Creating Value in Financially Savvy Industries

1. Incorporating your talent with your technology

One of the main obstacles that CFOs will face is recruiting and retaining talented individuals, but understanding their desires can alleviate this challenge. Many employees seek meaningful work, which can be facilitated by technology. A study involving 260 CFOs across the globe revealed that 48% intend to invest in technology to improve the efficiency of finance-related duties. Additionally, almost all of those who prioritize technology (99%) believe that technology upgrades are increasingly vital in attracting and retaining employees.

Performing significant duties in finance and accounting goes beyond the monotonous process of gathering information manually or managing unwieldy spreadsheets every day. Technology has the potential to automate such cumbersome chores, enabling staff members to dedicate their energy to tasks that deliver more value, such as identifying trends to help businesses comprehend the logic behind their numerical data. This will become particularly significant as top-quality personnel in finance continue to be in high demand. According to research, 82.4% of finance and accounting recruiting managers for public companies have encountered difficulties in retaining specialists. Investing in technologies that streamline user experience and automate core processes will be critical in creating and preserving a capable and flexible finance team.

2. Making a shift to technology

Traditionally, the process of reconciling financial statements at the end of a reporting period has been time-consuming and demanding, taking several weeks to complete. This not only drains resources but also inhibits the speed at which data can be analyzed and shared with decision-makers, posing a significant challenge in today’s rapidly changing business environment where timely information is critical. However, the accounting industry is working to address this issue by leveraging intelligent automation and continually updated information to achieve a zero-day close, enabling faster internal reporting and data analysis. This is why an overwhelming majority of finance executives are aiming to achieve a real-time close by 2025, with many already investing in technology such as general ledger and workflow automation. While achieving a zero-day close may be the ultimate goal, any incremental progress towards it, such as automating manual data entry or journal creation, can lead to significant improvements in day-to-day finance functions. By utilizing AI and ML, the writer’s team has achieved nearly 100% billing accuracy and automated cash flow, significantly reducing the need for manual journal entries. Any anomalies are identified promptly, allowing the team to address them well before the close.

3. Value creation through automation in Finance & Accounting

With the massive shift in businesses to a more complex yet interconnected environment, leaders now recognize the need and importance of real-time data that allows to be decision driven. With the rise of this need, there is also a shift in recognizing that accounting is more than a number driven field rather it incorporates technology and transformation by including decision making and strategy management as its core values.

One example that allows to understand the ever-changing nature of accounting management is that now accounting leaders are getting involved in driving and designing a businesses’ governance including its environmental and social factors by adhering to the technological advances in data analysis, insight development and strategic decisions.

The true value of accountants can be analyzed by understanding how real time insights and analysis help them in growing business and empowering clients to achieve their potentials. Accountants use this real-time data to further financial implications of strategic decisions by finding loopholes and ineptitudes and reallocating investments to improve functionality and performance which in turn allows for better and cohesive collaboration of business functions.

The current trends that are shaping and reshaping the genres of accounting and finance are different from how organizations operate. The urgency that should be adapted by every business across Australia should be to adapt to the changing trends by hiring expert accountants and financial advisors that can help to increase and expand the potential of their business. Accounting and Finance are the backbones of any business that aims to develop a system that is coherent and robust.