The future is coming – in fact, maybe it’s already here, as automation in finance and accounting functions grows more important by the day. The real question is, is your finance team ready?
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When it comes to finance, numbers are numbers – but everything else, from working habits to how figures are collated and reported, is always subject to change.
So how do you make sure your finance team is fit for purpose, no matter what the future holds? Well, you start by looking at the changing trends.
How the finance landscape is changing in 2022
Who better to offer some insight into the changing financial landscape and how that’s impacting finance teams than Hutcheon Mearns’ head of resourcing, Andrew McLeod. Like the majority of the team at the finance advisory firm, Andrew was a fully qualified accountant before moving into recruitment – and he’s well aware of the challenges and opportunities that exist within the industry.
As well as difficulties in retaining staff and navigating ‘the new normal’ of home and office working hybrids, automation is one of the biggest trends disrupting finance and finance recruitment.
Andrews says: “The finance landscape is changing and will change as we go into the future. Automation is definitely coming as companies look to streamline processes and make things more efficient. We’ve seen the emergence of power BI dashboards, a real game changer in terms of giving good information quickly that can drive business and strategic decisions.
“Automation is a fundamental change and we’re seeing it in the recruitment pattern at the moment. People are looking for individuals with this sort of skillset.
“As these new systems and processes are folded out, and you get more buy in from the c-suite level, is your team prepared to adopt it and do you have that skillset in your team? If the answer is no, then you probably need to bring in resources, to protect the future of the business.”
Why it’s important to evolve and embrace automation in finance
After all, not adopting automation in finance and accounting functions could negatively affect your business in the long run.
Andrew explains that you could be at the risk of losing or eroding your competitive advantage, as rivals who do embrace automation will be able to:
- Make better decisions
- Have a greater focus on profitable lines/services
- Lower costs with more efficient processes and procedures
- Have the ability to react quicker to customer demands
Automation in financial services: how to get ready
So it looks as though automation is here to stay and that failing to keep up with this evolving technology could have a negative impact. But how can you get ready to embrace automation in financial services?
Take a considered, strategic approach to developing a future-proof finance team that can adapt as things change. Andrew says: “It’s about making sure that if you’re changing your team, you’re doing it for the right reason and that you’re adding the right skillsets that match your company objectives, budget or forecast. It’s making sure that your finance team is helping you get there and not hindering you.”
So how can you build a team that is primed and ready to adapt to whatever the future holds for your business?
1 Start by evaluating where your team is now
Andrew says: “Is your existing team adding value based on its current form?”
In his role at Hutcheon Mearns, Andrew sits down with clients to look at their existing finance teams, asking about strengths, weaknesses and skills that are lacking in the team.
2 Consider what your finance team might need in the future
Next, think about where you need to build strength. Can your finance team support you if you win a new contract or develop a new business market? Are you planning to rely on or take advantage of automation in financial services?
Stopping to think ahead means you can be more targeted in your recruitment, looking for specific skillsets or experience.
3 Decide what steps you can take to get there
Take advice on the best solution to fill any gaps in skills or capabilities. This might involve taking a more long-term view to investing in recruitment, particularly when it comes to automation.
Andrew explains: “I think there’s a misconception that adopting these things are vastly expensive projects, and there was a time it was, but not so much now. You have to look behind the individual salary or individual consultant cost, at the wider cost benefit to the business.”
You can also take advantage of services like Hutcheon Mearns’ Elevate. Andrew says: “If you want to go down the Power BI route, then we can put someone like Ally Mitchell in. They can set it up, make sure all the information flows and then tutor staff in using it.”
Why Hutcheon Mearns is uniquely positioned to help with finance recruitment
None of this is to say that future-proofing your finance team is easy. Andrew explains: “I’d suggest that the vast majority of recruitment is reactive not proactive. It’s ‘someone’s resigned today’ and a panic to get someone in to replace them. A lot of finance people, through sheer volume of work or responsibility, don’t have the luxury to sit down and map their team out, to think if it’s fit for purpose. They just don’t have time to take away from their day-to-day to focus on that.”
But don’t worry, you don’t have to do this alone. Hutcheon Mearns can help by evaluating your finance team and recommending changes.
Andrew says: “Where we separate ourselves from others in the market is, we can offer advice and then we can help implement it. For example, say you have a weakness because you don’t have enough experience in North American regions. You need a controller level individual who can manage that. So we can go to the market and tell you who you can get and how much they’ll cost. It might not be a decision you’ll make today, but you can have it in your budget to make that change later.
“At the end of the day, our whole focus is to make our clients’ lives easier by giving them a good level of service, but also giving them knowledge and letting them know what to do with that knowledge.”
Find out more about future-proofing your finance team with help from the experts at Hutcheon Mearns.
