The financial sector is experiencing an influx of change and transition as technology becomes incorporated into more and more of its practices. Of course, the intention is to streamline processes and automate some of the more mundane tasks associated with everyday work in the field. It’s an exciting time marked by a heightened need for new practices and the appropriate talent to operate it. The 2018 edition of Benchmarking Accounting and Finance Functions focuses on such trends and what it means for the sector as a whole.
How Does Technology Influence Accounting and Finance?
The financial sector is geared toward producing results. Now, more than ever before, there is a requirement to drive efficiency, reduce costs, and simultaneously create value. At the core of the changes are the finance leaders who are not only required to understand the technological changes but the regulations that seem to be created right alongside them.
Is it More of the Same?
It may not seem like such things are novel concepts in the accounting and finance world. The truth is, they aren’t. However, the speed and intensity in which changes are being made are certainly something that working professionals have likely not experienced in their careers. Professionals, new and seasoned, can benefit from understanding the landscape of the industry and what those changes could mean for their future and the future of the sector.
Who would benefit from taking a look at the report? Seasoned professionals may have the business concepts down, but one of the hardest things for them will be learning the constantly changing technology that is impacting their work more than ever before. Novice professionals will also need to understand the bigger picture of how the technology works with the traditional approach to finance.
Staying abreast of the latest news in accounting and finance will help professionals have a stronger grasp of the climate of the industry. It could help people prepare for training and even understand the bigger picture of how changes could impact every day as well as the future of the work.
For more financial industry news, check out: New Changes to PCAOB and What They Mean.