New accountants trust they will have the opportunity to do meaningful work, using the best solutions and technology available. Existing accountants trust they are following processes and using technology designed to deliver the most accurate results in the most efficient way. They also trust that the controller and the CFO will advocate for accountants’ best interests, such as implementing processes and technology that enable continuous Improvement and professional development. Controllers trust that accounting teams can and will deliver accurate results, be accountable for all tasks, and close the books on time. CFOs trust the results from the accounting organization—data and analysis that underpin every strategic business decision and drive the organization’s success.
New accountants may expect to use technology that drives efficiency and accuracy. However, many are still stuck doing repetitive, manual work using antiquated tools. This is despite the fact that Millennials, who will make up 75% of the workforce by 2025, are more likely to leave a job that does not provide the right technology. Research by Penn Schoen Berland, as reported in Forbes, found that 42% of surveyed Millennials stated they would quit a job because of “substandard technology.”1
Existing accountants, regardless of the transformations in accounting software in the past decade, are still expected to hand-enter data, manually tick and tie transactions, and work hours of overtime every month to manage a close that does not mirror the pace of the business. The most repetitive tasks of the close are the easiest to automate. Additionally, reducing the amount of manual work for accountants can yield greater accuracy and efficiency.
Controllers find that while accuracy is a core value of every accounting professional, it is often threatened by increasing amounts of data and demands for more ad hoc, real-time reporting. Today’s business environment is at odds with a manual, once-per-period, backward-looking close process, where accountants are overwhelmed by an increasing number of transactions and controllers are less able to guarantee a timely, accurate, efficient close.
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