A FEL’s Post

Is your Finance Person tech savvy? As tech continues to advance and evolve at an ever increasing pace, it might feel almost impossible to keep up with the latest developments, especially if you aren’t a tech person yourself. At the same time, your CFO probably also isn’t a tech expert. So how do you ensure that IT and tech get the focus they need without costs spiralling? We agree with this piece in The CFO and believe that it is vital for the CIO and the CFO (or whatever titles those people might have) to work collaboratively to ensure that the tech aligns with finance, and that finance is available to support the necessary tech. The onus is clearly on CFOs to ensure they understand, or at least appreciate, the tech requirements and risks in a business. But they can’t do this alone - the CIO is also responsible for making sure that they plan ahead and mitigate risks alongside the CFO. In other words: collaboration is key. That’s why, when we seek out candidates for any role, we are increasingly looking for Finance Professionals who have an ‘in it together’ mindset and who can show that they can collaborate effectively. This ensures that they can work seamlessly with their IT colleagues, even if they don’t have any IT expertise or experience themselves, in a way that benefits the entire organisation. How important do you feel understanding modern tech is to your organisation? https://lnkd.in/e5nVGHDz #CFO #TechAndFinance #ArtemisClarke

Accounting trends reflect the evolving landscape, driven by technological advancements and market dynamics. How, the accounting industry is changing: 🔹 Technology and Automation: Automation of repetitive tasks like approval workflows and bank reconciliation is becoming widespread, though adoption rates vary due to resource constraints. 🔹 Role of Artificial Intelligence (AI): AI and robotic process automation (RPA) are revolutionizing finance and accounting by automating mundane tasks and allowing professionals to focus on higher-value activities. 🔹 Accounting Software: Cloud-based accounting solutions are gaining popularity, enabling integration with other business functions and providing actionable insights. 🔹 Data Analytics and Forecasting: Increasing use of budgeting, forecasting, and data analytics tools is enhancing the analytical capabilities of finance departments. 🔹 Digital Transformation: Organizations are embracing digital technology to adapt to changing business landscapes, with accounting teams playing a pivotal role in this transformation. 🔹 Workplace Wellness: Managing workplace wellness programs poses challenges for accountants, who must ensure compliance with tax laws while promoting employee engagement. 🔹 Online Collaboration and Remote Workforce: Cloud-based collaboration tools facilitate remote work, allowing dispersed teams to collaborate effectively. 🔹 Evolution of the Accountant Role: Accountants are shifting towards leadership roles, relying on soft skills and analytical abilities to drive business decisions. 🔹 Data Security: With the increasing risk of data breaches, accountants must remain vigilant and champion cybersecurity measures within their organizations. 🔹 Changes in Tax Policy: Accountants must stay abreast of evolving tax policies and regulatory changes to ensure compliance and minimize risk. 🔹 Environmental, Social, and Corporate Governance (ESG): ESG considerations are gaining prominence, with regulations expected to impact financial disclosures for public companies. 🔹 Accounting Standards: Financial accounting standards continue to evolve, requiring accountants to stay updated on changes affecting financial reporting. 🔹 Proactive Accounting: Continuous accounting practices leverage automation to improve efficiency and data integrity, allowing accountants to focus on value-added activities. 🔹 Outsourcing: Organizations are outsourcing finance and accounting functions to enhance efficiency and access specialized expertise. In 2024, accountants will continue to adapt to emerging trends, showcasing resilience and leadership in guiding businesses forward. 💼📈 #AccountingTrends #digitaltransformation #dataanalytics #workplacewellness #remoteworkforce #compliance #esg #continuousimprovement #finance #CAfirm #ca #charteredaccountant #finacialtips #financials 

The Evolving Role of the Accountant in Today's World Gone are the days of accountants solely focused on crunching numbers. Today's dynamic business landscape demands a more strategic approach, and accountants are at the forefront of this evolution. Here's how the accountant's role is transforming: Data-Driven Insights:  Accountants leverage data analytics to interpret financial data, identify trends, and forecast future performance. This empowers better business decisions. Strategic Collaboration: Accountants work closely with other departments, providing insights that inform marketing strategies, operational efficiency, and resource allocation. Risk Management Experts:  Beyond compliance, accountants analyze financial risks and develop mitigation strategies, safeguarding the company's financial health. Tech-Savvy Problem Solvers:  Accountants embrace technology – automation, cloud accounting – to streamline tasks and free up time for strategic analysis and problem-solving. This shift requires accountants to develop new skill sets: Strong communication and interpersonal skills to collaborate effectively across departments. Business acumen to understand the broader business context and its impact on finance. Analytical and problem-solving skills to interpret data and translate it into actionable insights. The future of accounting is bright! By embracing these changes, accountants become invaluable strategic partners driving business success. #accounting

📢 Automation is something that is being used more widely accross the board - basically in all parts of business - and finance is not an exception. Think of it as turning your business into a finely tuned machine, where repetitive tasks like scheduling, data entry, project management and more run on autopilot. So what are the benefits of implementing it? 📌 Reclaim Your Precious Time - free yourself from time-consuming, mind-numbing repetitive tasks and focus on the game-changing ideas that drive your business forward. 📌 Eliminate Human Error - let smart algorithms handle the repetitive, ensuring accuracy and consistency in your workflows. 📌 Boost Team Efficiency - empower your team to collaborate seamlessly, maximising output and minimising frustration. Build new more efficient streamlined workflows within your business by removing the repetitive and time-consuming tasks. 📌 Scale Effortlessly - as your business grows, your automated systems adapt and evolve, always keeping you ahead of the curve. 📌 Optimise Your Lean Resources - make the most of your limited manpower by leveraging technology to handle the mundane. 📌 Enhance Customer Experience - automate repetitive tasks like onboarding and follow-up to elevate customer satisfaction. 📌 Improve Data-driven Decision Making - automate data collection and analysis to gain deeper insights and make informed strategic choices. We would like to also highlight that technology is not meant to replace human ingenuity, it is meant to help unleash out full potential by allowing us to focus on what is important. --------------------------   💻 We are ASul Accountancy 📌 A tech savvy practice for tech savvy businesses 📌 Virtual Finance Offices for Telecoms & IT | Sole Traders & SMEs   If you like our posts give us a follow, ring the bell 🔔 on our profile and connect with our staff on LinkedIn!   ✉ [email protected] ☎ 07554422271 www.asulaccountancy.co.uk   #accountancy #tech #technology #onlineaccounting #cloudaccounting #automation #virtualbookkeeper #virtualaccountant #virtualfinanceoffice

Automation can be lengthy to set up but in the long run it can save a lot of time and money.

Struggling with month-end close processes and feeling like you're losing time and resources? Many teams are facing the same challenges, but there is a solution. Explore the advantages of Business Process Optimization (BPO) to break free from inefficient processes. Finance leaders should proactively consider incorporating emerging technologies into their organizations and developing strategies to integrate them seamlessly into their finance operations. Adapting quickly to these evolving trends will position finance departments to add strategic value to their organizations in the future. BPO can significantly improve efficiency and accuracy in finance operations by streamlining workflows, utilizing technology, and promoting a culture of continuous improvement. Obstacles to implementing BPO may include resistance to change, technology integration challenges, and concerns over data security. These hurdles can be overcome through strategic planning and careful execution. #NERP #AI #FINANCE #ANALYTICS #AUDIT #AUTOMATION #CLOUD #SECURITY #ACCOUNTS #BPO https://lnkd.in/gM_PR5hn

🚀 CFOs: Driving Finance Transformation in the AI Era 💻 Strategic tech adoption: Leveraging specialized software, particularly for new accounting standards compliance, can significantly enhance efficiency and control costs. For example, lease accounting software can eliminate the need for additional hires while ensuring compliance. 🧠 People over tech: The biggest barriers to transformation are organizational, not technical. Gradual implementation of new technologies and clear communication about benefits are crucial to reducing resistance and ensuring successful adoption. 🤖 Automation is the game-changer: It frees finance teams from routine data entry, allowing them to focus on high-value strategic tasks. This shift not only improves accuracy but also enables processing higher volumes of transactions without additional staffing. 🤝 Proactive partnerships: Early collaboration with auditors and embracing expert support can streamline compliance processes and reduce associated costs, especially when navigating new accounting standards. #StrategicCFO #AIinFinance #FinanceTransformation #LeadershipInsights

18% of accountants make financial errors at least daily, with ~33% making at least a few financial errors every week, and over half (59%) making several errors per month, according to a recent survey by Gartner. If you work in accounting, I'm sure you feel very seen by this 👀 (I know I do, sorry 🙃 ) Accountants are being stretched beyond their capacity. The study also found companies that digitize with high technology acceptance for their technology environments see a 75% reduction in financial errors. This isn't about cutting edge technology, this about process automation. Where are accountants spending meaningless time? These areas need to be explored and #AUTOMATED. Document management and workflows should not be where your highly skilled resources focus their efforts. If you feel compelled to explore more, take a look at the M-Files Knowledge Work Automation e-book below! https://lnkd.in/g_mR7s5J Source: https://lnkd.in/d4eEb43a

 Can you see the EVER-evolving landscape of business ? If yes, let's talk how can we evolve your business!

𝙉𝙖𝙫𝙞𝙜𝙖𝙩𝙞𝙣𝙜 𝙩𝙝𝙚 𝘾𝙤𝙢𝙥𝙡𝙚𝙭 𝙁𝙞𝙣𝙏𝙚𝙘𝙝 𝙇𝙖𝙣𝙙𝙨𝙘𝙖𝙥𝙚 𝙛𝙤𝙧 𝘾𝙁𝙊𝙨 Investment in finance technology was a top priority for over 90% of CFOs in 2023 [Ref: Gartner] The finance software landscape is littered with 100s of different systems. How can CFOs optimize their tech stacks to best support their growing businesses? The key is to focus on your role as a business leader. Finance technology has come a long way since the days of legacy suites such as SAP or Oracle. Today, CFOs are spoilt for choice. SaaS solutions exist for almost every aspect of finance, from budgeting and forecasting to ever-challenging cash flow management. If you’re struggling to make sense of the CFO tech stack, check out this infographic by Greenfield Partners 🔻 Fintech falls neatly into 3 main categories: 👉 Beginning of the reporting period 👉 During the reporting period 👉 After the reporting period A further subset of tech solutions spans the stack. Let’s take a look at the essentials for choosing your next fintech solution. The bulk of a finance function’s work tends to fall into the middle category, “during the reporting period”. It’s arguably the most visible, so worth focusing your attention on choosing the right tools. But, the same principles apply equally to the rest of the finance workflow. What to look for when deciding on a fintech solution: ✅ 𝗗𝗮𝘁𝗮-𝗵𝗮𝗻𝗱𝗹𝗶𝗻𝗴 – ensure your chosen solution can cope with your business’s data volumes, now and in the future  ✅ 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗰𝗼𝗻𝘁𝗿𝗼𝗹𝘀 – make sure your fintech helps you enforce policies  ✅ 𝗥𝗲𝗮𝗹-𝘁𝗶𝗺𝗲 𝗱𝗮𝘁𝗮 – base decisions on accurate, up-to-date data ✅ 𝗔 𝘀𝗶𝗻𝗴𝗹𝗲 𝘀𝗼𝘂𝗿𝗰𝗲 𝗼𝗳 𝘁𝗿𝘂𝘁𝗵 – data should be centralized across departments to reduce errors ✅ 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗲𝗱 𝗱𝗲𝗰𝗶𝘀𝗶𝗼𝗻-𝗺𝗮𝗸𝗶𝗻𝗴 – reduce executive team interventions in financial decisions and approvals ✅ 𝗥𝗲𝗺𝗼𝘁𝗲 𝘁𝗲𝗮𝗺𝘀 – select tools that embrace the modern distributed workforce ✅ 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗶𝗼𝗻 – ensure your fintech works smoothly with your existing tech, including banking platforms, CRM, and ERP Don’t fall into the trap of focusing only on transactional tasks. CFOs and their teams are more than number crunchers. They’re strategic business partners, charged with the responsibility of guiding their organizations toward efficient and sustainable scaling. And they need the right tools to enable them to do just that. What challenges have you faced optimizing your company’s tech stack? 💬 Visual credit to Greenfield Partners #fintech #automation #finance Ready to learn more about digitizing your finance function? Listen to the insights of former CFOs of Oracle and King, plus a finance leader from Icertis, as they discuss the future of finance – https://lnkd.in/e62qjZ2a