Biggest Challenges for Accountants Today
Within every industry, corporate accountants are facing rapidly changing business environments. This requires agility to adapt quickly to new technologies, regulations, and market conditions. Below are five of the most significant challenges facing today’s corporate accountants, and how Flexi helps our customers overcome them.
- Technology disruption: Technology is rapidly changing the way accounting work is done. Accounting automation, cloud accounting software, and big data analytics are transforming accounting practices, and accountants must keep up with these changes to remain relevant.
- Regulatory compliance: Compliance with various accounting standards and regulations is a major challenge for corporate accountants. Keeping track of the changing rules and regulations can be difficult, and noncompliance can result in penalties and fines. Flexi’s accounting software is unmatched in the ability to track and report on real-time activity with built-in compliance and audit trails.
- Cybersecurity: As more and more companies conduct business online, cybersecurity threats have become a major concern for corporate accountants. Cyberattacks can lead to data breaches, loss of confidential information, and reputational damage. At Flexi, security is a top priority, which is why we’ve chosen Microsoft Azure for our cloud accounting software – along with 90% of Fortune 500 businesses than run on the Microsoft cloud.
- Talent shortage: The ability to recruit and retain top talent is top of mind for accountants interviewed in our eBook, Accounting Automation and AI. The shortage of new skills needed in the accounting profession is a very real obstacle for growing companies. The competition for skilled accountants is intense, and companies must work hard to create an attractive workplace culture. Having the right accounting software with workflow automation to eliminate mundane, routine tasks is an important element of that culture. It is nearly impossible to recruit top talent when accounting processes remain highly manual.
- Data management: With the increasing amount of data being generated, corporate accountants must be skilled at managing and analyzing data. They must be able to identify trends and insights in the data to provide strategic advice to their companies. Flexi’s core accounting suite, FlexiFinancials®, can be enhanced with solutions that enable fast, accurate financial reporting, financial analytics, and budgeting, enabling accountants to spend less time compiling data and step into more strategic roles.
These are just some of the reasons why Flexi’s accounting software is relied upon in industries where speed, performance, and security are of critical importance. For over 30 years, our teams have continually innovated as we strive to provide a world-class accounting platform delivered with extraordinary flexibility and support. Request a demo and discover why mid- to large-size companies trust Flexi to help them overcome their biggest accounting challenges.