November illustrated just how much change the finance and accounting industries are experiencing. This includes prioritizing different qualities when hiring CFOs to shaky confidence when it comes to utilizing new accounting technologies to keeping remote finance employees plugged in to team happenings.
Here are the top three trends we saw in November:
Cultural Fit Trumps Financial Competence
Providing the right financial guidance and helping a business become the best version of itself, the CFO is a key member of a company’s executive team. When deciding on the right CFO to join your team, Marie Epstein, Chief Accounting Officer at VMTurbo, suggests considering whether the CFO is a good addition to your company culture. While it’s possible you could find one of the most brilliant minds in the industry, if you can’t see the CFO fitting into the company’s culture very well, it would be wise to say no. “If your communication styles clash, you cannot have a productive relationship,” Epstein says.
According to Inc., a study revealed that employees who fit well with their organization, coworkers and supervisors had overall greater job satisfaction, were more likely to stay with their organization and showed excellent job performance.
Read More: 3 Things to Remember When Choosing Your CFO
Technology Changes Present Hurdle to Accounting
Wolters Kluwer Tax & Accounting released a report recently showing that only 25 percent of accounting firms have high confidence in their ability to keep up with current technology changes. The survey listed accounting firms’ top five concerns, which were:
- Keeping up with technological change
- Growing the business
- Meeting client expectations
- Data security
- Completing work accurately and on time
“When you talk to firms, regardless of size, there’s a lot coming at them: the complexity of the Tax Cuts and Jobs Act, the speed at which things are changing, the adoption of technology. As I talk to people, change is something that is really top of mind for them. The other is speed.”
– Jason Marx, CEO of Wolters Kluwer Tax and Accounting North America
Flexible Hours Make It Hard to Coordinate Finance Teams
Nontraditional work arrangements such as flexible hours and working remotely can certainly help in recruiting and retaining finance staff. However, the challenge for CFOs has become how to keep their finance teams informed in real time. With various finance work going on at once and in numerous places, accuracy suffers when team members don’t clearly understand how to execute a specific task or a remote-office employee hasn’t received a new update on a project. Fortunately, many business process solutions can help manage these kinds of workflow challenges. According to CFO Magazine, solution- defined assignments and progression deadlines can improve and encourage teamwork, boost morale and reduce the risk of potential miscommunications.
Read More: The Shifting Nature of Finance Work
Evolving Business in a Changing World
The world is constantly changing, the finance and accounting industries along with it. In our digital world, those who don’t adapt can get left behind. Not sure where to start? Our team’s expertise allows us to guide you through the process with financial advisory, finance & business intelligence, transaction advisory and systems integration services. Let 9Gauge help you navigate these changes to ensure a seamless transition into growing your business and accelerating your vision.
Visit 9Gauge.com, contact us, and follow us on LinkedIn, Twitter and Glassdoor to get the latest information on 9Gauge, our services, clients and partnerships, and how we can help you accelerate your vision.