why accountancy is changing and what you need to do to embrace it
TRANSCRIPT
Why Accountancy is changing and what you need to do to embrace it
The world of accountancy is ever evolving, we have all seen newly created divisions and newly created roles due to the increased demand for innovation within what has been typically a routine function up until the early 2000's.
Within the last five years we have seen the larger corporates embracing the Business Partnering model to better help commercial delivery within specific departments or categories. The SME finance world is encompassing this need in a more gradual way as most face the justification of value over cost which can quite quickly diminish as this "isn't what we have always done" the core finance structure below will no doubt evolve and I have constructed a hypothetical structure.
The core finance structure below will no doubt evolve and I have constructed a hypothetical structure in what could happen in years to come. Embracing technology and the pivotal part to play of I.T
CFO
Financial Controller
Financial Accountant
Commercial Finance
Finance Analyst
I.T Business Partner Innovation Manager
Innovation AnalystDecision Support I.T AnalystBusiness Analyst
Finance Director
Financial Controller
Management Accountant Financial Accountant
Purchase ledger Sales ledger Credit Control
Structure
What this means for you….The changing structure of finance is evolving from the traditional accountant to the commercial minded business individual. The role of an Financial Accountant will soon become the role of justification rather than the Commercial Finance role. A lot of this will evolve with process and efficiencies much of which will be led via new Technologies and utilizing automation. There have been studies predicting the functions to be automated in the future.
What can you do about it?Embrace the change and appreciate the fact that most roles have already evolved in the last 10-20 year. This change is a natural evolution of companies wanting more from each department/team, with recent financial restrictions being imposed on numerous companies the need for us as employees to do more is more than even present.
To evolve with the focus and requirements be the first person to do something you haven’t done before, innovate your role and look for ways to set yourself apart from the “we have always done it this way” mentality.
Below are some articles highlighting the change and need for evolution. The CFO role seems to be most exposed to change at present.
http://www.accountantsdaily.com.au/breaking-news/8188-accounting-jobs-most-at-risk-from-automation-warns-pwc
http://www.inc.com/suzanne-lucas/bill-gates-on-the-future-of-employment.html
http://www.ey.com/GL/en/Issues/Managing-finance/EY-CFO-program-why-digital-should-be-on-the-CFOs-radar#cforoleindigital
What we can do;
I will be putting together a series of presentations and networking events on the evolution of finance and your team. I would welcome all thoughts and studies on the matter and ideally some speakers on how they have personally innovated their own role to their benefit.
Please get in touch if you are interested in partnering with this approach so that together we can prepare for the next “Business Partnering phase”.
Matthew Gunn – Executive appointments
01273 628 243
“Before the advent of the iPhone, did we have any idea of how many people would be employed producing apps for smart phones and tablets? Nope. What other jobs will exist depends largely on what the workers of today dream up. And right now, software still lacks the creativity that people have.”