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The report, the latest in the Insight series on Accountants for business, ACCA's global theme for 2009–2010, identifies strong control in finance operations and insightful business analysis ('applying the finance lens') as being key value drivers in the current challenging business environment. However, finance involvement in regulation and strategy is considered to be less of a priority, as well as being of less value, at present.
The report is supported by one-to-one interviews with a range of senior finance professionals and external business advisers.
'The report looks at how accountants add value to business in what remains a very dynamic and challenging environment,' said Tony Osude, ACCA acting director of professional development and one of the report's authors.
'We see finance professionals adding value in five areas that we call the five domains of finance - strategy, analysis, operations, custodial and regulation. We have used the finance function as a case study to demonstrate the role that professional accountants play and to identify the differences between the good and the great.
'The skills of finance professionals are examined, revealing that organisations and accountants have an opportunity to enhance the value they provide by understanding more clearly how and where value can be added in the business, and developing an operating model for finance that clearly aligns skill capabilities to this value provision. The report provides a framework for organisations assessing and reviewing the effectiveness of their finance function, and suggests how an optimal model can be derived.'
The report's co-author Jamie Lyon, ACCA senior manager, professional development, added: 'In the future, the optimal finance function will be one that can adapt to the needs of business quickest.
'The scale of the economic downturn has forced organisations to re-evaluate the priorities of finance and accountants are having to catch up very quickly - there are some clear business needs that have emerged, which we expect to shape the priorities of finance in the near future. The challenges business will face over the next 12 months in coming out of the recession will provide a golden opportunity for accountants to drive the value agenda in their businesses.
'At the heart of the optimal finance function model are the skills, knowledge and capabilities held by finance professionals, and the key to optimising value is effective investment in finance roles and capabilities. Whatever the financial environment as we move into 2010, organisations and their finance professionals need to be prepared.'
Download a copy of the report here.
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Adding value to business in a dynamic and challenging global environment
New ACCA report reveals best practice planning for finance professionals
12 Oct 2009
The findings of a new ACCA report have revealed that organisations must reconsider what they want from finance, and identify where value for the business can be optimised, in a dynamic external business environment.The report, the latest in the Insight series on Accountants for business, ACCA's global theme for 2009–2010, identifies strong control in finance operations and insightful business analysis ('applying the finance lens') as being key value drivers in the current challenging business environment. However, finance involvement in regulation and strategy is considered to be less of a priority, as well as being of less value, at present.
The report is supported by one-to-one interviews with a range of senior finance professionals and external business advisers.
'The report looks at how accountants add value to business in what remains a very dynamic and challenging environment,' said Tony Osude, ACCA acting director of professional development and one of the report's authors.
'We see finance professionals adding value in five areas that we call the five domains of finance - strategy, analysis, operations, custodial and regulation. We have used the finance function as a case study to demonstrate the role that professional accountants play and to identify the differences between the good and the great.
'The skills of finance professionals are examined, revealing that organisations and accountants have an opportunity to enhance the value they provide by understanding more clearly how and where value can be added in the business, and developing an operating model for finance that clearly aligns skill capabilities to this value provision. The report provides a framework for organisations assessing and reviewing the effectiveness of their finance function, and suggests how an optimal model can be derived.'
The report's co-author Jamie Lyon, ACCA senior manager, professional development, added: 'In the future, the optimal finance function will be one that can adapt to the needs of business quickest.
'The scale of the economic downturn has forced organisations to re-evaluate the priorities of finance and accountants are having to catch up very quickly - there are some clear business needs that have emerged, which we expect to shape the priorities of finance in the near future. The challenges business will face over the next 12 months in coming out of the recession will provide a golden opportunity for accountants to drive the value agenda in their businesses.
'At the heart of the optimal finance function model are the skills, knowledge and capabilities held by finance professionals, and the key to optimising value is effective investment in finance roles and capabilities. Whatever the financial environment as we move into 2010, organisations and their finance professionals need to be prepared.'
Download a copy of the report here.