Value creation and sustainability roles are set to grow even more to offset non-business partnering finance roles lost to automation, a study by AICPA & CIMA found.
The Re-defining finance for a sustainable world white paper, which is the latest iteration of AICPA & CIMA's Future of Finance research programme, explores the future of the accounting and finance profession in the age of disruption and its broader ecosystem, defining essential skills, competencies, and knowledge needed to succeed in an ever-changing business world.
According to AICPA & CIMA, a clear divide has opened up between accounting and finance professionals who work as business partners and those who don’t.
Sixty percent of accounting and finance professionals surveyed say they identify as finance business partners, and 84% of those are extremely optimistic about the future of the profession.
Of the 40% who say they don’t identify as finance business partners, only 15% say they are optimistic about the future of the profession.
Moreover, there is a difference in attitudes to automation, with 92% of accounting and finance professionals in non-business partnering roles fearing being automated out of existence compared to 67% of those in business partnering roles.
The Re-defining finance for a sustainable world white paper highlights that the accounting and finance is unequivocally changing, moving away from traditional rules-based approaches and towards a more inclusive, expansive, and value-creation mindset better suited for the challenges of today and tomorrow.
Other key findings from the report include:
- Three out of five (61%) accounting and finance professionals say that ESG is becoming increasingly important to their organisation’s business model.
- Since 2018, perceptions of the value finance professionals add to business have risen; including cost efficiency (up 19%), analysis and insights (up 11%), reporting accuracy (up 9%), controllership and risk (up 7%), capital optimisation (up 7%), and partnering and decision support (up 6%).
AICPA & CIMA also identified four key shifts redefining the future of the accounting and finance profession:
- A clear evolution of the scope of finance roles within finance teams to embrace ESG and sustainability.
- An acceleration in the adoption of technology to drive a shift from transactional processing by finance teams through automation.
- A growing focus on value-adding creation to transform business models for long-term success.
- A greater need for business partnering skills and the ability to use data and analytics combined with business acumen to improve strategic decision-making and drive business performance.
