Finance transformation
Finance transformation allows the finance and accounting function to take on a broader role: to improve decision making.
The finance and accounting function can improve its operating efficiency to provide high quality financial and management information. One of the ways this can be done is by contracting out the finance function.
A CIMA technical report, Contracting out the finance function (PDF 192 KB) provides an introduction to the theory behind contracting out as a strategic option for delivering financial services within organisations.
The finance and accounting function can also improve its effectiveness by engaging finance personnel with the skills to collaborate with the business. These finance/business partners can contribute to improving decision making and to the organisation’s financial performance.
A CIMA webcast, The future of the finance function: a view from the top, shows Douglas Flint, Group Finance Director, HSBC Holdings plc and Priyan Fernando, Executive Vice President and Chief Operating Officer, American Express Business Travel, sharing their insights on the changing needs of the finance function over the next 10 years.
Management accountants play a key role by providing information more efficiently and working closely with the business to improve decision making. More information on this topic can be found in further reading (PDF 56KB).
