AcctTwo Blog

The role of the modern CFO is changing substantially from just a financial gatekeeper to becoming a strategic partner in running the business. This change is driven by advances in technology, evolution in markets, and shifting responsibilities throughout the C-suite. It's both an exciting opportunity and an urgent obligation.

Creating accurate forecasts, reliable predictions, and strong strategic insights has always been a goal of accounting. But considering how much time, focus, and manual labor it requires, it’s a goal that's rarely realized.

That's all changing thanks to a new wave of data-driven technologies. The confluence of artificial intelligence and machine learning have made large-scale data management accessible to any accounting department. As a result, finding insights takes less time, and developing and applying strategy becomes the focus of finance.

The accounting profession is in the midst of a sweeping transformation. The expectations, capabilities, priorities, and practices of finance & accounting are all in flux. These changes are being fueled by advances in technology, new competitive demands, and a growing acknowledgment that the industry is overdue for innovation and evolution.

The mood in the industry is excited but also a little uncertain. Accountants are understandably anxious about what their role will be moving forward. That is hard to know, but the best way to prepare is to track where the industry is headed and occupy a position ahead of the curve.

The relationship between baseball and accounting is not immediately obvious until you consider how detail-oriented both are. Baseball relies on a byzantine set of statistics; Accounting focuses on a dizzying array of figures. Success or failure is evident through metrics alone.

GAAP still has a role to play in financial reporting, but it's no longer the most important set of metrics for today's businesses. For today's forward-thinking CFOs, the real work involves looking beyond finance to facilitate every strategic advantage possible.

A strict focus on GAAP is necessary for regulatory compliance, but in the larger scheme of things it's just one responsibility for finance departments to manage. And, increasingly, it's become a responsibility that requires minimal input and oversight. Many financial applications have made GAAP adherence almost automatic. That means companies need to look beyond basic accounting functions to give themselves a competitive edge.

The C-Suite is undergoing a period of transition. Traditional roles are being redefined, expanded, and integrated in ways that fundamentally transform the executive function. This is most clear when you look at the evolution of the CFO.

Business Accounting Software Implementation Advice from AcctTwo's Chief Technology Officer

Part of our customer success methodology is to conduct a project close interview with project stakeholders at the end of every Intacct ERP implementation. Along with capturing a quantitative customer satisfaction score that contributes to our overall Net Promoter Score, we also ask qualitative questions about how the implementation went and whether we provided the necessary leadership, communication, and training to make the project a success. One response I too commonly receive is: "The implementation went really well but there are some reports and dashboards we still want to have built."