Designing the Finance Function of the Future Needs Strong Management to Lead Change
Global survey reveals half of the respondents believe the traditional role of the CFO will no longer exist in the future
Dubai, United Arab Emirates, 15 July 2019, (AETOSWire): Insights on what will shape the future of the finance function are laid out today in a new report from ACCA (the Association of Chartered Certified Accountants) and PwC called Finance: a journey to the future?
The report summarises the responses of over 1,100 members and PwC contacts worldwide plus the views of the attendees of a series of roundtable events on six hypotheses about the future of finance which were developed jointly by the ACCA and PwC. The findings reveal:
- 77 percent accepted that trusted data will be open and accessible across the organization between the present day and the longer-term horizon
- 65 percent agree that a change in structures will make the finance function virtual
- Just 22 percent agreed that soon new roles, skills, and career paths will be needed as traditional finance roles will disappear.
- 87 percent believe that accessible, trusted data will drive real-time, customer-centric decision making in their organization
- 72 percent agreed that finance teams will spend a lot of their time on generating insights and will spend all their time on forwarding insights and not rearward review
- 50 percent believe the traditional CFO role will no longer exist – to be replaced by roles at the chief operating officer and chief strategy officer
Commenting on the report, Jamie Lyon, director of professional insights at ACCA said: ‘Our results show that finance is changing at a rapid pace, and this is both a challenge and an opportunity. Interestingly, the biggest barrier to this change is leadership mindset – alongside getting to grips with the technology that now pervades our working lives. It’s knowledge of this technology that’s key for the future – leaders need to keep up to speed on trends.’
Brian Furness, global head of finance consulting, PwC added: ‘The need for trusted and accessible data that meets customers’ needs came out top in these six scenarios, and I believe this is good news – alongside the other opportunities ahead, this is a real chance for finance to develop a more proactive, advisory function, where technology has been applied to minimize the operational finance workload and enable finance to focus on helping drive business performance.’
In the Middle East, finance continues to develop as a result of increased investment in technology and changing working models. The region has seen a number of legislative and fiscal reforms which continue to challenge the traditional models of doing business in the region. As a result, there is a greater need to develop the finance function of the future which continues to evolve with economic development.
Fazeela Gopalani, Head of ACCA Middle East states ‘Amidst all the change in the region, there is a temptation to stall – but this cannot be an option. The speed of change for finance, the recognition of the need to redefine the culture and to be adaptable and flexible is essential for success. As leaders, we need to enable rather than control projects and embrace change as a natural course of events. With innovation and tech development being a key government focus, it continues to shape policy and the economy – therefore finance must adapt which should be at the forefront of the leadership agenda.’
Brian Furness ended: ‘This report, and the survey and workshops which underpin it, show the fast pace of change in the finance world and the opportunity this brings for organizations and the people within them. A people-centered approach is required to capitalize on this, alongside a clear vision, collaboration, and strong leadership.’
Notes for editor
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2019 PwC. All rights reserved
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability, and ambition around the world who seek a rewarding career in accountancy, finance, and management.
ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centers and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development.
Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity, and accountability. More information is here: www.accaglobal.com
Contacts:
Helen Thompson
T: +44 (0)20 7059 5759
M: +44 (0)7725 498 654
Twitter @ACCANews
Mike Davies, Director, Global Communications
United Kingdom
+44 7803 974 136
/ Source: AETOSWire
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