From transportation to communication to currency, technology is transforming nearly every aspect of business. Accounting is no exception, and research shows keeping up with technological advancements is the greatest source of pressure for the profession today.
In the Robert Half Management Resources survey, 41 percent of chief financial officers (CFOs) said staying current with changing technology is the greatest pressure facing their accounting and finance teams. Meeting regulatory compliance mandates followed at 24 percent.
The survey was developed by Robert Half Management Resources, the world’s premier provider of senior-level finance, accounting and business systems professionals on a project and interim basis. It was conducted by an independent research firm and is based on telephone interviews with more than 2,200 CFOs at companies in more than 20 of the largest U.S. markets.
CFOs were asked, “In general, what would you say is the single greatest pressure facing your accounting and finance function?” Their responses*:
|
Keeping pace with changing technology |
41% |
|
Meeting regulatory compliance mandates |
24% |
|
Harnessing/managing big data |
17% |
|
Finding and keeping skilled staff |
16% |
|
Don’t know |
1% |
|
99% |
|
*Responses do not total 100 percent due to rounding. |
“Technology touches every aspect of accounting and finance, and many organizations struggle to keep pace and understand the associated opportunities and risks,” said Paul McDonald, senior executive director for Robert Half. “Although updating technology requires an initial investment of time and resources, it can pay off in terms of improved financial reporting, enhanced security and the ability to make better decisions. It also helps companies strengthen their internal controls and remain compliant with regulatory mandates.”
McDonald added keeping pace with technology and using it effectively are impossible without skilled teams. “Companies need accounting and finance staff who are proficient with enterprise resource planning systems, are able to automate financial processes, and can tap business intelligence tools to mine data they can turn into strategic guidance. For specific projects, consultants can step in to assist with an initiative while helping full-time employees with new systems.”
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Tags: Accounting, Financial Planning, Technology
