In this instalment of the Future of Finance 2.0 interview series, Bartosz Gayer, ACMA, CGMA, external CFO, Advisor and Trainer, assesses the recent changes experienced in finance and what they mean for the profession. Bartosz believes that the finance function is at an inflection point in terms of its positioning and contribution to the business.
‘I think that strategy is something that the finance function is more and more involved with’, says Gayer.
The role of the management accountant has expanded well beyond finance. Management accountants remain business partners in terms of planning, reporting, understanding and translating business and operational processes into numbers; however, companies now also understand the importance of and need to factor in stakeholder views on global issues, such as the environment. For example, although finance is crucial to regulatory environmental, social and governance (ESG) and sustainability reporting, the implementation of that work requires a detailed strategy. So the finance function is now increasingly involved in helping to set strategy.
Finance creates value through information technology, budgeting and teamwork. Furthermore, finance adds value as a business partner, for instance, by helping colleagues to be better managers and training them on how to improve the quality of decisions. Finance is also involved in managing stakeholder engagement.
Leading finance into the future
A career in finance is presenting opportunities for the younger generation, which align with their values and provide the chance for competency growth and career advancement, such as ESG and sustainability. Young people in finance can find themselves playing an active part in creating or supporting the sustainability agenda. In addition, technology has opened up remote working and access to global jobs and flexibility, which is highly prized by the younger generation.
In a changing ecosystem, we know that some processes in finance will be replaced by artificial intelligence (AI). But Gayer is confident that AI doesn’t mean accountants will disappear. He says accountant jobs will simply change. So to be future-ready, in-demand skills will include:
The ability to challenge the status quo
The ability to tell a good story based on the understanding of the numbers and effective reason analysis
Being part of a complementary team that can integrate social, technical and financial skill sets
The ability to learn, relearn and sometimes discard what’s been learned, if it’s no longer relevant
The right mindset, together with the right finance skills, will offer future-ready provision for finance professionals. Listen to learn more.