Development plans in Finance
Top skills required in Finance
Although the industry rapidly evolves with the rise of new technologies, the future of Finance and Accounting looks bright. As such technologies are already handling much of the repetitive work, Finance and Accounting professionals will be expected to deal with more analysis, providing insights to the organization’s top decision-makers and influencing how business is made.
Here are 5 skills that should be developed by every Finance and Accounting department to prepare for the coming decade of accelerating change:
Data analytics & visualization
Although traditional finance and accounting skills will always be essential, teams of the future will be data-driven, using predictive analytics to make decisions. Finance & accounting teams are expected to deal with an increased amount of information, aggregating both internal and external information to feed analysis and decisions.
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Businesses are more and more shifting towards matrix organizational structure. Also, Finance & Accounting departments must be able to liaise with their internal clients (all departments) as well as external/outsourced partners. As systems reduce repetitive tasks, their ability to influence in all directions and across all types of relationships is increasingly essential to align accounting & finance operational targets with business objectives.
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Advanced technologies are taking Accounting and Finance jobs to a whole new level. Automation is allowed by smart cloud systems powered by AI and machine learning and finance professionals must become proficient at using such systems to remain competitive in their roles. Those systems already allow the automation of operational activities such as audits, tax preparation, banking, and payroll. Working with systems will allow Finance and Accounting professionals to work with the latest updated information and to monitor actual performance VS targets in real time.
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Even more so in the future, Accounting and Finance professionals must understand the company’s business strategy and present recommendations to support decision making. In doing so, companies should seek to reinforce their roles of operators (FP&A) or compliance and control. For businesses to remain agile, it is becoming imperative for Finance & Accounting professionals to remain up to date and aware of economical changes to provide real-time support and analysis as trusted adviser advisors.
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This main fundamental skill will remain a must-have ability for anyone working in the field of Accounting and Finance. As technologies free professionals from redundant tasks, more time shall be allocated to revenue-building activities. Delivering value to the business means being able to understand and interpret data and use it logically to solve problems. The ability to turn numbers into strategic and actionable insights will definitely separate stand out professionals from others.
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