The Future Of Finance & Accounting: Skills You Need To Know

The Future Of Finance & Accounting: Skills You Need To Know

by Calvin Freed

As the age of technological transformation is upon us, professional finance and accounting jobs are also evolving. How will an Accountant reconcile the general ledger accounts? What metrics will a Financial Analyst track? The finance and accounting professional will need to take an inventory of the skills developed over their career and assess what will be useful moving forward in the tech revolution.
When asked what to expect in the coming decade, there seems to be a consensus in responses from finance and accounting leaders: system implementations, process automation, and the ability to communicate clearly with all levels of the organization.

Enterprise Resource Planning

Enterprise Resource Planning (ERP) systems are becoming more advanced every day. To increase reporting efficiencies and maximize the use of their data, companies are beginning to adopt new tech and update their systems. Some of the key partners during an ERP implementation is your finance and accounting team. Financial analysts and accountants guide implementation teams to build appropriate reports and dashboards that can be used by most decision makers and reduce the need for custom report generation.
Automation is another useful tool that comes with the setup of a new ERP. Instead of staff manually producing a report for managers, an automated dashboard can be set up to give executives real-time data to make decisions quickly. These dashboards can be set up to analyze data in real time automatically and are starting to add tremendous value. Lean on the expertise of finance and accounting professionals when choosing the appropriate metrics to measure when growing your business.

 


Related Post: 2019 Finance & Accounting Salary Guide ➢


 

Communication Is Key

During process improvements and implementations, it is of the utmost importance to be able to communicate with all levels of the organization. Whether it’s explaining a financial report to the Chief Operating Officer or breaking down a new process to an Accounts Payable Manager, communication and soft skills are becoming more and more critical. Technology removes some of the analytical work and increases the importance of relating details to the big picture and gaining buy-in through appropriately communicating the “net-net” with data to back it up.
With the emergence of new technologies, it is essential to analyze and adapt to new systems. Though the finance and accounting field is changing, it’s reducing the need to put numbers into boxes on spreadsheets all day long. It’s forcing professionals to develop soft skills to maximize buy-in and implementation effectiveness of new systems.

 

Versique specializes in pairing organizations with the best and brightest finance and accounting professionals in the industry. Make sure your team has the skills necessary to drive growth and future success; get in touch with us today.

 

 

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