Covid-19 has shined the spotlight on what technology could do for the finance and accounting (F&A) function, while highlighting how it has emerged to be a mission-critical function for the company.
In particular, the pandemic has renewed urgency around digital transformation and investing in technology. In 2020, the Singapore government allocated $500 million to facilitate local businesses in their digital transformation efforts during the height of the pandemic.
With automation on the rise, accountants today are presented with new opportunities to take up higher-skilled, value-adding work. Yet, many may not necessarily have the soft skills required to progress to a more strategic role. BlackLine’s latest study, which surveyed global business leaders and finance professionals, saw that only 3% of CFOs in Singapore are confident that their finance functions have the required skills to help their organizations grow and adapt over the next five years.
Moreover, the same study saw that more than a third (35%) of C-suite respondents in Singapore believe F&A is failing to keep up with other business units when it comes to digital transformation. This is a challenge as the F&A function is increasingly playing a key role in business recovery.
To succeed in their new roles, accountants today require vastly different skills than was necessary just a few years ago. A typical accountant today is not one who has mastery over macros and spreadsheets, but one who also possesses soft skills, business acumen and is technology savvy.
Developing successful accountants tomorrow
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With the finance function set to witness an 80% increase in finance-related tasks executed by machines, finance tasks will become increasingly automated, consolidated and procured as a service through an external provider.
Employers today are looking to hire employees who are able to do what technology cannot. In this aspect, finance professionals will have to move on from macros and spreadsheets, and begin building their soft skills, business acumen and tech-savviness.
However, BlackLine’s recent survey saw 44% of C-suites and finance professionals in Singapore believe that not everyone in their finance team has the broad business leadership knowledge or skills required today. Thirty-nine percent said the same about skills to help with more strategic work, such as analysis and planning.
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In fact, a strong understanding of risk management, the ability to use new software or technology, being able to communicate complex financial information to different stakeholders, a strong understanding of financial best practices and the ability to collaborate with colleagues from other functions are the top five most important skills that CFOs in Singapore believe future finance leaders will need to possess.
Moreover, with almost three-quarters of CFOs (74%) intending to shift to remote work permanently, this further emphasises the impetus of F&A moving towards a cloud-focused future. Those who are able to cultivate these skills, which are irreplaceable by technology, will be in high demand.
In view of the mounting uncertainties businesses face today, accountants need to be able to think critically and creatively apply their financial expertise to guide business leaders towards data-based decision-making. As part of this, accountants will also need strong written and verbal communication skills to translate relevant information into compelling and easily understandable insights. This is so they can accurately convey information and garner buy-in from these leaders.
Accountants will not only have to manage numbers in their new role ,but people as well. This requires them to cultivate relationship skills – such as teamwork, leadership, conflict resolution – to guide them in their interaction with these key stakeholders.
They will need to develop business acumen at the same time, to be able to contribute to the business on a strategic level. Their ability to counsel senior leaders will be dependent on how much they understand the business as a whole. Whether it is a macro perspective of the business performance, or the relationship between various stakeholders, down to the operations and needs of individual functions, all of these are important information that will help accountants shape their counsel.
With the rapid advances of technology, accountants cannot expect to be using the same tool over the next decade. It is inevitable that the technology solutions they are currently using will be upgraded or replaced in the near future.
Our survey saw that a quarter of C-suite executives and finance professionals in Singapore agree that finding people with the right technology and F&A skills is the biggest challenge their company will face when it comes to recruiting new talent. This is why accountants will need to be technology savvy. They need to go beyond having a basic understanding of the tool, and learn to be flexible and adaptable to new solutions.
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Be curious, sociable and visible
Accountants will need to put their interpersonal skills to use to embrace growing opportunities where they can help the business more strategically. This could involve having them work alongside other functions within the company more so they have greater exposure to the company workings. They will need to be curious and ask questions to find out more about what other functions are doing, and learn how accounting might be able to support them in achieving their objectives.
This increased visibility within the organization will be crucial in helping accountants become more proactive and forward-looking, and allow them to take on greater responsibility to drive strategy and future business growth.
Victor Ng is the regional vice president for Asia at BlackLine
Main photo: Unsplash
