COVID-19 IS ACCELERATING THE CHANGING ROLE OF ACCOUNTANTS IN BUSINESS: HERE’S HOW

Even before the current global crisis, businesses were facing a multitude of challenges and opportunities in a rapidly changing environment. A world where customers and society are more demanding, where resources are increasingly constrained, where business models are being disrupted, and where intangible assets represent a growing proportion of the value of an enterprise.

The covid-19 pandemic has only heightened these issues, accelerated the pace of change, and constricted the time to respond. Organizations are having to reconsider their business and operating models to take into account changes in supply chains and working practices, as well as changed customer and stakeholder behaviors, needs and expectations.

And as business evolves, the nature of work and the contributions made by professional accountants must also evolve. The IFAC’s Professional Accountants in Business (PAIB) Advisory Group has been exploring the evolution over the last few years, and it remains high on our agenda.

Unchanged in this period of uncertainty is the opportunity for chief financial officers (CFOs) and their finance teams to enhance their contribution to the business in which they operate. For CFOs in particular, in their roles as co-pilots, they must work in partnership with leadership to make difficult decisions, help navigate the crisis, and facilitate any necessary change to ensure longer-term business resilience.

Less than a year ago, IFAC set out its vision for the CFO and finance function. It highlights many priority areas for accountants to consider as organizations shift their focus from crisis mode to recovery and longer-term strategic considerations.

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