Survey Reveals Accountants Play Vital Role In Driving Financial Transformation for Organizations

LOS ANGELES, June 26, 2024 (GLOBE NEWSWIRE) -- Today, FloQast, a Finance and Accounting Operations Platform provider created by accountants for accountants, announced the results of its latest survey, Embracing Financial Transformation: What It Is, Why Organizations Should Want It, and How to Achieve It. The survey explores factors of both awareness and understanding around the concept of financial transformation among accounting and finance teams, as well as the steps teams may take to achieve it. Additionally, for the first time ever, FloQast has adapted academic frameworks for the accounting industry to further evaluate financial transformation, resulting in two new models that may be adopted by teams everywhere:

The Financial Transformation Framework: Four essential components for effective transformationThe Financial Transformation Belief Model: A process for giving time and attention to true transformation

In this survey, FloQast found that accountants play a critical role in motivating, determining, and implementing new solutions that modernize their work and ensure their organizations are competitive and compliant in a complex and dynamic environment – and helping the CFO and others understand the transformation imperative.

Conducted in partnership with the University of Georgia Consumer Analytics Program, the survey includes the perspectives of 385 accounting and finance professionals, including CFOs, controllers, and their teams. FloQast looked for individuals and organizations that varied in tenure, company size, certification status, and IPO status.

“CFOs and their teams are under immense pressure to transform financially, but we’ve found there’s often a lack of understanding about what exactly transformation means and how to achieve it,” said Mike Whitmire, CEO and co-founder of FloQast, CPA. “It’s a team effort that requires collaboration, awareness, and cohesiveness from all members of the team. But perhaps the biggest catalyst to this transformation comes from accountants themselves, who have the most intimate understanding of the record-to-report landscape and stand to be immensely valuable to CFO-driven transformation initiatives with the right resources.”

FloQast found that there’s still a significant gap for many teams when it comes to becoming this catalyst. Data demonstrated that accountants overwhelmingly need to gain a greater understanding of what financial transformation means for their organizations and revealed that few organizations have a cohesive financial transformation vision in place. Key insights include:

Accountant familiarity with the idea of financial transformation lags behind the CFO’s familiarity:

  • 96% of CFOs have heard of financial transformation, and 61% are very familiar with it, showcasing the pressure on CFOs to guide their organizations through organizational change.
  • In fact, CFOs are 2.2 times more likely to be aware of financial transformation than accountants.

CFOs and accountants are feeling the pressure to incorporate financial transformation initiatives into their future company plans:

  • Both CFOs and accountants recognize the importance of financial transformation, with 39% and 42%, respectively, seeing it as a top priority for their organization.
  • For both groups, just over two-thirds indicated that such an initiative for financial transformation exists for their organizations.

Both accountants and CFOs are optimistic about the role of AI in accounting and its potential to benefit the workplace:

  • Both groups believe in AI’s potential: Both believe AI will increase productivity — 37% and 30%, respectively — and is a critical component of financial transformation for both groups (32% and 28%, respectively).
  • Financial transformation initiatives primarily focus on automated processes for both accountants (54%) and CFOs (63%).

“Disparate workflows that address narrowly defined needs won’t deliver transformation,” said Razzak Jallow, CFO of FloQast. “The CFO’s role in this process is to collaborate with accounting teams to facilitate and add structure to all transformative efforts across the department. Transformation truly happens when the CFO empowers accountants to optimize cohesive financial transformation - not singular efforts they think will drive change.”

FloQast is committed to publishing industry research on today’s most pressing topics in the accounting and finance ecosystem. Last year, FloQast released the final installment in its Controller’s Guidebook survey series. It provided an overview of the pressures, challenges, and opportunities accountants were currently facing in the industry and focused on key themes such as burnout, technology, and ideal work environments.

For additional findings, an eBook with more detailed survey results can be found here. Explore more about the survey’s development and findings on our blog.

About FloQast

FloQast, a Finance and Accounting Operations Platform provider created by accountants for accountants, enables organizations to operationalize accounting excellence. Trusted by more than 2,700 accounting teams – including Twilio, Los Angeles Lakers, Zoom, and Snowflake – FloQast enhances the way accounting teams work, enabling customers to streamline and manage the Financial Close, Finance and Accounting Operations, and Compliance Programs. With FloQast, teams can utilize the latest advancements in AI technology to manage every aspect of the month-end Close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration throughout the financial function. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com.

Contact:
Kyle Cabodi
FloQast Director of Corporate Communications
kyle.cabodi@floqast.com

MEDIA CONTACT:
Agata Porter
Matter Communications
Email: floqast@matternow.com


Survey Reveals Accountants Play Vital Role In Driving Financial Transformation for Organizations

THỦ THUẬT HAY

Tải 9999+ Thiệp chúc mừng tết độc đáo 2023 Download miễn phí

Năm mới tết đến mọi người thường muốn dành tặng người thân, bạn bè những lời chúc đầy ý nghĩa, mong một năm tràn đầy sức khoẻ, sự may mắn và bình an. Để có thể gửi cho tất cả mọi người, kể cả những người ở xa bạn cũng

YouTube Go: ứng dụng xem YouTube rất gọn nhẹ, chạy cực nhanh

Nhưng không nhất thiết phải có máy yếu mới được xài, YouTube Go có thể chạy với bất kì thiết bị Android nào và mình thậm chí còn thích nó hơn so với app YouTube gốc vì nó rất nhẹ và chạy cực nhanh, nó làm đúng những gì

3 cách để bảo vệ toàn diện trên môi trường Internet

Vấn đề bảo mật khi dùng Internet luôn là một trong những điều mà người dùng quan tâm nhất, nhưng dữ liệu của bạn rất dễ bị rò rỉ và bán cho những nhà quảng cáo, do đó, hôm nay, TCN sẽ giới thiệu cho các bạn ba công cụ

8 lỗi sai khi viết CV khiến bạn có nguy cơ thất nghiệp dài dài

CV là 'chiếc chìa khóa' giúp bạn có cơ hội bước vào phòng phỏng vấn nên hãy dành thời gian chuẩn bị thật kỹ lưỡng.

Mua laptop Alien hay build PC để dựng video + After Effect?

Qua tìm hiểu thì cũng ngắm được vài em Alien trong tầm chi trả, nhưng cũng có vài anh em chia sẻ là nên dựng PC ở nhà.

ĐÁNH GIÁ NHANH

So sánh iPhone 13 Pro Max và Samsung Galaxy Z Fold3 5G: Chênh nhau 5 – 6 triệu nên mua flagship nào?

Apple có iPhone 13 Pro Max, Samsung có Galaxy Z Fold3 5G đều là hai mẫu flagship hàng đầu hiện nay. Tuy nhiên, giá bán giữa hai thiết bị chênh nhau khá lớn khiến nhiều người băn khoăn không biết nên chọn mua điện thoại

Đánh giá nhanh Nokia 1: Trải nghiệm đáng tin cậy trên smartphone Android giá rẻ

Là một sản phẩm giá rẻ, không ngạc nhiên khi thiết kế của Nokia 1 không mấy ấn tượng. Máy có phần thân làm bằng nhựa và khá dày (9.5 mm) với viền màn hình cũng khá lớn, khiến nó trông giống như một thiết bị ra đời từ

So sánh camera iPhone 12 Pro vs Samsung Galaxy Note 20 Ultra

iPhone 12 Pro và Galaxy Note 20 Ultra là hai trong số những “camera phone” tốt nhất hiện nay. Vậy chiếc điện thoại nào sẽ tốt hơn trong việc chụp ảnh phong cảnh, chân dung, ảnh selfie và chế độ ban đêm?