# Changing for the Better – a New Era for Finance and Accounting Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2020-03-17 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: The Evolving Role of Finance Professionals in Modern Meta Description: Discover how finance teams are leveraging technology and analysis to drive change and meet diverse business needs in the modern era. URL: https://financedigest.com/changing-for-the-better-a-new-era-for-finance-and-accountinghtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd260418-1-1736838932873-compressed.jpg) _By **Hugh Scantlebury,** co-founder and CEO at Aqilla_ Business practice has evolved over the years to place analysis at the heart of just about every process – finance and accounting included. Indeed, many organisations have become heavily focused on improving their fortunes through constant, incremental change. Part of this is the drive to gain more insight into the detailed financial position of [businesses](https://www.financedigest.com/business-finance-the-fintech-evolution.html "Business finance: the fintech evolution") in real time. Business leaders have tasked their [finance teams](https://www.financedigest.com/protecting-the-finance-team-from-burnout-to-drive-employee-retention.html "Protecting the finance team from burnout to drive employee retention") with providing absolute clarity and insight so they can understand potential opportunities and threats. In the modern business quest to become more agile, customer-centric and innovative, finance teams (alongside many other key stakeholders) have seen their mission broaden from primarily reporting on what has happened to looking more closely at ‘what if’ scenarios. Change has become part of modern [business culture and an ability to proactively seek](https://www.financedigest.com/businesses-seek-better-access-to-data-to-support-environmental-objectives-bright-data-research-reveals.html "Businesses seek better access to data to support environmental objectives, Bright Data Research Reveals") out ways to change is generally seen as virtue. Clearly, [technology has played a huge role](https://www.financedigest.com/ethical-financial-selling-the-role-of-compliance-technology-and-sales-enablement.html "Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement ") in this process. Long gone are the days when calculators and digitised spreadsheets were the primary tech tools for finance professionals. Today, the availability of versatile and powerful [accountancy software](https://www.financedigest.com/is-your-accounting-software-holding-you-hostage.html "Is your accounting software holding you hostage?") services that increasingly focus on automation are, once again, bringing change to the profession. For instance, repetitive tasks and processes that are part of the responsibilities of every accountant are gradually being passed to emerging technologies such as Robotic [Process Automation](https://www.financedigest.com/what-businesses-can-achieve-with-microsofts-full-suite-of-process-automation-tools.html "What businesses can achieve with Microsoft’s full suite of process automation tools") (RPA). In doing so, we can see some major benefits emerging. In particular, by enabling accountancy professionals to spend less time generating invoices, for instance, and focus on more complex value-adding tasks, the [finance function](https://www.financedigest.com/why-do-modern-finance-functions-strive-for-automation.html "WHY DO MODERN FINANCE FUNCTIONS STRIVE FOR AUTOMATION?") is building a wider role to meet today’s diverse business needs. **The momentum of change** This technology-inspired change is still in its infancy, and they will continue to make a significant impact on the financial workforce. In turn, this will have an influence on the skills and knowledge required from the [next generation](https://www.financedigest.com/siya-kolisi-empowers-next-generation-with-red-bull-roots.html "Siya Kolisi empowers next generation with Red Bull Roots") of professionals. As pointed out in a [report](https://www.accaglobal.com/content/dam/ACCA_Global/professional-insights/the-race-for-relevance/pi-race-for-relevance.pdf) by the Association of Chartered Certified Accountants (ACCA), major global tech trends such as cloud-based computing, data analytics, robotic press automation and artificial intelligence will have a significant long term impact. In practical terms, many [businesses are also dealing with the opportunities](https://www.financedigest.com/electric-vehicle-transmission-market-emerging-growth-analysis-future-demand-and-business-opportunities-2027.html "Electric Vehicle Transmission Market Emerging Growth Analysis, Future Demand and Business Opportunities 2027") and risks presented by other contemporary technology movements – particularly cybersecurity, social media and machine learning. **Cybersecurity – a financial firestorm** Change also brings risk, perhaps best illustrated by the threats posed by cybersecurity criminals and the growth in malware, ransomware, DoS and [DDoS attacks](https://www.financedigest.com/finance-industry-and-ddos-attacks-how-can-the-most-targeted-vertical-industry-protect-itself-from-ddos-attacks.html "Finance industry and DDoS attacks: how can the most targeted vertical industry protect itself from DDoS attacks?"). These issues are among the most well known in a whole range of cybersecurity challenges that are increasing at an alarming rate, and that relate directly to the work of [finance and accountancy](https://www.financedigest.com/utilising-digital-tools-to-close-the-finance-and-accounting-skills-gap.html "Utilising digital tools to close the finance and accounting skills gap") teams. Even though preventative technologies can be costly, the impact of a ransomware attack, for example, can be catastrophic, with one [study](https://www.coveware.com/blog/2020/1/22/ransomware-costs-double-in-q4-as-ryuk-sodinokibi-proliferate) putting the typical cost of a ransomware attack at $84,116 – a figure that nearly doubled in the final quarter of 2019. As a result, finance departments have become more closely tied to their colleagues in the IT team to assess, mitigate and sometimes recover from the impact of a [cybersecurity breach](https://www.financedigest.com/why-training-your-staff-is-key-in-spotting-the-warning-signs-of-a-cybersecurity-breach.html "Why training your staff is key in spotting the warning signs of a cybersecurity breach"). Due to the level of risk, working in tandem to counter an unpredictable threat. Organisations who embrace this kind of operational change to [integrate](https://www.financedigest.com/integrated-finance-the-advantages-of-using-financial-infrastructure-as-a-service.html "Integrated Finance: the advantages of using financial-infrastructure-as-a-service") teams more effectively will always be better placed to protect their businesses from the financial damage of a cybersecurity attack. **[Social media](https://www.financedigest.com/yoono-discuss-the-importance-of-social-media-checks.html "Yoono discuss The Importance of Social Media Checks") society** The world of work always reflects wider changes in society, and among the recent [digital trends](https://www.financedigest.com/digital-trends-for-banking-leaders-looking-to-compete-in-2022.html "Digital trends for banking leaders looking to compete in 2022"), social media has fundamentally altered the way we communicate. [Businesses now have more options than ever for communicating with prospects](https://www.financedigest.com/lane-change-assist-systems-market-overview-business-growth-development-factors-application-and-future-prospects.html "Lane Change Assist Systems Market Overview – Business Growth, Development Factors, Application And Future Prospects"), customers, clients and staff. This versatility also brings with it individual and collective responsibility to understand what to say and where to say it. More so than ever, [communication is a broad skill set that cuts across every business](https://www.financedigest.com/business-texting-an-essential-communication-tool.html "Business Texting: An Essential Communication Tool") function, finance included. Whether it’s the impact social media can have on productivity (good or bad), the potential for mistakes to be amplified by social media coverage, or the [success](https://www.financedigest.com/digital-democratisation-through-low-code-the-future-of-finance-success.html "Digital democratisation through low-code – the future of finance success") major social media trends can deliver means it can have a direct and indirect financial effect. It’s a classic illustration of how the [role](https://www.financedigest.com/whose-role-is-it-anyway-why-finance-underpins-data-led-digital-transformation.html "Whose role is it anyway? Why finance underpins data-led digital transformation") of financial professionals has become much more layered and nuanced in recent years in ways that could not have been imagined just a generation ago. **[Machine Learning](https://www.financedigest.com/transforming-insurance-through-artificial-intelligence-and-machine-learning.html "Transforming Insurance Through Artificial Intelligence and Machine Learning") – a catalyst for change** Machine Learning (ML) is a branch of [Artificial Intelligence](https://www.financedigest.com/how-to-unlock-greater-value-from-artificial-intelligence.html "How to unlock greater value from artificial intelligence") (AI) that gives technology the ability to carry out tasks without needing a specific set of instructions. [Computers using ML algorithms can learn](https://www.financedigest.com/we-researched-dfinitys-internet-computer-and-this-is-what-we-learned.html "We Researched Dfinity’s Internet Computer and This Is What We Learned") from the input, output, and the process between them using pattern recognition to generate more cohesive and effective algorithms. A good, practical example of ML in common use is the [development of email spam filters](https://www.financedigest.com/bev-automotive-oil-filter-market-recent-industry-developments-and-growth-strategies-adopted-by-players.html "BEV Automotive Oil Filter Market: Recent Industry Developments and Growth Strategies Adopted by Players") that can learn and spot patterns in behaviour in incoming mail. The point finance professionals need to bear in mind is that ML represents further tech-led change that is likely to have profound and widespread influence on the [future of businesses](https://www.financedigest.com/surgical-equipment-market-high-trend-opportunities-offers-future-business-growth-by-2030.html "Surgical Equipment Market High Trend Opportunities Offers Future Business Growth by 2030") everywhere. The ability to understand and embrace our shared technology-led future will dictate which organisations continue to thrive in the [years ahead](https://www.financedigest.com/global-stocks-to-grind-higher-lacklustre-year-ahead-reuters-poll.html "Global stocks to grind higher, lacklustre year ahead: Reuters poll"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---