Logistics software adapts to allow new business wins.
Posted by Amy Fong - 26 February 2019
Digital transformation is significantly changing the way accountants and finance teams work.
In the place of traditional paper-based and excel processes, there has been a move towards increasing digital automation and systems reliance.
No longer just the domain of software developers, as the worlds of finance and software continue to integrate, and there is a need for finance teams to be more heavily involved in system development work. Automation is changing the way we run our businesses - meaning financial systems and those in the accounting/finance world that are worth their salt are adapting to capitalise on these technologies.
In this blog post, I'll explore how finance professionals can roll their sleeves up and add real value when working with IT specialists on system changes to progress their businesses and career development.
An analogy of an end-to-end process is a traveller taking a bus trip around the North Island. There is a start point, then several stops and interactions along the way. Photos and social media posts record the trip, and after arriving at their final destination, the traveller has an overall assessment of how the trip went.
If we think of a sales process for a business in the same end-to-end way, the financial system can be thought of as the final destination. Each transaction in a sales process can be viewed as a sequence of data which will culminate to a report or dashboard showing financial metrics and (hopefully) a successful bottom line. Inevitably, all roads (or systems/databases) at some stage will lead to the financial system. It’s the where and how the roads meet and intersect that determine the measure of a system's worth.
As business advisers, accountants and finance experts have become more tech-savvy and are increasingly required to work closely with IT teams to understand each step of the system journey. They add immense value by providing input into these end-to-end processes to deliver robust financial systems and reporting. While accountants work on the finer business details, CFO’s and finance managers are often the champions of such projects, responsible for delivering the project on time and within budget.
To demonstrate more specifically how accountants and those in finance teams can provide value during system upgrades and changes, let’s look at the example of a company selling goods through a website or mobile phone app:
The above diagram can also be broken down into the following steps:
In developing the above system and end-to-end process, an accountant/finance team can add value by being involved in the following ways:
Evolving technology means the role and scope of an accountant and their finance team need to keep pace. Gone are the days where they were primarily focussed on transactional processing and data entry. To succeed, the finance teams of today need to take a system and business process approach which often results in an overlap in the skillset of accountants and IT specialists. But if dealing with experienced IT specialists, the accountant/IT team combination can form a powerful partnership enabling a streamlined, valuable business system.
By partnering with operations and IT specialists in all aspects of a project, from process documentation and transaction modelling to testing and project management, the benefit of having a financial person involved ensures the appropriate checks and balances are in place, and ultimately ensures a sustainable business foundation that has a much better chance of succeeding and keeping the business on track.
Successful organisations have high expectations for their accounting and financial management systems. Sandfield's On Account Financial Management System provides companies with an on-premise or cloud-based solution with the ability to deliver features and flexibility which are specific to their individual industry or situation. The team behind On Account are a bunch of “reformed” accountants turned finance systems specialists. Their industry experience gives them an expert, realistic understanding of the system challenges and solutions available to give finance teams an edge.
Amy Fong is a CA qualified accountant who has previously managed finance and IT across a range of industries including Chartered Accountancy, motor vehicles, not-for-profit and private medical. She works with the team of other “reformed” accountants and developers on Sandfield’s On Account system and supports design and solutions for tax, accounting and financial reporting requirements across our varied customers’ business systems.
When not working, Amy enjoys spending time with friends and family, loves anything food-related and will often be seen cycling or running through different parts of Auckland in the weekends.