect reality?

Start with the Fundamentals: Segregation of Duties

If you’re still letting one person handle invoicing, payments, and reconciliations, it’s time to revisit the basics. Segregation of duties (SoD) may sound elementary, but it remains one of the most effective ways to prevent fraud and reduce errors.

Even in small teams, there are ways to get creative. For example, if you can't split responsibilities across multiple people, build system-based checks that require dual approval for payments or flag inconsistencies in transaction patterns. Tech tools, especially cloud-based accounting software, now allow CFOs to configure workflows that simulate separation of duties, even when the headcount is lean.

Lean into Automation, But Don’t Set It and Forget It

Automation can clean up processes, eliminate repetitive tasks, and enhance reporting speed. In fact, Deloitte found that finance functions using automation effectively reduced their reporting time by up to 40%. That’s not just time saved, it’s agility gained.

However, automation isn’t a substitute for oversight. I've seen cases where a bot was set up to reconcile transactions, but no one checked the logic after a system update. It started mismatching entries silently for weeks. The lesson here is to trust your automation, but keep verifying it. Regular reviews of your automated workflows and their outputs are essential to maintaining integrity.

Build a Culture of Accountability

Financial control isn’t just about systems, it's about people. Embedding accountability into your team culture is the fastest way to prevent minor issues from turning into systemic problems. This starts with clarity. Everyone on your finance team should know not only what they're responsible for, but also why it matters.

Set clear reporting timelines and require sign-offs at every level. And when errors happen, because they will, focus on root cause instead of assigning blame. Some of the strongest controls I’ve seen were born out of conversations around small mistakes that exposed much bigger gaps.

Establish a Strong Month-End Close Process

Ask any CFO about their month-end process and you’ll likely get a long sigh followed by a war story or two. But it doesn’t have to be painful. The key is discipline.

Create a close checklist that details every required action, assigns responsibilities, and includes due dates. Then stick to it consistently. According to a survey by the Institute of Management Accountants (IMA), companies with standardized close processes close their books nearly three days faster than those without. More importantly, they catch anomalies sooner.

Pro tip: invest time in a post-close review. Did everything go according to plan? What caused delays? Continuous improvement can shave days off your cycle and raise your reporting accuracy over time.

Use Dashboards to Keep Reporting Transparent

Static spreadsheets have their place, but they don’t do much for fast decision-making. Cloud dashboards, on the other hand, offer real-time visibility into your numbers and that level of transparency can truly shift how decisions are made.

Modern CFOs should lead the charge in setting up financial dashboards for key stakeholders. When department heads can see their spend-to-budget in real time, they are far less likely to overspend or miss targets. And when the executive team has a clear view of cash flow, receivables, and expense trends, decisions can become proactive instead of reactive.

Don’t Wait for the Audit to Find Your Weak Spots

One of the most important lessons I’ve learned is to think like an auditor long before the audit begins. Walk through your processes regularly. Are reconciliations being done on time? Are access controls in place? Are journal entries being reviewed properly?

A KPMG study in 2023 found that 58% of material weaknesses identified during audits were tied to failures in internal control over financial reporting (ICFR). Many of these could have been spotted and addressed with stronger oversight earlier in the year. Internal audits and spot checks are extremely useful here. Make them part of your regular routine.

Final Thoughts

Better accounting controls aren’t about red tape. They are about clarity, consistency, and confidence, for your team and for the stakeholders relying on your numbers. And timely, accurate reporting isn’t just a compliance requirement. It’s the foundation for smarter strategy, stronger investor relations, and sustainable growth.

If you’re a CFO or financial leader looking to strengthen your processes, my advice is simple: don’t aim for perfection on day one. Just start tightening the bolts. Build a process you can trust, a team that’s aligned, and a culture that understands the purpose behind the numbers. Once that’s in place, everything else starts to click.