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Aug 2012

How to improve your finance organisation’s efficiency and effectiveness

The roles of finance professionals are changing. There is an expectation for finance organisations to take on a broader role in terms of providing management information and analysis and become more influential in how the organisation is managed. In forward-looking organisations, finance is evolving from a focus on transactions and cost efficiency to a broader focus that covers decision support and strategy.

How finance takes on this broader role in serving the business in the future has implications for the types of skills needed and the development of those skills. The AICPA and CIMA have created three tools to help finance organisations effectively address these changes.

These tools can be used singly or in combination by an individual or the entire finance team.

CGMA designation holders can play key roles as strategic business partners and help drive an organisation’s long-term sustainable success.  Developing the right skills is a key to improving a finance organisation’s effectiveness.

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A critical skill for today's leader is communication skills. It's taking the numbers and being able to turn those into a story of what has happened but also what may happen. If you don't have the ability then you really are not at the level you should be and will not be as successful as you should be. It is through communication that leaders will influence change.

Paul Stahlin, CPA, CGMA Regional President, Fulton Bank of New Jersey

CGMA Resources

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