Earlier this year, the Re-defining finance for a sustainable world white paper, the latest iteration of AICPA & CIMA’s Future of Finance global research programme, was released, . The white paper highlights that the accounting and finance profession is unequivocally changing, moving away from traditional rules-based approaches and towards a more inclusive, expansive and value-creation mindset, writes Tariro Mutizwa, ACMA, CGMA, vice president – Africa at AICPA & CIMA, together as the Association of International Certified Professional Accountants.
In the near future, our work will encompass a broader range of responsibilities. These include, but are not limited to, being the stewards of sustainability data and strategy, embracing technology, and working with colleagues in all parts of the organisations we serve, to drive efficiency, productivity and sustainable value creation, ensuring that they are equipped to face the challenges of today and tomorrow.
Sustainability is one of the key drivers of change within the profession, but it is not just a response to regulatory changes. While these are obviously important, we need to look beyond this and develop a value creation mindset to truly integrate sustainability into our business strategies and operations.
Progressive organisations are not seeing this as merely a reporting obligation. They are exploring how their business models can evolve to achieve genuinely sustainable growth, as this is where they will gain a competitive edge.
While this may not describe most workplaces, our survey results indicate that many of them are headed in this direction. We discovered that 48 percent of professionals in accounting and finance are already evaluating the impact of sustainable initiatives, and only 45 percent are assessing their performance. This represents a substantial segment, and the growing focus on evaluating these initiatives highlights the direction of travel for the profession.
A digital mindset
With the rapid advancement of new technologies such as machine learning, data analytics, robotic process automation and artificial intelligence to name a few, over the past decade, it seems that the conversation about finance and accounting professionals being replaced by machines has intensified. The good news is that people with a digital mindset and appetite to keep learning have nothing to fear: only those who do not embrace change will put themselves at risk.
To understand what is happening, we need to look beyond the headlines. The reality is that certain routine tasks are being automated, but that’s not necessarily a bad thing. It frees up time and resources to hone our digital and tech skills to leverage the latest technologies, automation, and artificial intelligence, to streamline processes, enhance accuracy, and generate real-time insights. This is a unique opportunity to take a more strategic approach to meeting business needs, supporting better decision-making and driving innovation.
Our research also highlights an increasing shift towards the business partnering model. Notably, 60 percent of surveyed professionals identify as finance business partners, with 84 percent of them optimistic about the profession’s future. In contrast, only 15 percent of the 40 percent of professionals who do not identify as business partners share this optimism.
This is a good indication of where our profession is heading, value creation is trumping information curation.
To capitalise on this, future finance and accounting professionals will need to combine data analytics skills with business acumen, so that they can enhance strategic decision-making and drive business performance within their organisations.
The profession’s main challenge is clear: we need to adapt the requirements of sustainable business practices while harnessing the power of new and emerging technologies. For finance and accounting profession to succeed, we must both adopt a multi-capital value perspective and learn to collaborate across organisational boundaries. If we can accomplish this, we will secure a promising future.
As the demand for data-driven decision-making and sustainable business models continues to grow, the need for strategic value-creating finance and accounting teams will continue to grow – and we must be ready to seize this opportunity.
