Finance Teams Set to Play Greater Role in Driving Business Performance
–
October 23, 2023
Finance professionals must adapt to expanding responsibilities in areas such as technology, ESG, and leadership
AICPA & CIMA, together as the Association of International Certified Professional Accountants, have published The changing role and mandate of finance, a new report showing that the role of finance is rapidly evolving – expanding in scope, requiring new skills and competencies, and demanding greater collaboration with teams across the organization.
“Our research shows that the fundamental technical capabilities of a highly skilled finance professional remain 'evergreen,'" said Ash Noah, CPA, FCMA, CGMA, vice president and managing director of learning, education and development at AICPA & CIMA. "Understanding investments, cash flows, profit targets and their deviations are our bread-and-butter and combined with objectivity and integrity continue to make us a valuable contributor to our organisations. However, the increasing complexity of our world is pushing finance teams to grow out into new areas – from digital transformation to Environmental, Social, Governance (ESG) initiatives, and the execution of business strategy to create sustainable value.”
“Finance professionals are breaking down traditional silos and becoming more influential players right across their organisations," added Rebecca McCaffry, FCMA, CGMA, associate technical director of research and development for management accounting at AICPA & CIMA. "To drive long-term value, positive organisational transformation, and resilience, we cannot rely on our technical skills alone but need to enhance our people skills and become better cross-functional collaborators. It is only then that we will be able to become the strategic value partners organisations truly need in the world of business as unusual.”
Building upon the Re-inventing finance for a digital world white paper, The changing role and mandate of finance is the first in a series of four reports that outline key themes from interviews and roundtables conducted as part of AICPA & CIMA’s Future of Finance 2.0 research program, which explores the future of the finance profession in the age of disruption and uncertainty. The program findings will underpin the development of AICPA & CIMA’s flagship management accounting qualification, the CGMA Professional Qualification, as well as other certifications, thought leadership, and learning resources.
The Future of Finance emerging theme paper series includes:
The information in this guide has been gathered from many sources, including the Internal Revenue Service, the Social Security Administration, state agencies, professional organizations and members of the NJCPA. The COVID-19 pandemic has prompted the majority of state agencies to offer more online and prerecorded services. Though offices have reopened after the COVID-19 shutdown, it’s best to check online or call before you visit.
Material contained within this guide should be augmented by, and used in accordance with, a certified public accountant's professional judgment. Your CPA can properly apply the tax laws and regulations to the facts and circumstances of your particular situation. For help with locating a CPA, visit findacpa.org.
The New Jersey Society of Certified Public Accountants is not responsible for any claims arising as a result of this information or its usage.
This guide was updated in October 2023. Future users of this material are cautioned that some portions, particularly tax-related information, may become outdated.