| FROM: JAN-FEB 2010 ISSUE | |
BY ANTHONY ARIGANELLO, CPA (DELAWARE), FCGA, PRESIDENT AND CEO, CGA-CANADA |
To many of you, it won’t come as much of a surprise, but research is confirming that accountants in business are increasingly spending more of their time on less traditional accounting functions. It’s a trend that began several years ago. In the aftermath of the global financial crisis – and the renewed focus on insight and integrity – it’s a move that’s bound to gather speed.
What do I mean by less traditional functions? Providing strategic business analysis and advice to bolster an organization’s direction and growth.
Last year, Robert Half Management Resources commissioned a survey of 1,400 CFOs in the U.S. They were asked to estimate what percentage of a senior-level accountant’s time will be focused on performing less traditional accounting functions five years from now. The findings made it clear that the role of the accountant in management and strategic development will continue to grow. Less traditional accounting functions will occupy 40 per cent of a senior-level accountant’s time five years from now.
The report noted that businesses’ increased emphasis on cost savings and liquidity has heightened the importance of the finance function. As a result, more and more senior-level accounting and finance managers are being put into leadership roles.
Professional accountants in business include those who work in commerce, industry, the public sector, education, and the not-for-profit sector. According to the International Federation of Accountants’ professional accountants in business committee, their varied roles include: implementing and maintaining operational and fiduciary controls, providing analytical support for strategic planning and decision making, ensuring effective risk management processes are in place, and assisting management in setting the tone for ethical practices.
In many instances, the work accountants do has as much to do with strategy and assurance as with the integrity of the numbers. And those broadened responsibilities are having a positive impact on the reputation and credibility of both their organizations and the profession as a whole.
It’s clear that CGAs are becoming increasingly valued strategic leaders in today’s highly complex business environment. This is a trend that is sure to accelerate – to the benefit of all.
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