Finance and Accounting have been in a decade-long transformation journey, and while some feel like there is no end in sight, we have actually come a long way already.
Accenture recently reported that 60% of traditional finance tasks are now automated (up from just 34% in 2018). However, far too many transformation projects have had the aim to simply reduce the cost of Accounting and Finance rather than increase its value. This is a key flaw as it just reduces the size of the finance function and leaves a lot of value on the table.
Instead, we believe F&A leaders should plan for how to use your newly freed-up resources. Automating your processes and increasing data quality delivers a lot of benefits if we understand how to use the numbers properly. It can enable accountants to transform into strategic business partners and use their time in a completely different way, adding a lot more value to the company.
In this article, we share our view on what a week in the life of an accountant could look like when a finance transformation is completed successfully. We will also discuss the skills and continuous enablement from digital solutions accountants need to excel in the future of finance.
The Ideal Week for the Transformed Accountant
Finance transformation is just as much a functional agenda as it is an individual agenda. If accountants do not decide to do anything differently, they will be left behind to do mundane work without a chance to be a business partner.
Hence, it is important that all accountants choose to work in new ways, and ideally, become a valued partner to the business. Here is what an ideal week looks like for a finance business partner in a transformed finance function.