May 1 , 2015
Keeping up with the Joneses - and cloud, data and ERP
Toronto, ON-- From transportation to communication to currency, technology is transforming nearly every field. Accounting is no exception, and research shows keeping up with technological advancements is the greatest source of pressure for the profession today.
In the Robert Half Management Resources survey, 58 per cent of chief financial officers (CFOs) said staying current with changing technology is the greatest pressure facing their accounting and finance teams. Nineteen per cent cited meeting regulatory compliance mandates.
The survey was developed by Robert Half Management Resources, the world's premier provider of senior-level finance, accounting and business systems professionals on a project and interim basis. It was conducted by an independent research firm and is based on telephone interviews with more than 270 CFOs at Canadian companies.
CFOs were asked, " In general, what would you say is the single greatest pressure facing your accounting and finance function?" Their responses:
Keeping pace with changing technology |
58 per cent |
Meeting regulatory compliance mandates |
19 per cent |
Harnessing/managing big data |
19 per cent |
Other |
4 per cent |
"Technology is prevalent throughout accounting and finance, but companies are finding it difficult to keep up with changes and navigate the implementation of new systems to best serve their business," said David King, Canadian president of Robert Half Management Resources. "Successful companies are those that are able to take advantage of new tech tools to improve financial reporting systems, leverage the increased real-time availability of information for decision making, and create stronger internal controls."
King added that adopting new technologies requires finding individuals with the right skills and experience. "Organizations need accounting and finance staff who are proficient in enterprise resource planning software and are able to work with business intelligence tools to provide greater strategic guidance. Companies can attain this expertise through the right mix of consultants to help support specific projects from concept to completion, along with skilled full-time employees." |
