Finance transformation is about more than technology. Despite the promise of automation and the undoubted power of data, finance systems operate at their full potential when they act as enablers of people – allowing them to extract the maximum value from their considerable expertise.
A people-focused digital transformation goes beyond implementing cutting-edge digital systems to focus on integrating people, processes, and technology to unlock unprecedented value.
“You’re building on sand if you haven’t got the right infrastructure in place. You’ll often find that the teams are really busy with Business As Usual (BAU). So when you’re trying to transform, there’s no time, no one to help, accountants are viewed as blockers, and so nothing gets done”
Ann-Marie Davis, Director of Finance Systems
But while technology can and should put people first, the digitisation of finance is only gathering pace. 83% of companies say the pressure to reinvent as a strategy for success has increased, while 86% of CFOs say the speed to deliver transformations is faster or significantly faster than in the past.1 The challenge for organisations is to keep pace with change while adhering to two crucial principles: First, that the purpose of technology is to be a magnifier of human expertise. Second, that without the right people in place, they’re unlikely to receive the maximum return on their investment in transformation.
This guide has been designed by industry experts and leading specialists to support finance leaders in maximising the technology they work with, and the teams they manage.
of CFOs say the speed to deliver transformations is faster or significantly faster than in the past.
The objective of a people-focused digital transformation is to reach a state where people, processes and digital systems are functioning cohesively. If this can be achieved, your investment in talent and technology can achieve its best possible return. But what does this optimised finance function look like?
81% of CFOs in 2024 plan to use automation and digital technologies to free people’s talents for higher-value activities. This transformation enables accountants to interpret complex datasets, support strategic planning, and inform decision-making at senior levels.
“Underperforming teams can reach the end of the reporting cycle before they have had a chance to show any insight from the data they are working with,” says Ann-Marie Davies, Director of Finance Systems. “You can get to a point where the systems architecture can be overwhelming. There’s too much data, and it turns into a negative cycle with no time to fix anything.”
“Some organisations think the financial system will solve all of their problems for them, but the truth is it will address whatever the ‘ask’ is. So the only way to ensure you have a fully comprehensive result is to set those expectations early.”
Roger Plummer, Finance Technology Executive and Global IM at Anglo American
of CFOs in 2024 plan to use automation and digital technologies to free people’s talents for higher-value activities.
“When you have a well-planned, well-utilised technology, you’re able to switch from reaction and pushing to forecasting and analysing,” says Ann-Marie Davies. “This is where finance professionals should be, and want to be.”
Beyond professional fulfilment, accountants are asking for support with workload and stress. 72% say that they would like a better work-life balance, and 58% expected to move to their next role within two years. Transformation can reduce the workload associated with high-pressure tasks such as the financial close, creating a more positive environment among the team.
say that they would like a better work-life balance.
An underperforming team is likely struggling with accuracy and failing audits. Forecasts aren’t meeting actuals and stress levels can rise as deadlines approach. These issues imply a breakdown of the relationship between people as systems. “The best that we can expect as technologists is no noise,” says Roger Plummer, a Finance Technology Executive and Global IM at Anglo American. “That means things are working as well as they should. For transformation leaders, silence is the best evidence that processes are running smoothly.”
When the finance team delivers transparent and efficient reporting, it lays the groundwork for a positive, trust-based relationship with the regulator. A consistently smooth process builds confidence that the organisation is capable of being reliably compliant, and can help the team earn the benefit of the doubt if potential issues arise.
An optimally functioning finance office features a powerful alignment between people, processes, data, and technology. By eliminating routine and time-consuming tasks, next-generation ERP and EPM systems free up expertise, allowing accountants to invest their time and knowledge in more impactful ways. This positions the finance function as an enabler of business growth, but to achieve this state, the right foundations need to be established.
This requires taking a people-first approach. “The ideal state for the finance function is a well-oiled machine able to provide strong insight into the data they are gathering, and recommendations on what to be working on next,” says Roger Plummer. “If everything goes right, you should expect to see that elevation come through from a high-performing team. The focus is not on the system itself, it’s about the skills of the people in the team.”
In this way, your transformation initiative should aim to kick-start a virtuous cycle, in which technology liberates and empowers the finance team, which is then able to maximise the value of the finance systems your organisation has invested in.
The success of any new system implementation hinges on a well-prepared and engaged team. Navigating change is a challenge regardless of the size and complexity of the finance function involved.
“Setting the tone is key and it absolutely comes from the top,” says Roger Plummer. “The vision is absolutely critical; you’ve got to show the team, everyone involved, what the plan is, what the end result will look like, and why it is worth their effort and investment.”
Accountants are the backbone of any finance function, and they possess valuable insights into existing challenges and workflow inefficiencies. By actively engaging these subject matter experts throughout the implementation process, the leader can tap into significant resources, improve performance and accelerate transformative outcomes.
“When going through a transformation phase, find the knowledge expert within that area and get close to them,” Ann-Marie Davies says. “You need to understand their pain points, their objectives, and their way of working. This way you can ensure the system meets their needs. Many implementations go wrong when the focus is just on the system.”
Roger Plummer Finance Technology Executive and Global IM at Anglo American
Every transformation will require overcoming resistance, and leaders must be aware that even positive change can encounter pushback if not handled correctly.
To mitigate this challenge, involve the team from the outset. Springing news on individuals is a quick way to a negative response. Uncertainty and mistrust can spread quickly if people feel they have been left out of key decisions.
Idiosyncratic workflows and responsibilities can evolve from legacy systems, with certain individuals feeling their value lies in their specific place in that workflow. There may be a better way of working, but change can seem threatening.
“It’s getting those individuals to buy into the vision,” he says. “The best way to do so is to include them from the very beginning, and highlight any pain they’re experiencing – explaining how the new solution is the remedy to their problem. Pain can be a huge motivator for finance professionals.”
Collaborative workshops where team members can share their experiences and pain points with the current system can also smooth over problems before they worsen. This collaborative approach not only identifies areas for improvement but also fosters a sense of ownership in the solution.
Team members who demonstrate enthusiasm for the new system and strong communication skills should be identified by transformation leaders. These individuals can act as champions, providing peer-to-peer support and addressing any concerns during the transition.
One of the primary goals of any system implementation is to liberate and empower the qualified professionals in the finance team. A people-first transformation should adhere to certain key principles to free the team to shift their focus towards value-added activities such as root-cause analysis, variance investigation, and proactive financial planning.
“Sometimes there is such emphasis on the system itself that data becomes secondary. This can be disastrous, as a system is only as good as the data that goes into it,” says Ann-Marie Davis.
Data management is simultaneously one of the finance team’s greatest challenges, and one of the areas where – if they succeed – they can have the most significant positive impact. Here, an experienced finance systems manager or administrator is crucial to ensure data remains at the forefront of transformation efforts. With this leader in place, the finance team can provide leadership with insight-rich reports on factors such as risk exposure, ESG, and strategic opportunities.
Beyond the function’s specific responsibilities, by implementing robust data governance frameworks, finance can spearhead organisation-wide improvements in operational efficiency, compliance, and overall data quality, driving better business outcomes and fostering innovation.
“The tail should not wag the dog. The system should work for you, while your time is spent providing insights from the data. I have experienced situations where the finance team expends their energy pushing the system to produce the results they want, rather than providing insight into the numbers.”
Roger Plummer, Finance Technology Executive and Global IM at Anglo American
There can be a temptation to ‘lift and shift’ previous workflows onto the new system during its implementation. Leaders, however, must fight this, as a transformation presents a key opportunity to re-evaluate and refine processes for optimal efficiency. While some customisation of tools is possible, experts say the focus should be on solutions that enhance usability without creating undue complexity.
“It’s possible to make systems over-bespoke,” says Ann-Marie Davies. “This can be appealing in the short term, as businesses often believe their unique workflows are optimal, but it can present a problem when new software features become available. Building in too much unique functionality can hinder innovation because new functions become incompatible.”
A truly successful transformation is never complete. Instead, it has laid the foundations for a finance function that is robust and flexible, can move with the times, keep pace with advances in technology, and adapt and grow as necessary when faced with inevitable change.
Teams must embrace new ways of working and adopt a mindset and culture of continuous innovation, which ensures that day one of the new system isn’t the end of the journey. Most contemporary cloud-based systems provide two releases a year with new functionality and offer training on how to use these features. However, there is also a burden on employers to support the finance team in staying up to date. 63% of accountants say that they would like more training in technology from their employer.
of accountants say that they would like more training in technology from their employer.
Leaders must also recognise that effective knowledge transfer is critical for long-term success, and an integral part of any digital transformation is ensuring the team retains valuable knowledge and can pass it on efficiently. Clear and concise documentation that outlines the system’s processes, structure, and functionalities is essential, as it will augment a smooth transition even if the initial implementation partner is no longer involved.
Technology isn’t a magic bullet. No system implementation will solve every problem. Instead, transformation must have clear objectives – it can only acheive what it sets out to acheive. If it can bring efficiencies to complex processes and provide intuitive, actionable data, you will have succeeded in creating the conditions for your finance team to reach their full potential.
Their expertise and insights can become a strategic pillar of strength for your business, helping it to be proactive in the face of market conditions, optimise investments and operationalise liquidity.
These factors, along with the trust you can build with regulators by being a transparent, reliable partner, contribute to increased organisational resilience.
As technology continues to evolve rapidly and markets endure volatility, businesses are required to be agile and adaptable in their approach. Embracing emerging trends such as artificial intelligence, machine learning, and predictive analytics will be essential for finance offices seeking to stay ahead of the curve.
These advancements will be delivered through software vendors, but your organisation will not be able to leverage them without a forwardthinking expert team. This is the future of finance — where technology and human ingenuity converge to create robust, agile, and resilient organisations.
of leading finance organisations have adopted predictive forecasting and analytics – just one example of how technology can prepare the business for the future.
As a highly specialised recruiting & staffing consultancy, SystemsAccountants has been providing Financial Systems experts to organisations across the UK, USA and Europe for over 25 years. We’re a global leader, bridging the gap between Finance & IT to help companies run, scale, and grow through back-office operations and maximise their investments for Financial Systems, ERP, EPM, Analytics, Process Automation and Finance Transformation projects.
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