Is Accounting Process Outsourcing the New Normal? 5 Trends Emerging Now and in the Future.
At AcctTwo, we have many robust discussions about the future with and for you. We see a future that improves Visibility, Controls, Efficiency, Agility, Compliance, Professional Development, and Quality of Life. Last year we wrote a blog post on the topic:
"As a leader or future leader of the accounting and finance team at your organization you must play a prominent role in what is coming next. Your CEO, your Executive Director, your Board will expect more from your team than reporting the results from the previous month faster, projecting your cash position 30 days out based on recorded AR and AP, or meeting your filing deadlines on time. They will want your help to create a better customer experience, predict market changes based on current trends in demand, and recommend investment opportunities." - from “The Future of Finance & Accounting” means many things by Marcus Wagner, AcctTwo's Founder & CEO
Recently we designed an infographic on the topic highlighting five key areas that we think are shaping the future of finance and accounting. They are:
Outsourcing will be the Norm
The greater focus on outcomes vs. methods will eventually lead to the ultimate future of finance and accounting: Managed Accounting Services or Finance-as-a-Service or Accounting Process Outsourcing. Organizations will get better finance & accounting, without having to do finance & accounting. We've seen a significant rise in demand from clients for an outsourced accounting service provider and an ERP (Enterprise Resource Planning) specialist as well. What's the right outsourcing team for you? Wouldn't it be great if they do both?
Technology will Lead the Way
The increased availability of cloud computing, enterprise SaaS, unlimited computing power, mobile and social, big data, and real-time analytics have significantly transformed what the office of the CFO looks like, what its priorities and purview are, and the value it brings to the organization.
The CFO will Become the True CIO
The poorly-titled “Chief Information Officer” role will be taken over by the CFO and will become a true Chief Information Officer. The original CIO was more about the technology than the information.
Reporting will be Forward Looking
The forward-looking CFO will help the organization see into the future as opposed to counting the past. The CFO will be an innovator, looking for new sources of information, new ways to predict the future, and new ways to create competitive advantage for the organization.
Focus will be on Outcomes
Modern and forward-thinking accounting and finance leaders will learn to focus on achievement of the outcomes more than how they are achieved. This will require you to be a digital savvy, information-focused leader.
You can download our Future of Finance & Accounting infographic here, or see it below.
We're building our entire organization around the goal of delivering the future of finance and accounting to our customers. The technology and services we provide, the way we sell, market, deliver and support those offerings - everything is aligned around this goal. Our managed accounting experts are here to help!
If you're feeling like you need expert guidance to understand your options, feel free to call our experts. We're standing by to be of service in any way we can to help you keep moving forward.
We'd love to know what the future of finance & accounting looks like to you!
About Chris Grady
Chris Grady is AcctTwo's Managing Director. He is passionate about helping organizations achieve success by transforming Finance & Accounting into a growth enabler & change agent. Be it a cloud-based software solution, or outsourcing performed by AcctTwo's Managed Accounting Services team, Chris is dedicated to our customers' organizational longevity and their full realization of growth & vision. You can email Chris at email@example.com