Overview

What are financial systems and what does a financial systems specialist do?

A financial system is the software and processes used to manage an organisation’s finances. It allows users to create, connect, store and report on all financial transactions of a company and is designed to reduce errors in the accounting process and in the monitoring and management of the company’s finances

Financial systems specialists take ownership of running, developing and controlling the financial systems across an organisation. The role is responsible for overseeing the day-to-day monitoring, maintaining and updating of the finance systems, as well as contributing to the development and implementation of new systems and control frameworks

The ACCA qualification provides a strong foundation for a career in Financial Systems. Specialists are often qualified accountants with technology experience and interest in systems implementation and improvement

Key responsibilities

Whilst responsibilities will vary between roles and organisations, examples include:

  • Developing and maintaining system processes and procedures to support the finance organisation
  • Standardising processes and controls across the organisation & implementing training programmes
  • Developing and maintaining system documentation and workflow processes
  • Identifying system issues and implementing solutions
  • Acting as a key liaison with the IT department on system stability and maintenance
  • Critically assessing and challenging current finance service delivery methods in order to identify improvements to processes
  • Auditing system usage and inputting & providing risk/opportunity assessments
  • Identifying, planning and implementing regulatory/statutory updates to the systems and processes
  • Supporting finance teams in monthly closing process and analysis

Why are they important?

Effective financial systems, which are developed, maintained and monitored correctly have become an essential resource for any finance function. As complexity in businesses increases, the management of financial data and the associated process and control environment has become increasingly intricate. Financial systems, and individuals with the skills and experience to maintain and develop them, play a critical role in the management and control of this data and the successful reporting of information across the business.

Competencies required in this role:

The role requires strong digital, technology and IT literacy, as well as excellent analytical skills, problem-solving skills and the ability to work collaboratively.

Career opportunities presented by this role

As organisations are constantly upgrading their technology infrastructure, demand for these professionals is increasing. A solid career structure is in place, with the opportunity for financial systems analysts to progress up to head of department and beyond.

Competencies

High level competencies required by a financial systems specialist include: 

  • Data, Digital and Technology

    A. Identifies strategic options to add value, using data and technology.

    B. Analyses and evaluates data using appropriate technologies and tools.

    C. Applies technologies to visualise data clearly and effectively.

    D. Applies scepticism and ethical judgement to the use of data and data technology.

  • Governance, Risk and Control

    A. Evaluates organisational structures and governance to protect the long-term interests of stakeholders.

    B. Recommends appropriate strategies to ensure adherence to governance structures and application of best practice internal controls.

    C. Identifies and manages risk appropriately.

    D. Uses risk management for the best interests of an organisation and its stakeholders.

    E. Monitors and applies relevant legislation, policies and procedures.

     

  • Stakeholder Relationship Management

    A. Positively develops relationships with internal and external stakeholders.

    B. Communicates and gains commitment from internal and external stakeholder.

    C. Uses emerging technologies to collaborate and communicate effectively with stakeholders.

    D. Applies professional and ethical judgement when engaging with stakeholders.

    E. Aligns organisational strategic objectives with stakeholder needs and manages expectations.