Desire for Modern F&A Skills to Support Financial Close Transformation
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Key Takeaways
⇨ The adoption of modern financial systems caused SAP users to want the ability to interpret and draw actionable insights from data, requiring many organizations to evaluate the need for financial close transformation.
⇨ SAPinsiders said skillsets that include understanding technology and automation capabilities, technical accounting and financial close abilities, and data analysis are critical to support financial close transformation strategies.
⇨ To stay ahead of the curve in finance and accounting, professionals must continually develop their skillsets by staying up-to-date with the latest digital technologies and intelligent solutions.
As digital technologies continue to evolve, the transformation of the financial closing process represents a crucial priority for finance and accounting professionals and organizations. Automating routine closing cycle tasks can enable F&A teams to drive enhancements across the financial closing cycle. This is one of the key takeaways from the SAPinsider Financial Close Transformation benchmark report. Most survey respondents (85%) said automated and standardized closing processes were critical to financial close transformation strategies.
Financial close transformation strategies bring together digital technologies and highly-skilled financial and accounting professionals to work more efficiently with the latest tools. It is not about replacing finance and accounting professionals but harnessing the power of digital disruption. This allows them to do their jobs better by focusing on higher-value activities and providing enhanced insights that optimize business strategy. People remain at the heart of any successful organization and must upskill to support a culture of innovation. We will explore what drives the evolution of the finance skillsets for current and future finance and accounting professionals.
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