WORLD ACADEMY OF INFORMATICS AND MANAGEMENT SCIENCES
ISSN : 2278-1315
shown as a box to Blockchain
could
provide
top priorities to transform its finance function should be to:
the side that isn’t transparency.
a. Make use of the latest technologies to release the full
sufficiently
Accountants are still responsible for
capacity of the finance function
integrated within the integrity of the information
b. Widen the remit of finance to cover a broader range
the
finance produced.
of management information, generating new insights
function.
Greater expertise in data governance,
and business solutions
Although finance data planning and data architecture is
c. Provide and empower finance professionals with new
professionals still needed.
competencies and growth mindsets to help your
use terms such as New risks must be managed. These
organization create and preserve value.
ledger, journal or include
back-up
policies
and
That’s what this project is all about.
chart of accounts, contingency plans to mitigate the risk
accounting
is of downtime. Addressing cyber-
So, armed with this briefing, why not start a conversation on
already dependent security risks is a growing concern.
the future of finance in your organization? Read one or all of
on
technology. Understanding and managing what
our briefing papers on emerging themes and share them within
However,
happens within information systems
your network.
assembling
requires combined accounting and
information from systems
expertise,
whether
legacy
systems individually or, more likely, in multi-
YOU CAN THEN ASK YOURSELF:
and
the disciplinary teams.
widespread use of The skills needed to use new
How do the emerging themes resonate in your
Excel keeps many technologies, such as when automating
organization?
expensive
a process, will become as important as
professionals
people management skills are today.
Where are you and your organization on the journey to
busy. There are
realizing the finance function of the future?
also risks of error
due to human
How, in the light of these themes, will you reconsider your
intervention.
strategies to meet the future finance function’s innovative
In this evolved finance function of the future, we will see
mandate?
accounting
operations,
subject
matter
expertise,
management information production and FP&A (now with
FIVE THINGS YOU CAN DO IN LIGHT OF THIS
data analytics) becoming more closely combined with
BRIEFING
decision support and performance management. This is a
fusion of accounting expertise within the finance function,
1. Begin by identifying priorities for your finance function
which will enable greater integration with the business and
through using the table in the section titled ‘how service areas
reflect the clear focus on decision support and performance
within the finance function are evolving’.
management.
2. Next, we recommend investing time to identify skills gaps
The shape of the finance function will continue to evolve,
in light of the evolving finance function shape, and
with increasing emphasis on professional-level roles that
developing plans to close them.
offer these support and management skills. However, the
3. From a personal standpoint, consider the direction in which
level of specialist expertise that’s required will lead to the
you would like to develop your own career. You can then take
formation of multi-disciplinary teams, so that experts in data
action by reading up on disruptive technologies to understand
analytics, logistics and other increasingly important areas
how that may help or hinder your future direction.
will become members of the finance team. Finance will no
4. To achieve your goals, start developing your own
longer be just for pure accountants.
continuing professional education plan to take your career in
your chosen direction. It’s important to make sure this plan
THE FUTURE OF FINANCE: JOIN US ON OUR
complements learning with experience and exposure in order
JOURNEY
to develop your skills and contacts.
5. To help us develop a knowledge-sharing community, please
Our briefings on these emerging themes will enable us to
do get in touch to share your experiences, observations and
discuss a new delivery model for modern finance, with
opinions with me.
certain key features. Ultimately, all organizations face the
References:
same obstacles of building capacity, competence and
i. The expanding finance mandate is explored in ‘Emerging
credibility within their future finance functions.
theme 1: The changing role and mandate of finance’. The
The difference is that some organizations are innovators on
impact of digital technologies is explored in ‘Emerging theme
the journey to the future, while others are lagging behind.
2: Changing technology and finance’.
With this research, we want to help more organizations to
ii. CIMA. The Global Management Accounting Principles
lead from the front.
(December, 2015).
iii. M Chui, J Manyika & M Miremadi. Where Machines
could replace humans – and where they can’t (yet) (McKinsey
The keys to transformation
Quarterly, July 2016).
Based on our interviews, it appears that an organization’s
www.waims.co.in
ENDEAVOR 2019 | WAIMS ACADMIC PRESS
37 | P a g e