The Evolution of Finance

The world of business is currently in the throes of a digital revolution, the accountancy sector is no exception. The evolution of finance is coming, and firms need to be ready. The proliferation of new and emerging technologies is disrupting traditional business models.

According to the Association of International Certified Professional Accountants, the basic process activities within the finance function remains constant, whether you are conducting finance risk assessments, account reconciliations or the compilation of management information reports:

Information
This includes assembling data from a range of sources (collecting, cleaning and connecting data), preparing accounts and returns in predefined formats for reporting purposes, and compiling information for management in accessible formats.
Insight
This includes analysing financial and non-financial data to identify and highlight patterns that can also provide relevant insights for customers.
Influence
This includes communicating these insights and providing an objective approach to influence decision-making.
Impact
This includes assisting organisations to achieve the required impact by applying control systems such as strategic planning, budgeting, performance measures, and performance reviews.
Information
Insight
Influence
Impact

Entry level

Accountants/ Analysts

Business Partners

Managers

Finance Controllers

C-Suite

Current State Future State

Technology is creating a shift in the roles and responsibilities of finance professionals. Machines and automation can process and collect data much more effectively and efficiently. Therefore, the focus of the finance function must be to ensure data integrity and the creative use thereof in other words, provide insights, generate revenue, and create value.

Source: Re-inventing finance for a digital world: the future of finance © 2020 Association of International Certified Professional Accountants.