As Companies Look to Post COVID-19 Recovery, Finance Teams Must Embrace Opportunities to Lead
Jun 05, 2020 | English
Professional accountants in business and the public sector have an important role to play in leading their organizations through the challenging times ahead. In a recent report, Supporting Accountants in Business & Public Sector through Uncertain Times, the IFAC Professional Accountants in Business Committee (PAIBC) shares latest thinking on focus areas for finance teams, including on value creation, data, accountancy careers, and professional and skills development.
“Organizations are turning to their accountants and finance teams as trusted professionals for guidance in navigating the crisis and its economic implications,” said PAIBC Chair, Sanjay Rughani. “Times of crisis provide unique opportunities for radical change, often by necessity. But a crisis also offers many valuable lessons for the future.”
Through ongoing conversations with global business leaders, Rughani shares four additional recommendations for accountants to lead their organizations in the context of current uncertainties. These recommendations include:
- Financial management: Look for opportunities to drive cost control and savings, new sources of growth and revenue, and positive cash flows.
- Operational effectiveness: Drive thinking about the supply chain, digital transformation, data, and innovation.
- Leadership: Support strong governance, deliver frequent and authentic communications, and evolve commitments to social purpose; and
- Planning: Update scenario planning and risk management, monitor and respond to market realities, and take the time to understand new stakeholder expectations.
Today’s business challenges make clear the need for strong information and analysis to support decision-making. Accountants working within organizations – both in the public and private sector – are well-positioned to provide this key information and to deliver in other areas critical to long-term success. CFOs and finance teams must embrace these opportunities to lead.