IFAC Professional Accountants in Business
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IFAC Professional Accountants in Business

Author : calandra-battersby | Published Date : 2025-06-23

Description: IFAC Professional Accountants in Business Committee ANESU DAKA CASAZ A Vision of the Finance Professional and the Finance Function PAO Self Evaluation Tool Activities of the IFAC PAIB Committee Contents Priorities and Needs in relation

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Transcript:IFAC Professional Accountants in Business:
IFAC Professional Accountants in Business Committee ANESU DAKA CA(SA)(Z) A Vision of the Finance Professional and the Finance Function PAO Self Evaluation Tool Activities of the IFAC PAIB Committee Contents Priorities and Needs in relation to serving PAIBs A Vision for the Finance Professional and the Finance Function CFOs and PAIBs Supporting the Business Supporting effective governance, compliance and control, and integrity Effective, trusted, proactive in leadership, navigating the business, and strategic and operational decision making The Key Challenges Facing PAIBs Speed of change and keeping up-to-date Fulfilling employer expectations to balance stewardship/compliance and entrepreneurial roles Adding value to the wider organization Being transparent and ethical under pressure Fragmented career paths in finance and accounting Future Proofing the Profession Tech driving massive change & challenging relevance Automation of roles Full visibility of transactions / real time self service reporting Competition for PAIB space e.g., data scientists Continuing lowering cost of F&A Managing & reporting for value Millennial expectations The Road to Relevance: Accounting for the Business The financials only tell a small part of a performance story The accountant of today and tomorrow needs to provide information and analysis that supports decisions about all aspects of an organization’s business model The key elements of developing a vision for finance professionals and functions The key elements of developing a vision for finance professionals and functions What do finance function customers want from the finance function? Customer perspective of the finance function, and key insights on opportunities and challenges The key elements of developing a vision for finance professionals and functions Building Awareness of the Latest in Digital and Technology Developments What can we do now? Look for ‘quick wins’, efficiencies in the way processes are performed Refresh the team’s profile – need people who understand the opportunities and risks from digital Recruit team members who are interested in doing things differently Need good project managers Building Awareness of the Latest in Digital and Technology Developments Agile Finance Function – Responsive, Insightful, Efficient Automation gaining momentum Robotic Process Automation (RPA) does not solve failing processes Need to be clear on tasks you automate and those you don’t Build RPA skills in the team (does not require deep technical programming expertise) In assessing benefits, cost reduction is only one measure; benefits of releasing time for finance staff is key RPA needs to be part of a wider digital finance function vision that can

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