Finance 2020 - Financial advice for the future

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FINANCIAL ADVICE FOR THE FUTURE

FINANCE 2020

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With business’ expectations rising, how must the finance function adapt its direction to deliver on these rising prospects?

What new level of financial advice will be needed for the future?

THE FINANCE FUNCTION IS FACING WHAT IS POSSIBLY THE BIGGEST ERA OF TRANSFORMATION IN ITS HISTORY





DIGITISATION

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STRATEGY



PERFORMANCE



STAKEHOLDER MANAGEMENT


Thinkstock_IZ_477447201THE FINANCE

FUNCTION WILL NEED TO

FOCUS ON

THE FINANCE FUNCTION NEEDS TO EVOLVE





5 (DE)CENTRALISATION OF ACCOUNTING

OPERATIONS

4 HARNESSING/MANAGING

BIG DATA

2 MEETING

REGULATORY COMPLIANCE MANDATES

3 MEETING

ACCOUNTING AND FINANCIAL

REPORTING STANDARDS

TOP 5 INITIATIVES THAT THE ACCOUNTING AND FINANCE FUNCTION WILL BE FACING BY 2020

1 KEEPING PACE

WITH CHANGING TECHNOLOGY

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WHAT DOES THE FUTURE HOLD?





Most common areas of investment for digitisation:

• Data analytics

• Compliance and regulation

• Fraud detection and risk management

• Accounting processes

• Financial reporting

AUTOMATION IS SHAPING THE FINANCE FUNCTION





• Increase efficiencies and effectiveness of financial processes

• Reduce or remove high margin processes

• Keep up with the unique demands of their business

• Enable customisation and development to facilitate company growth

WHY IS WORKPLACE AUTOMATION SO IMPORTANT?




https://www.roberthalf.com.au/blog/how-workplace-automation-changing-accounting-jobs?utm_source=roberthalf&utm_medium=slideshare&utm_campaign=rh-all-finance2020-ongoing

https://www.roberthalf.com.au/blog/how-workplace-automation-changing-accounting-jobs?utm_source=roberthalf&utm_medium=slideshare&utm_campaign=rh-all-finance2020-ongoing


CFOs: THE NEW CHIEF PERFORMANCE OFFICER

WITH THE FINANCE FUNCTION SET TO EVOLVE, SO WILL THE ROLE AND RESPONSIBILITIES OF THE CFO -

TO BECOME A CHIEF PERFORMANCE OFFICER (CPO).

FINANCIAL REPORTING

DEVELOPING BUSINESS STRATEGY

DRIVING BUSINESS PERFORMANCE




https://www.roberthalf.com.au/blog/chief-performance-officer-cpo-next-chapter-australian-cfos?utm_source=roberthalf&utm_medium=slideshare&utm_campaign=rh-all-finance2020-ongoing


EXPECTATIONS OF THE FINANCE FUNCTION BY 2020

25%

24%

23%

10%

10%

Internal and external stakeholder communication

Efficient time management combined with higher work volume

Commercial business opportunities

Corporate governance and shareholder value

Real time strategic insights

Efficient cross-departmental business partnering 8%

THE FINANCE FUNCTION WILL BE MORE ACCOUNTABLE TO STAKEHOLDERS




https://www.roberthalf.com.au/blog/6-time-management-tips-help-you-better-control-clock?utm_source=roberthalf&utm_medium=slideshare&utm_campaign=rh-all-finance2020-ongoing


THE BIGGEST HURDLES FOR THE FINANCE FUNCTION

Reluctance to change

Lack of investment in the finance function

Lack of expertise

Wider business expectations and pressures

System upgrades or new systems

CHANGE DOES NOT COME WITHOUT CHALLENGES

25%

24%

19%

17%

15%





38% Financial software

packages

25% Analytical skills

21% Accounting and financial

reporting standards

16% Regulations/risk management/

compliance

IMPORTANT TECHNICAL SKILLS FOR FINANCE PROFESSIONALS TO DEVELOP IN THE NEXT 5 YEARS

THE ESSENTIAL SKILLS TO HAVE





34% Leadership

24% Communications

21% Commercial

acumen

14% Flexibility/open

to change

7% Strategic change

THE SOFT SKILLS THAT WILL BECOME ESSENTIAL FOR THE FINANCE FUNCTION

THE ESSENTIAL SKILLS TO HAVE




https://www.roberthalf.com.au/blog/soft-skills-why-theyre-not-so-soft-after-all?utm_source=roberthalf&utm_medium=slideshare&utm_campaign=rh-all-finance2020-ongoing


Identify areas for digitisation and

automation

Create a competency framework

Maximise digital investment

Perform a gap analysis

Optimise collaboration with the wider business

Create a talent pipeline and invest

in professional development

Embrace change

Establish attraction and retention

strategies

















8 KEY STEPS FOR CFOs TO FOCUS ON

1

5

2

6

3

7

4

8





FINANCE 2020

Closer than you think

FOR THE FINANCIAL ADVICE YOUR BUSINESS NEEDS, DOWNLOAD YOUR COMPLIMENTARY COPY OF OUR REPORT:




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Finance 2020 - Financial advice for the future