“If you do not know where you come from, then you don't know where you are, and if you don't know where you are, then you don't know where you're going. And if you don't know where you're going, you're probably going wrong.”― Terry Pratchett, Author
The changing role of the finance professional is nothing new. The role is constantly evolving due to the economy, compliance, technology and more. There is certainly no shortage of ways for a CPA to obtain their professional development credits and stay current on industry knowledge.
The not so long ago “Historian” or “CFO 1.0” measured the company’s health by looking at past performance. With high financial acumen and traditional views on finance, their deliverables were financial reports, always looking at the past. Fast forward to today where finance professionals are required to be a “Real-time analyst” or what we refer to as “CFO 2.0”.
We now live in a world where real-time data is used to provide support and analysis that helps an organization improve performance; more than tallying the debits and credits. The organization’s data holds insight that, when easily accessible, helps to provide insight into what’s going on now – catching issues as they occur. But as mentioned above, the finance role is ever changing and we are now looking at the next level – “The Visionary” or “CFO 3.0”.
Catching issues as they occur is helpful, but what if you could prevent the issue from happening at all? For example: With real-time data, we see entries as they are made and can course-correct immediately rather than waiting for the numbers to come in. By automating routine processes and transactions we get to the heart of the matter immediately, creating an environment where forecasting the future becomes possible.
Another example is how AI plays a role in predictability and influences how we do business both in the accounting world and in our every day lives. From how we buy, where we shop, the shopping experience, and the ease and speed at which it all gets done.
It might be difficult for a small or mid-size organization to identify with Amazon or Netflix. These concepts are no longer the exclusive domain of large enterprises. Current technology makes it accessible to all organizations. SMBs and non-profit organizations without budgets for custom developers can take advantage of this technology by embracing the Cloud through comprehensive, industry leading applications like these. Cloud-based applications allow you to:
- Continuously monitor financial performance
- Detect anomalies in your organization’s data
- Automate manual repetitive, time consuming, and error-prone processes
- Enjoy new means of communication with colleagues, in the application
- Experience any-time access
- Embrace financial modernization
The opportunities for finance professionals to level up are achieved with the right tools and forward thinking, allowing you to forecast the future and create even greater value for your organization. CFO 3.0 is the next stage of evolution for finance professionals.
Watch our recorded webinar where where we dove into this topic in more detail.