October 30, 2023

Finance Transformation – The Accountant’s Edge

Our team’s years of experience has allowed us to see the impact of having qualified accountants with finance transformation expertise as a consulting partner on your finance transformation journey. In this article, we discuss the benefits of this approach and how this can mitigate some of the common pitfalls listed below.  

  • Finance teams struggling to own and maintain the solution.
  • Poor design and rebuild required due to manual and constant workarounds.
  • Lifting and shifting legacy processes into new systems without considering best practice.

Speaking the same language

We’ve all been in meetings where endless system jargon and acronyms are used, and we spend more time working out the meanings of these instead of focusing on the meeting objective.

Qualified accountants with finance transformation expertise and experience can translate the finance function’s requirements into systematic solutions, collaborating with the relevant functions to achieve the organisation’s transformation objectives.

This leads to the following benefits:

  • Increased confidence in the project team due to your finance team’s requirements being understood.
  • A consulting partner that challenges your requirements by considering best practice and scalability, your finance team’s user experience and your overall project objectives.
  • An empowered finance team through training and documentation that is provided by accountants.

Not all accountants have superpowers

Having the right people involved in your finance transformation journey is critical to its success and we know choosing the right people can be very difficult. Below are a few tips that can help when looking for finance transformation consultants:

  • Look for deep domain expertise, this will mean you have someone who knows the process you are trying to transform.
  • Grasping your specific business requirements can take time but consultants that fully understand the specific problem are best placed to provide a solution.
  • Embrace people that challenge your requirements and processes to help you adopt best practices.
  • Seek accountants that can explain how and why systematic inputs drive accounting outputs.

Built by accountants for accountants

At Cofiniti, we focus on ensuring system solutions are designed and explained using accounting principles for the benefit of the finance function.

Get in touch to understand more about how Cofiniti can empower your finance team by leveraging our accounting and finance transformation expertise, bringing best practice and a continuous improvement mindset.

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