# What Skills and Areas of Knowledge Should Finance Teams Develop During 2023? 
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-01-17
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Unlocking New Potential: Finance Software Solutions for 2023
Meta Description: Discover how automation, AI, and machine learning are revolutionising finance. Learn essential new skills to maximise software potential in 2023.
URL: https://financedigest.com/what-skills-and-areas-of-knowledge-should-finance-teams-develop-during-2023html

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# ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/hugh-scantlebury-450x436-1736814568167-compressed.jpg)

_By_ **_Hugh Scantlebury,_** _CEO & Founder at_ _Aqilla_

A _ccounting_ _and finance software solutions that use automation, [artificial intelligence and machine learning](https://www.financedigest.com/machine-learning-in-artificial-intelligence.html "Machine learning in artificial intelligence") are helping finance departments to evolve_. But to fully realise their new potential, some [teams will need to develop](https://www.financedigest.com/edf-edison-ansaldo-team-up-to-develop-nuclear-power-in-europe.html "EDF, Edison, Ansaldo team up to develop nuclear power in Europe") fresh skills — or acquire additional knowledge — that might not seem immediately necessary or obvious. This article looks at four such areas, outlines the benefits of improving familiarity and suggests that 2023 is the year to start making inroads.

**Software Integration**

Accounting and finance software has helped reduce and, in some instances, eliminate the burden and drudgery of monotonous data entry by [automating core accounting](https://www.financedigest.com/5-common-mistakes-around-accounts-payable-automation.html "5 Common Mistakes Around Accounts Payable Automation") processes. More recently, this software has matured to allow comprehensive integration with other systems such as ERP, business intelligence, [asset management](https://www.financedigest.com/britains-post-brexit-asset-management-revamp-eyes-liquidity-tokenisation.html "Britain’s post-Brexit asset management revamp eyes liquidity, tokenisation"), inventory, CRM, HR and payroll.

The most modern of these solutions can also securely integrate with customer, supplier, government and other third-party systems — through Application Programming Interfaces (APIs), Open Banking and the Making [Tax Digital](https://www.financedigest.com/self-employed-taxpayers-and-making-tax-digital.html "Self-employed taxpayers and Making Tax Digital") (MTD) initiative. Each of these integrations offers massive potential for improving departmental efficiency. They also present an incredible [opportunity for finance](https://www.financedigest.com/how-finance-leaders-can-turn-the-inflation-challenge-into-opportunity.html "How finance leaders can turn the inflation challenge into opportunity") teams to access and analyse more company-wide data and gain a broader picture of business operations.

It’s not, of course, necessary for [finance teams to know](https://www.financedigest.com/7-finance-career-options-to-consider-and-what-you-need-to-know-about-each.html "7 Finance Career Options to Consider and What You Need to Know About Each") how to connect these solutions; plenty of third-party IT specialists and systems integrators can help in that regard. But finance teams [need to know](https://www.financedigest.com/4-things-you-need-to-know-about-mortgages.html "4 Things you Need to Know About Mortgages") that such integrations exist. They also [need to understand how this connectivity could help improve](https://www.financedigest.com/what-needs-to-happen-to-improve-the-landscape-for-smes-trying-to-access-finance-options-in-the-uk.html "What needs to happen to improve the landscape for SMEs trying to access finance options in the UK") departmental and company-wide outcomes.

**[Big Data](https://www.financedigest.com/big-data-suggests-leicesters-football-success-could-usher-in-economic-boom.html "Big data suggests Leicester’s football success could usher in economic boom") and Data Analytics**

This new level of [system interconnectivity means finance](https://www.financedigest.com/from-fragmented-systems-to-unified-cpm-unicredit-prepares-for-todays-finance-challenges.html "FROM FRAGMENTED SYSTEMS TO UNIFIED CPM – UNICREDIT PREPARES FOR TODAY’S FINANCE CHALLENGES") teams could play a central role in big data analysis. Alongside other company data, the information they hold and process could help to uncover trends and patterns with the potential to reduce business costs, enhance [supply chain](https://www.financedigest.com/5-steps-to-successful-supply-chain-finance.html "5 Steps to successful supply chain finance") relationships and boost margins — as well as play a key role in creating new products or services.

But rather than playing a passive part and handing over all the data for analysis by other departments, [finance teams equipped with the right skills could become big data](https://www.financedigest.com/theres-nothing-artificial-about-the-role-of-ai-and-data-in-the-finance-industry.html "There’s nothing artificial about the role of AI and data in the finance industry ") analysis experts in their own right — using their inter-connected accounting software as a starting point to consolidate information, visualise it and deliver it to stakeholders.

**[Data as a Service](https://www.financedigest.com/data-fake-will-be-the-new-real-in-financial-services-in-2023.html "Data: Fake will be the new real in financial services in 2023") (DaaS)**

But getting started with [big data](https://www.financedigest.com/hedge-funds-suffer-big-outflows-in-q2-data.html "Hedge funds suffer big outflows in Q2 – data") analysis can be daunting. The software can initially appear complex and time-consuming to learn and use — discouraging [finance teams from fully getting to grips with its functionality](https://www.financedigest.com/why-do-modern-finance-functions-strive-for-automation.html "WHY DO MODERN FINANCE FUNCTIONS STRIVE FOR AUTOMATION?"). Data as a Service (DaaS) solutions for [finance teams offer a way](https://www.financedigest.com/3-key-ways-you-can-transition-from-finance-to-fintech.html "3 key ways you can transition from finance to fintech") to speed up and simplify big data analysis. For me, at least, they represent the future of financial data analysis, and I believe they will play a [key role in helping finance](https://www.financedigest.com/5-key-takeaways-from-the-finance-sectors-digital-transformation-revolution.html "5 Key Takeaways From the Finance Sector’s Digital Transformation Revolution") teams expand their reach and influence.

Like other IT as a Service offerings, DaaS solutions store [company data in the cloud](https://www.financedigest.com/green-cloud-one-way-your-company-can-commit-to-sustainability.html "Green Cloud: one way your company can commit to sustainability") and offer a set of simple-to-use tools that, in this case, can analyse revenue, expenses and profitability to forecast future performance. Correctly configured, DaaS solutions can also draw on non-financial data, such as market intelligence or customer [information — helping to provide a sound financial](https://www.financedigest.com/overcoming-information-overload-in-the-financial-sector.html "OVERCOMING INFORMATION OVERLOAD IN THE FINANCIAL SECTOR") take on wider decision-making and company growth strategy.

**Networking and Relationship Building**

We’ve talked about how IT solutions can break down silos of information and give finance teams a broader perspective. But I think there’s another aspect to this — and a very human one too. To make these solutions work effectively and to deliver cross-company benefits, [finance teams need](https://www.financedigest.com/why-finance-teams-need-to-go-beyond-numbers-to-an-active-relationship-with-data.html "Why finance teams need to go beyond numbers to an active relationship with data ") to become even better networkers.

That doesn’t mean attending loads of [networking events](https://www.financedigest.com/6-steps-to-organising-an-introvert-friendly-networking-event.html "6 Steps to organising an introvert-friendly networking event ") or joining peer-to-peer platforms — although these can be extremely helpful. Networking, in this context, means building solid relationships across the [business so that the finance](https://www.financedigest.com/1-in-3-uk-businesses-looking-for-finance-are-finding-it-harder-to-get-a-loan.html "1 in 3 UK businesses looking for finance are finding it harder to get a loan") team has the knowledge and empathy to take a holistic view and understand how their work fits into the broader organisation. Close working and friendship connections across IT, operations, HR and sales will do wonders to open communications channels, share ideas, [remain relevant to the business](https://www.financedigest.com/iran-open-for-business-but-caution-remains-the-watchword.html "Iran: ‘open for business’ – but caution remains the watchword") and operate effectively.

**Conclusion**

It’s always going to be essential for financial [teams to have a detailed knowledge of technical accounting](https://www.financedigest.com/what-can-accountants-learn-from-great-britains-olympic-team.html "What can accountants learn from Great Britain’s Olympic team?") so they can provide human oversight and review of all financial data — whether that’s to spot unintentional errors or raise a red flag about potential fraud or compliance concerns. But, thanks to advances in accounting and [finance software — particularly on the automation](https://www.financedigest.com/enterprise-automation-is-the-future-of-finance.html "Enterprise automation is the future of finance") front — the mundane, repetitive tasks that traditionally took up so much time should now be a thing of the past.

This kind of automation [doesn’t mean](https://www.financedigest.com/making-sure-that-finservs-digital-transformation-doesnt-mean-digital-exclusion.html "Making sure that FinServ’s digital transformation doesn’t mean digital exclusion") the end for finance teams — far from it! Automated IT [solutions are freeing up much-needed time](https://www.financedigest.com/georgias-tbc-bank-slashes-loan-decision-time-with-fico-solution.html "Georgia’s TBC Bank Slashes Loan Decision Time with FICO Solution") and headspace. They’re creating the right environment for finance teams to acquire new [skills that can deliver additional value and support the wider business](https://www.financedigest.com/5-essential-leadership-skills-for-family-owned-businesses.html "5 essential leadership skills for family-owned businesses"). As a result, the opportunity exists for finance teams to take ownership of cross-company knowledge and explain the interconnections between financial and non-financial information. I believe this will extend the finance team’s influence far beyond its current threshold and firmly position the department at the heart of [business decision-making for many more years](https://www.financedigest.com/novartis-to-spin-off-generics-business-sandoz-next-year.html "Novartis to spin off generics business Sandoz next year") to come.


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