Why finance teams should embrace change
For almost two years, the pandemic has driven change in business.
According to the ACCA*, in our latest podcast on Next Generation Finance, many leaders are pushing for businesses to ‘get back to normal’, with a desire to revert back to how things were pre-pandemic.
In fact, a mere 36% of business leaders felt the changes they’d put in place during the pandemic were for the long-term.
Not being open to change and exploring new ways of working could have a major impact on teams, especially those who rely on consistency – like accounting professionals working within finance departments.
While change can be a scary prospect, we’re working to shatter the myths and encourage finance leaders to embrace change.
What have we learnt?
While much of the last two-years have been a whirlwind of uncertainty, one thing is now abundantly clear – we must look to future-proof our businesses.
Not only have finance teams had to adapt their internal processes, they’ve had to learn how to adjust their mindset to welcome new change and more so than ever, they’re relying on automated tools to help streamline recovery and drive forward finance operations.
It’s encouraging to see that many businesses, across various sectors, have been quick to adopt technology to support future growth.
For many, digital tools have become a fundamental part of day-to-day operations over the last two-years, leaving thousands questioning why they didn’t invest long before the pandemic. So much so, 94% of finance leaders have now positioned digital transformation as critical within an organisation’s future success, according to research by ICAS.
As a department that depends on forecasting and planning, finance teams have had to face a multitude of unexpected challenges. The introduction of automated technologies, however, have empowered the finance function, enabling them to forward-plan seamlessly and harness data for valuable performance insights that now feed into overall strategy.
For many years, the finance function was simply regarded as ‘number crunchers’; a department restricted to filing invoices and handling purchase orders, to managing expenses and balancing the books. The pandemic however, has helped flip this perception on its head.
As we continue to make our way through the pandemic, finance leaders are realising what could be achieved with the long-term investment in automated technology – not only from a business security point of view, but also the benefits it offers to the development of finance professionals and for future talent retention.
Our survey of 1,000 finance professionals in 2021 showcased the impact the pandemic has had on digital transformation plans, with 64% expecting their businesses to adopt new technologies during 2021 and 24% predicting investment in cloud accounting software – tools that will help to unlock the strengths of the finance team for the long-term.
Contact us to learn more about our specialist finance and accounting software.
How will these changes help finance teams in the long-run?
It is key that both finance leaders and professionals understand the importance of change and how it can have a positive effect on individuals and teams as a whole.
In a recent report, commissioned by The Access Group, on the emotions experienced within the workplace, we identified that although employers can’t dictate how workforces feel, they can create an environment that provides a foundation for employees to feel empowered to express natural emotions.
Investing in employee culture and the best tools for them to do their job, not only helps to create a well performing team as a whole but supports the mental wellbeing of each individual.
By being open to adopting automated finance technology, teams will have the opportunity to contribute more to value-added strategic responsibilities, rather than focussing on repetitive and mundane tasks such as manually entering data or creating reports - removing some of their workplace frustrations and unlocking a feeling of recognition.
Among financial specialists, it has been noted that effective communication is vital within a finance team. In times of recovery, communication is key and technology has created a streamlined channel for sourcing and delivering information in a timely manner - something which has only grown in importance with hybrid working.
What does the future accounting division look like?
As the ACCA survey suggests, many business leaders believed the processes that have been put in place during the pandemic are only temporary, but in reality, the landscape of business has changed dramatically.
Employees are demanding a shift in mindset from employers too, and finance teams – driving the recovery of a business – should be at the forefront of business' thinking when it comes to the functionality of their financial arm and what tools and practices they have at their disposal.
By introducing digitally automated systems into the company, finance teams will be able to work smoothly whether they are in the office or remote. Research found that out of 9,000 workers in the finance industry, 84% said that automation has helped considerably during the pandemic.
Change can be disruptive and it takes investment and patience. But it’s clear that the pandemic has driven lots of positive change for finance teams and now isn’t the time to go back to a way of working that is familiar but not the most efficient and effective way to work.
Adopting accounting automation is a key part of that positive change. Get in touch with the Access Finance team to find out how we can help your business scale with reliable software.
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