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

Notch Remover - ứng dụng hữu hiệu giúp giấu "tai thỏ" của iPhone X đã cập bến App Store

Apple vừa mới phê duyệt và cấp phép phát hành trên App Store một ứng dụng có tên gọi là Notch Remover với mục đích đúng như tên gọi: loại bỏ sự gai mắt của 'tai thỏ' trên iPhone X.

Công cụ gỡ sạch thanh tìm kiếm "rác" khác ra khỏi trình duyệt Chrome và Firefox

Trong quá trình sử dụng máy tính duyệt web chúng ra có thể sẽ bị dính các malware search, thay thế thanh tìm kiếm Google bằng những Ask Toolbar, Mystart Search, Babylon, MyWebSearch, SiteSafety... Dưới đây, TCN chia sẻ

Giúp máy tính trơn tru hơn chỉ với 1 dòng lệnh đơn giản

Với Empty Standby List, bạn có thể dọn dẹp 'cực sạch' bộ nhớ RAM chỉ với duy nhất 1 dòng lệnh.

Những mẹo hữu ích về Ghi chú trên iPhone, iPad

Sử dụng ứng dụng Ghi chú để ghi lại các ý tưởng thoáng qua hoặc tổ chức thông tin chi tiết với danh sách kiểm tra, hình ảnh, liên kết web, tài liệu được quét, ghi chú viết tay và bản phác thảo.

Hướng dẫn cách đăng video TikTok đơn giản, dễ làm

Một trong những điểm thu hút người dùng của TikTok chính là hệ thống quay video của nó rồi sau đó chia sẻ lên nhiều nền tảng khác bằng các tùy chọn khác nhau. Vậy thì cách đăng video TikTok được thực hiện như thế nào

ĐÁNH GIÁ NHANH

Trải nghiệm và đánh giá nhanh Camera Galaxy A6+

Để có thể đưa ra nhận định tương đối sâu sát về cụm camera trước lẫn sau trên Galaxy A6/A6+, mình đã chụp kết hợp nhiều điều kiện ánh sáng khác nhau trong khi lang thang đường phố Sài Gòn, từ đủ sáng, chênh sáng, ánh

Giới công nghệ nước ngoài đánh giá camera Samsung Galaxy Note 8 xuất sắc đến đâu?

Galaxy Note 8 là chiếc smartphone đầu tiên của đại gia đình Samsung sở hữu hệ thống camera kép và cũng là thiết bị di động đầu tiên trên thế giới có khả năng chống rung quang học cho cả hai camera sau.

Đánh giá thời lượng sử dụng pin của Meizu M6 Note: Gần 9 giờ Onscreen!

Trước tiên chúng ta hãy cùng điểm qua cấu hình của Meizu M6 Note nhé. Máy được trang bị màn hình rộng 5.5 inch với độ phân giải Full HD.