Professional accountants
– the future
This report from ACCA and Chartered Accountants ANZ in association with PwC takes a deep dive into the future of the finance function in a rapidly changing world. It warns that there are only five years to maximise the potential of the finance function for challenges ahead and preparations must start now.
The report is based on the perspectives of over 150 finance professionals from around the world and 2,300 responses to a global survey, examining emerging trends and making recommendations for CFOs and other finance leaders to consider in preparing their teams for the future.
Major evolutions in the key areas of people, process, technology and data are needed, it finds, for the function to maximise its potential in the next decade. The world is being changed by demographic change, the climate emergency and the increasing development and successful use of artificial intelligence (AI). And the finance function itself will be changed by these and other significant drivers.
The report finds that there are only five years to reinvent the finance function to meet these challenges and recommends three main ways to achieve this:
- focus on the delivery of long-term value creation as well as short-term profit maximisation.
- create trust in predictive information and pre-emptive decision making in a changing world where trust is at a premium.
- embrace new, agile, skill sets, career paths and capabilities and continuously reinvent itself.
Yet the respondents to the survey indicated that there remain concerns as to the following three key issues:
- Lack of understanding as to the areas where finance can add business value (38% of first preferences)
- Finance being treated as a cost (32%)
- Current technology suite not meeting the organisation’s needs (30%)
Addressing each of these issues, and others as well, are fundamental if finance functions are to thrive in the next decade.
Professional accountants
– the future
Finance evolution: Thriving in the next decade
"For finance teams to stay relevant, they need to look ahead. CFOs and finance leaders must ensure they are measuring both the long-term and short-term goals of sustainable business models effectively. The role of the CFO is fast evolving beyond finance to encompass wider value creation and management."
Helen Brand, chief executive, ACCA
"While the arrival of new technology presents exciting opportunities to radically transform and improve the way we work, the one thing that must never change is our profession’s strong ethical standing. While we upskill and future proof our technology capabilities, we must also remain firmly focused on the ethical role that financial professionals – especially Chartered Accountants – must play."
Ainslie van Onselen, chief executive officer, Chartered Accountants ANZ
"Respondents highlighted their biggest skills gaps as digital skills, data skills and sustainability skills. A critical question for the industry, as a whole, is why these skills gaps remain so pronounced and how far organisations should go to own the skills agenda, and not just rely on traditional training."
Simon Seymour, partner, PwC UK