The Importance of Strategic Accounting

The Importance of Strategic Accounting

As automation, control, and period-end tasks are embedded within day-to-day activities, accountants are freed from manual work.

Freeing finance from manual work not only saves time that can be allocated to continuous process improvement and preventative controls, it also gives accountants access to game-changing, real-time data so they can provide analysis and business intelligence at the point of need.

Technology is disrupting the way business is run, and accountants need to reskill and upskill to meet the demands of both internal and external stakeholders.

Benefits:

  • It’s an organization win.

Strategic accounting doesn’t just benefit finance.  Access to and quick analysis of real-time data helps the entire organization become more agile, responsive, and proactive.

  • Increased employee engagement and reduced hiring costs.

Bored, tired, burned out staff is a flight risk. But working on something meaningful, like strategy creation, increases engagement, investment, and ultimately, retention.

  • Functioning as a strategic force.

Today, finance organizations have access to the real-time information that is so crucial to functioning strategically.

This creates the opportunity for accounting and finance teams to function as a strategic force in the organization. CFOs, controllers, and other accounting leaders can now help the business act proactively instead of reactively by providing up-to-the-minute analysis and intelligence.

The Path to Success In the Modern Marketplace

Implementing necessary technologies can be expensive.  Documenting current state and designing desired future state and is often time consuming.   As a result, companies are turning to service providers to help with the process.  This may entail a consulting project, augmenting current staff or even becoming the finance and accounting department.