In my last post, I gave examples of how a cloud-based finance system built on a modern technology architecture makes many of my core responsibilities as a chief accounting officer significantly easier. Perhaps the most important benefit I’ve realized is that I now have time to focus on more strategic initiatives, such as delivering insights to the business.
We live in a very different world from when I started in corporate finance more than 25 years ago. Globalization, an increasingly complex regulatory environment, and the faster pace of business are among the modern realities that impact our jobs as finance professionals. While these changes have created more challenges, they have provided us with opportunities to serve in more strategic and advisory roles at our workplaces. This is where technology can make a difference.
As finance professionals, among the most important—and daunting—aspects of our jobs is accounting compliance. Every person on the finance team has a role in maintaining a strong control environment and supporting the audit process. At the same time, the accounting regulatory environment has become much more complex and stringent in recent years. Accounting standards are constantly being revised, and even when there's considerable lag time before changes take effect, we often spend months or years preparing for those changes.