The environment in which businesses operate has become more challenging and will remain so for the foreseeable future. The needs of businesses have changed, and for the accountancy profession this has been reflected in a new dawn and a new role for the accountant.
This role with its renewed focus on value-added is presenting accountants with a central and vital function in shaping business. The spectrum is wide. Accountants contribute to business by working in them and with them: as finance specialists, as risk managers, in the C Suite, as regulators, as auditors and as advisers.
The changing priorities of businesses, and the changing role of accountants, also has another very significant dimension. Organisations, their advisers, and CFOs will be trying to understand the finance operating model that optimises the value that accountants can provide in this new environment.
Technically specialised finance roles are increasingly common, growing in importance and driving the need for technical skills. This is primarily because of increasing regulation and increased business complexity. This is set to become even greater following a view that a lax regulatory environment and poor risk management helped to lead to the current financial crisis.
Though accounting roles are becoming increasingly technically specialised, they are also becoming much more strategic and central to business performance, particularly in the corporate and public sectors.
Consequently, softer skills and business awareness are critically important traits for finance professionals across all sectors to develop. Demonstrating ethical behaviour in the workplace is also going to become much more important, particularly in a profession where roles are becoming increasingly pressurised. Again, the recent behaviour of those in financial institutions has come under the spotlight and we can expect to see an even greater focus on this area.
Read our recent research on these issues and on the developing role of accountants in business.
This role with its renewed focus on value-added is presenting accountants with a central and vital function in shaping business. The spectrum is wide. Accountants contribute to business by working in them and with them: as finance specialists, as risk managers, in the C Suite, as regulators, as auditors and as advisers.
The changing priorities of businesses, and the changing role of accountants, also has another very significant dimension. Organisations, their advisers, and CFOs will be trying to understand the finance operating model that optimises the value that accountants can provide in this new environment.
Technically specialised finance roles are increasingly common, growing in importance and driving the need for technical skills. This is primarily because of increasing regulation and increased business complexity. This is set to become even greater following a view that a lax regulatory environment and poor risk management helped to lead to the current financial crisis.
Though accounting roles are becoming increasingly technically specialised, they are also becoming much more strategic and central to business performance, particularly in the corporate and public sectors.
Consequently, softer skills and business awareness are critically important traits for finance professionals across all sectors to develop. Demonstrating ethical behaviour in the workplace is also going to become much more important, particularly in a profession where roles are becoming increasingly pressurised. Again, the recent behaviour of those in financial institutions has come under the spotlight and we can expect to see an even greater focus on this area.
Read our recent research on these issues and on the developing role of accountants in business.
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