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Unplugging with Confidence: How Accountants Can Enjoy Vacations Stress-Free

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This guest post from our partner BlackLine will help you understand how automating your financial close, implementing accounts receivable automation, and structuring and automating intercompany transactions can reduce stress and allow you to fully relax on your summer holiday.

Believe it or not, there are just a few more weeks to get in your summer vacation.

You’ve been needing a vacation, and perhaps you’ve found the perfect destination for you and your family. Whether you’re going away for a few nights or spending a few weeks, some time off is just what you deserve after a busy Q1 and Q2 this year.

Here at BlackLine, we know the pace of work in the financial sector can be all-consuming, especially for you, an accountant. We also know that PTO is essential to avoid burnout.

So while you’re excited for your holiday, there may be a nagging thought in the back of your mind … “I’m too busy to go on vacation” or “I can’t miss the month-end.” Sound familiar? We thought so.

Accountants, like professionals in many other fields, often face challenges in maintaining a work-life balance due to the nature of their work and the demands placed upon them. Here are some common challenges that accountants may encounter:

  • Long working hours: Accountants often work long hours, especially during peak periods such as month-end close or the end of the financial year. These extended hours can make it difficult to allocate time for personal activities and maintain a healthy work-life balance.
  • Deadlines and time pressure: Accountants typically work with strict deadlines which can create significant time pressure. Meeting these deadlines often requires additional hours of work, resulting in reduced personal time and increased stress.
  • Seasonal workload fluctuations: Accountants may experience significant fluctuations in workload throughout the year. During busy periods, they may be required to work more intensively, leading to the long working hours mentioned above.
  • Expectations and responsiveness: Accountants need to maintain strong relationships with their stakeholders and business leaders. This often involves being readily available and responsive to inquiries and requests, which can encroach upon personal time and limit work-life balance.
  • Technological demands: The accounting profession has become increasingly reliant on technology. While technology has streamlined many processes, it has also increased the pace of work and the expectation of immediate responses. Accountants may feel pressured to be constantly connected, which can blur the boundaries between work and personal life.
  • Continuous learning and professional development: Accountants must stay up to date with the latest developments in accounting regulations, tax laws, and industry trends. Pursuing ongoing professional development while juggling work commitments can be time-consuming and challenging to balance with personal life responsibilities.
  • Work-related stress: The accounting profession can be inherently stressful due to the complexity and high stakes involved in financial reporting, audits, and tax compliance. Managing work-related stress and its impact on personal life is essential for maintaining a healthy work-life balance.

Thankfully, you can manage and mitigate the struggles mentioned above and unplug on vacation without feeling guilty.

Set clear boundaries: Clearly communicate your vacation dates to colleagues and stakeholders and establish limits on work-related communications during your time off.

Plan for deadlines: Prioritize and complete critical tasks before your vacation to minimize the last-minute rush and avoid the need for extra work during your time off.

Coordinate workload and coverage: Collaborate with your team to ensure that the workload is appropriately distributed and that someone is available to handle urgent matters in your absence.

Disconnect from technology: Take a break from work-related technology and avoid checking emails or work messages while on vacation. Enjoy your time off without feeling pressured to stay constantly connected.

Delegate responsibilities: Delegate non-urgent tasks or responsibilities to trusted colleagues to ensure smooth workflow and prevent a backlog of work upon your return.

Make self-care a priority: Use your vacation as an opportunity to recharge and focus on personal well-being. Engage in activities that help you relax and rejuvenate, such as spending time with family and friends, pursuing hobbies, or engaging in physical exercise.

Set realistic expectations: Be realistic about what you can accomplish before and after your vacation, and communicate any potential delays or limitations to stakeholders, including clients and colleagues.

Practice stress management techniques: Use your vacation as a chance to unwind and reduce work-related stress. Engage in activities that promote relaxation and well-being, such as meditation, mindfulness, or engaging in hobbies you enjoy.

Reflect on work-life balance: Take this time away from work to reflect on your work-life balance and identify any adjustments or improvements you can make upon your return to maintain a healthier equilibrium.

Remember, time off is essential for your well-being, and by effectively managing your workload and communicating your availability, you can enjoy a well-deserved break while maintaining a healthier work-life balance.

This blog post was originally published on the BlackLine blog.

Read more about Accounting & Accounts Receivable:

The Power of AR Automation in Transforming Finance Operations

Maximizing Cash Flow: How Technology Optimizes Accounts Receivable Operations

Building Financial Resilience with AR Intelligence: Embracing the Power of Automation and Data

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The Power of AR Automation in Transforming Finance Operations

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In today’s fast-paced and competitive business landscape, finance leaders are constantly seeking ways to optimize their operations and drive growth. One of the most transformative tools available to them is AR (Accounts Receivable) automation. This cutting-edge technology streamlines manual processes, enhances customer experiences, and unlocks working capital, making it a no-brainer decision for forward-thinking organizations. 

The Quest for Agility and Digital Transformation

Recent years have been defined by constant change and technological advancement. Agility and digital transformation have become vital for organizational survival. The finance department, once seen as a back-office function, is now at the forefront of driving strategic decision-making. AR automation plays a crucial role in this transformation, enabling finance professionals to shift their focus from laborious manual tasks to high-value analysis and customer relationship management. By leveraging machine learning and AI-driven technologies, AR automation provides the data-driven insights needed to make informed decisions that fuel growth.

The Impact on Cash Flow and Working Capital

Cash flow is the lifeblood of any organization, and AR automation offers a surefire way to optimize it. By accelerating cash application, businesses can reduce Days Sales Outstanding (DSO), improve working capital management, and strengthen financial health. With faster access to critical data, finance leaders can confidently manage risks and capitalize on growth opportunities. This not only enhances financial stability but also positions the organization to navigate market fluctuations and disruptions effectively.

Enhancing Customer Experience and Loyalty

In today’s customer-centric world, providing a seamless and efficient payment experience is paramount. AR automation simplifies the payment process, enables quicker invoicing, and offers easier payment methods, leading to improved customer satisfaction and loyalty. By freeing up time and resources, finance teams can focus on building stronger relationships with customers, offering personalized solutions, and addressing their needs promptly.

A Successful AR Automation Journey

Transitioning from manual to automated processes requires a collaborative effort and a commitment to change. Successful AR automation projects involve engaging finance leaders, AR specialists, IT teams, and other key stakeholders. By gaining their buy-in and addressing their concerns, organizations can ensure a smooth implementation and adoption of the technology. Moreover, with a solution like BlackLine’s AR Automation platform, which offers quick implementation, pre-built rules, and industry-leading match rates, businesses can experience immediate benefits and drive results faster.

Numerous organizations worldwide have already reaped the rewards of AR automation. For instance, global companies have seen match rates rise from less than 38% to over 80% and as high as 92% in some places after implementing BlackLine’s AR Automation solution. These success stories highlight how embracing this no-brainer technology can revolutionize finance operations, improve efficiency, and drive business growth.

In conclusion, AR automation is a transformative tool that empowers finance leaders to create cohesion, unlock working capital, and optimize operations. Embracing this no-brainer technology is an opportunity to increase productivity, enhance customer experiences, and achieve business goals. The time to act is now, and by doing so, organizations position themselves for success in an increasingly dynamic marketplace.

Learn more about AR automation. Download BlackLine’s eBook, It’s a No-Brainer: Why AR Automation is the Go-To Tool for Organizations

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Maximizing Cash Flow: How Technology Optimizes Accounts Receivable Operations

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Effective management of accounts receivable (AR) is critical for the financial health of any organization. Timely collection of outstanding payments can improve cash flow, reduce the risk of bad debts, and enhance overall financial stability. However, manual AR processes can be time-consuming, prone to errors, and lack actionable insights. 

Automating Cash Application

Cash application is a fundamental part of the AR process, where incoming payments are matched with outstanding invoices. Traditionally, this has been a tedious and error-prone task. With AR technology, cash application becomes automated and efficient. The system should intelligently match payments with invoices, reduce manual efforts and ensure accuracy. This automation can save valuable time for finance teams, allowing them to focus on higher-value tasks.

Enhancing Payment Matching

One of the common challenges in AR management is dealing with diverse payment sources and remittance formats. AR automation technology addresses this issue by seamlessly scraping payment information from various sources, such as bank statements and remittance invoices. The technology should match this data with relevant invoices, streamlining the reconciliation process. As a result, organizations achieve better visibility into their cash flow and minimize the risk of unidentified or misapplied payments.

Customer Risk Assessment

Understanding the creditworthiness and payment behavior of customers is vital for managing risk in AR operations. Technology such as BlackLine’s solution’s customer attractiveness scoring system helps organizations identify customers with varying levels of risk. By analyzing factors such as payment history, outstanding debts, and payment trends, the system assigns grades to customers, enabling finance teams to prioritize collections efforts and manage credit exposure more effectively.

Cash Flow Forecasting

Cash flow forecasting is an essential practice for any organization to plan and manage financial resources efficiently. An AR Intelligence solution should empower finance professionals with data-driven insights to make informed cash flow predictions. By analyzing historical payment patterns, invoice due dates, and customer payment behaviors, the system provides accurate forecasts, helping organizations anticipate cash inflows and outflows with greater precision.

In today’s fast-paced business landscape, optimizing financial operations is essential for sustainable growth and success. AR solutions offer comprehensive and intelligent approaches to streamline accounts receivable processes. By automating cash application, enhancing payment matching, and providing valuable insights through analytics, organizations can reduce manual efforts, mitigate risk, and achieve better financial outcomes.

Learn more about optimizing AR – watch our on-demand webinar, BlackLine in Action: Optimizing Your Accounts Receivable Process. 

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Building Financial Resilience with AR Intelligence: Embracing the Power of Automation and Data

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In today’s fast-paced and unpredictable economic landscape, businesses must be equipped to weather financial storms and emerge stronger. One critical aspect of financial resilience is effective management of accounts receivable (AR) and credit risk. Traditional approaches to AR reporting often lack real-time insights, leading to inaccurate cash forecasting, extended payment terms, and delayed collections. However, by embracing AR intelligence through automation and data analytics, businesses can optimize cash flow, make informed credit decisions, and enhance collections strategies. 

The Power of AR Intelligence

AR intelligence is revolutionizing the way businesses manage their financial operations. By integrating automation and artificial intelligence, AR intelligence platforms streamline data collection, analysis, and reporting processes. These platforms provide real-time payment data, customer payment behavior insights, and debtor performance information, enabling financial decision-makers to access critical information at their fingertips. With automation handling time-consuming manual tasks, finance teams can focus on strategic decision-making and respond swiftly to market changes.

Optimizing Cash Flow with Payment Forecasting

Cash flow is the lifeblood of any business, and accurate payment forecasting is crucial to ensure its smooth operation. AR intelligence utilizes historical payment data to predict future payment patterns and identify potential cash shortfalls. Armed with reliable forecasts, businesses can make better-informed decisions on spending, investments, and overall financial planning. This level of insight empowers treasurers and credit collections teams to allocate resources efficiently, analyze the effectiveness of collection strategies, and improve cash flow.

Efficient Collections Strategies through Data Analysis

Collections teams face the challenge of managing the entire customer portfolio with limited resources. AR intelligence resolves this issue by providing in-depth data analysis of customer payment behavior and outstanding debts. Collections efforts can be targeted based on high-value accounts or invoices with a higher likelihood of success. This targeted approach improves debt recovery, optimizes resource allocation, and enhances cash flow.

Mitigating Credit Risk with Real-Time Assessment

Understanding customer payment behavior is essential in managing credit risk effectively. AR intelligence leverages real-time payment data and advanced analytics to assess customer creditworthiness accurately. Businesses can make informed credit decisions, monitor customer credit risk in real-time, and adjust credit policies to align with their risk tolerance and objectives. This proactive approach mitigates the risk of bad debt and strengthens customer relationships.

Proactive Dispute Resolution

Customer disputes can hinder cash flow and damage relationships. AR intelligence offers comprehensive insights into customer behavior and historical interactions, enabling businesses to identify dispute trends and expedite resolution processes. By addressing underlying problems proactively, businesses can prevent future disputes and maintain positive customer relationships.

Building financial resilience is imperative for businesses to thrive amidst economic uncertainties. AR intelligence, fueled by automation and data analytics, empowers organizations to optimize cash flow, manage credit risk, and enhance collections strategies. By harnessing the power of real-time insights, finance leaders, credit teams, and collections teams can make informed decisions and steer their businesses through challenges while seizing growth opportunities.

Embracing AR intelligence is not just a trend; it is a strategic move to stay ahead in a dynamic market. As the economic landscape continues to evolve, businesses that embrace AR intelligence will be better equipped to navigate change, build financial resilience, and position themselves for long-term success. With the right tools and mindset, the journey towards financial resilience is within reach for every business.

Learn more about AR intelligence. Download BlackLine’s whitepaper, How to Build Financial Resilience Through AR Intelligence.

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The Role of CFOs in Building Financial Resilience

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In today’s dynamic and unpredictable business landscape, financial resilience has become a top priority for organizations. Among the key drivers behind this resilience are CFOs, who play a critical role in navigating uncertainties, forecasting cash positions, and ensuring long-term stability. This blog post explores the significance of CFOs in building financial resilience and highlights their strategic role in adapting to changing market conditions.

Understanding the Importance of Financial Resilience

Financial resilience refers to an organization’s ability to withstand and recover from financial disruptions, economic downturns, or unexpected events. It encompasses the capacity to adapt, respond, and thrive in the face of uncertainty. CFOs, as key members of the executive team, are responsible for forecasting cash positions, managing working capital, and ensuring the financial health of the company. They act as strategic partners to the CEO and board, translating financial data into actionable insights to support decision-making.

Proactive Cash Flow Management

One of the primary responsibilities of CFOs is to monitor and manage cash flow effectively. By implementing robust cash flow forecasting models, CFOs can identify potential risks, plan for contingencies, and allocate resources optimally. They work closely with other departments to align financial goals with operational strategies, ensuring a disciplined approach to working capital management. CFOs leverage financial data, market trends, and scenario planning to make informed decisions and adapt the organization’s cash blueprint to changing circumstances.

Embracing Technology and Automation

Digital transformation has revolutionized the finance function, offering CFOs unprecedented opportunities to enhance financial resilience. By leveraging advanced technologies, such as artificial intelligence and automation, CFOs can streamline financial processes, improve efficiency, and reduce manual errors. Automated systems provide real-time visibility into cash flows, accounts receivable, and financial performance, enabling CFOs to make data-driven decisions and take proactive measures to mitigate risks. Embracing technology not only optimizes financial operations but also frees up valuable resources, allowing finance teams to focus on strategic initiatives that drive long-term growth.

Strategic Partnerships and Stakeholder Communication

CFOs serve as a bridge between the finance function and other key stakeholders, including shareholders, investors, and the board of directors. Effective communication and collaboration with these stakeholders are essential for building financial resilience. CFOs provide transparent and timely financial reporting, highlighting the organization’s financial position, risks, and mitigation strategies. They play a pivotal role in developing and executing strategies that align financial objectives with broader business goals. By forging strong relationships with stakeholders, CFOs build trust, instill confidence, and secure support for initiatives aimed at strengthening financial resilience.

In an era of unprecedented disruptions and economic volatility, CFOs play a crucial role in building financial resilience. By proactively managing cash flow, leveraging technology and automation, and fostering strategic partnerships, CFOs can navigate uncertainties, adapt to changing market conditions, and position their organizations for long-term success. Their strategic agility and financial acumen are indispensable in driving financial resilience and ensuring sustainable growth.

Learn more about building financial resilience. Download the white paper, Financial Resilience 101: How CFOs are Shifting to a New Cash Blueprint.

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A Day in the Life of an Accountant using BlackLine

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As an accountant, your day is filled with numbers, spreadsheets and deadlines. Every company relies on their accounting team to maintain financial stability and continuity by keeping track of transactions, expenses and profits. In today’s digital age, the role of an accountant has evolved from traditional bookkeeping and tax filings to taking a more strategic, predictive approach to financial planning. With the right tools and technology, accountants can now optimize their workflows and gain insights to make key business decisions.

One tool that stands out is BlackLine, the cloud-based finance and accounting software that automates mundane tasks and streamlines processes. A typical day in the life of an accountant that uses BlackLine starts with logging in to the software’s dashboard, which displays their team’s tasks for the day. The dashboard provides a real-time view of all the assigned work, outstanding tasks and allows for task reassignment and priority settings. With this comprehensive view of accountants’ workload, they can manage their time effectively and ensure timely completion of tasks.

The first task for an accountant may be balance sheet reconciliations, which involve comparing general ledger data to the reconciling items to verify their accuracy and completeness. In the past, reconciliations have been a manual and tedious task that requires significant time and effort. But with BlackLine, the software can enable faster, more accurate reconciliations. The system automates mapping, matching, and enrichment of data, and identifies exceptions, variances, and errors for corrective action. By using BlackLine, accountants can complete reconciliations in a fraction of the time it would take manually, giving them time to work on other critical activities.

Once the reconciliations are completed, accountants can move on to transaction matching. This task involves comparing two sets of transaction data to ensure that they correspond correctly. With BlackLine, the process of transaction matching is automated, enabling accountants to identify and resolve discrepancies with ease. The system compares a company’s transaction information with its counterparties’ transaction information, which reduces human error and increases accuracy in matching financial data. The time saved can then be used to perform more calculations, analyze trends, or conduct financial risk assessments.

After transaction matching, accountants can perform variance analysis, looking for discrepancies between actual and expected results and identifying factors that contributed to the variances. For instance, if a company’s revenue was lower than expected, accountants would investigate where the revenue loss occurred using BlackLine. The software provides interactive dashboard displays, trending charts, and data analytics tools, which enable accountants to identify anomalies or trends in real-time. This bird’s eye view of the financial data highlights areas that need improvement or attention, uncovering opportunities for growth, revenue optimization, or cost savings.

The final task for the day would be approval workflows. Approval workflows include reviewing and signing off on balance sheet accounts or journal entries, ensuring compliance with regulations, and ensuring internal control policies are followed. One of the most significant benefits of using BlackLine is its automation capabilities. The software enables visualization of approvals, routing for approval, and integration of approval with external tools. Accountants can simply “click to approve” or “click to reject” on the approvals that are generated from BlackLine, eliminating the risk of misplaced or incomplete approvals and facilitating compliance assurance.

In conclusion, a day in the life of an accountant is a complex and crucial cycle that keeps businesses financially stable. The use of BlackLine software can dramatically reduce the manual and tedious tasks traditionally associated with accounting, freeing up accountants to focus on analyzing data, making recommendations, and proactively solving issues. The software’s dashboard, balance sheet reconciliations, transaction matching, variance analysis, and approval workflows are all critical tools that ensure accounting processes are streamlined, error-free, and efficient. Ultimately, BlackLine empowers accountants to be more strategic in their approach to business and ensures financial stability.

Read more about Financial Close & Consolidation:

The Future of Finance & Accounting

Ventana: Continuous Accounting Helps Companies Close Faster

Ventana Research on Intercompany Financial Management

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The Evolving Role of the Modern CFO

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This is a guest post from Christine Peart, CFO at our partner, Fluence Technologies. Christine discusses the how the roles of CFO and the Finance team are changing.

Recently, there has been a realization that the finance team is in an ideal position to deliver real value to the organization beyond monthly close and reporting. The back-office financial stewardship role of controlling, compliance, and governance services alone no longer satisfies the needs of the organization. We have a unique position as keepers of financial data with a high level of analytical skills to use this information to drive the business.

As a result, the roles of the Chief Financial Officer (CFO) and the finance teams have shifted significantly. We are expected to leverage our end-to-end view of the organization to drive decision-making.

To meet these new expectations, we need to adopt a change mindset and develop a skill set to focus on what the organization is needing: more strategy, insight, and leadership.

This changing role of the CFO is clearly illustrated by the results of a recent survey by Gartner, Inc. (see figure 1) where 157 CFOs ranked their top ten priorities for 2023.

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Caption: Figure 1: Top 10 CFO Priorities for 2023. Source: Gartner (January 2023)

Of these ten priorities, a significant proportion is highly strategic in nature, with four of the top five priorities related to redefining how finance supports the organization. The CFO is now seen as working alongside the CEO as a co-pilot, vastly different from the traditional role of the CFO, which is to primarily oversee the work of the finance team. To succeed, CFOs need to have a broader strategic skillset than ever before.

So, where do we start this evolution? It goes without saying that, to play the co-pilot role, the CFO must have a deep understanding of the organization beyond the finance function. We need to understand the objectives of the organization and how the goals impact internal and external stakeholders. We need to understand how the organization operates, and what makes it tick. We need to understand the market sector and the competitors. When we have this knowledge, we can support and influence major initiatives.

In the digital age, embracing and leveraging modern technology is crucial. A modern CFO is expected to use technology to effectively guide their business and to lead the ‘setting finance’s technology strategy and roadmap’ initiative. With respect to finance, this includes systems that support the entire finance team, including remote working and collaboration, process automation (RPA), disclosure management, and reconciliations. Then there are solutions to support the financial planning and analysis (FP&A) team, such as planning systems, data repositories, and business intelligence (BI) tools for advanced analytics. These will also help us lead on other strongly linked initiatives, such as ‘improved budget process efficiency’ and ‘developing a planning, budgeting, and forecasting strategy’, both of which are likely to be achieved by leveraging technology.

Of course, while technology is an enabler to improvements in efficiency and effectiveness, it is never the silver bullet. The importance of people to the success of any organization cannot be understated. And the success of CFOs is no different. As a CFO, we can only achieve success with the support of a strong and capable team. With high-quality finance staff currently a scarce resource in the market, we must lead the way in attracting, developing, and retaining talent and, thus, leading the initiative of ‘improving staff engagement’. Meeting this challenge will require the development of talent programs, in partnership with human resources, to source talent from diverse backgrounds, build employer branding, enhance digital skills, and improve employee satisfaction.

Finally, it is not surprising that ‘communicating and engaging with the board’ is a priority initiative for many CFOs in 2023. Developing effective communication and collaboration skills is now a requirement for the modern CFO. Not only must the CFO be a ‘financial storyteller’, understanding and explaining complex financial results and business performance to internal and external stakeholders, but we must also become expert collaborators across the organization.

Challenging as it may be modern CFOs need to develop a change mindset and skillset to meet the demands of the organization. As a result, the CFO’s evolution is very much a journey of self-development.

The Changing Role of the Finance Team

Along with the changes to the CFO role, the finance team is no longer simply responsible for recording financial transactions and ensuring compliance with regulatory requirements. They are expected to support us in all aspects of our evolving role and evolve as a team to deliver better insight to the organization.

While the finance team’s role is changing, the fundamentals of the traditional accounting back-office function remain. Transaction processing, general accounting, financial close, and reporting continue to be core activities in every organization. However, there is now added pressure on ‘doing more with less’, and to achieve this we need to improve the efficiency of core processes. The automation of the back-office processes, such as transaction processing, reconciliations, and financial consolidation, are repetitive tasks high on the list. It is only by improving the efficiency of these processes that we can ensure the close is timely and resources are concentrated on ‘value-added’ tasks that directly support the evolving role of the finance team.

FP&A teams have also grown in importance within organizations as budgeting, planning, forecasting, reporting, and analyzing take center stage. To maintain best-in-class status, the FP&A team must be seen as a trusted business partner, working closely with other departments to provide insights into financial performance while identifying areas for improvement. As with the role of the CFO, understanding the business beyond the numbers is a fundamental prerequisite.

We have already noted the importance of technology when discussing the CFOs changing role. Ultimately, the finance team members will make technology work for the organization and lead the success of any finance transformation projects while working closely with the CFO on these initiatives.

As we move increasingly towards automation and data analytics, we must recognize the need to align capabilities with changing skillset requirements. Where once the finance team was the domain of the trained accountant, we now see data analysts, scientists, and project managers on the team. We are in the perfect position to invest in the current team creating more job fulfillment by looking beyond traditional finance skills to include analytical, problem-solving, communication, and leadership development in the team.

As a CFO, I expect to see my role and the role of my team continue to change as we strive to meet the organization’s more strategic and analytical needs. To meet this challenge, we need to adopt a change mindset, develop skillsets to provide insights that inform business strategy and decision-making and achieve this while continuing to deliver efficient back-office services. This is a journey of self-development for the CFO and our finance team that will result in us meeting, and exceeding, the expectations of the organization.


This blog post was originally published on the Fluence Technologies blog.

Read more about Financial Close & Consolidation:

Making Work Meaningful for Finance & Accounting

What’s F&A’s Role in Responding to Instability & Volatility?

Challenges Facing Finance Leaders in the Mid-Market

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The Power of Technology in Recruiting and Retaining Finance and Accounting Talent

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This blog post is based on a white paper from our partner BlackLine.

In today’s competitive business landscape, recruiting and retaining top finance and accounting talent is a priority for organizations striving for success. However, the labor and skills shortage, compounded by the recent phenomenon known as “The Great Resignation,” has made this task increasingly challenging. To overcome these obstacles, organizations must leverage technology to optimize their talent strategy and create an environment that attracts and retains the best professionals. In this blog post, we will delve into the power of technology, with a focus on automation and digital transformation, in recruiting and retaining finance and accounting talent.

Challenges in Talent Acquisition and Retention

The shortage of skilled finance and accounting professionals poses a significant challenge for organizations seeking to fill key positions. The Great Resignation, marked by a surge in employee turnover, further complicates the talent acquisition landscape. To address these challenges, organizations must understand the factors that contribute to employee satisfaction and work towards creating an environment that fosters engagement, growth, and work-life balance.

The Role of Technology in Talent Strategy

Technology, especially automation and digital transformation solutions, plays a pivotal role in strengthening talent strategy. By implementing advanced technologies, organizations can optimize their current talent pool and attract new talent by offering engaging and meaningful work experiences. Thomson Reuters highlights the importance of technology in attracting and retaining staff, including enabling remote work capabilities, driving automation, and improving workflow efficiencies.

Streamlining Processes and Reducing Manual Work

One of the key advantages of technology in finance and accounting is the ability to streamline processes and reduce manual work. Tasks such as reconciliations, journal entries, and financial close processes can be automated using software solutions like BlackLine. By eliminating mundane and repetitive tasks, finance and accounting professionals can focus on higher-value work that leverages their skills and expertise. This not only increases job satisfaction but also enhances productivity and efficiency within the team.

Optimizing Talent’s Capacity and Time

Automation and digital transformation allow finance and accounting professionals to optimize their capacity and time effectively. By reducing the burden of manual work, these technologies enable professionals to engage in more value-added activities and support strategic objectives. By leveraging their expertise in areas such as data analysis, financial forecasting, and strategic decision-making, finance and accounting talent can contribute significantly to organizational growth and success.

Enabling Remote and Hybrid Work

Modernizing accounting processes with cloud-based solutions offers the opportunity for remote or hybrid work arrangements, a top motivator for many job seekers. Technology facilitates collaboration and communication across geographically dispersed teams, allowing organizations to tap into a broader talent pool. Remote work options also promote work-life balance, which is increasingly valued by finance and accounting professionals. Embracing remote and hybrid work models enhances the organization’s appeal, making it more attractive to top talent.

The Benefits of Technology in Recruiting and Retaining Talent

Implementing technology in Finance and Accounting not only enhances employee satisfaction but also delivers several benefits to organizations. By empowering employees with automation tools, organizations can increase productivity, improve accuracy, and reduce errors. This, in turn, leads to enhanced operational efficiency, cost savings, and improved customer experience. Moreover, the reputation of organizations that invest in technology and create an environment focused on professional growth and development is strengthened, attracting top talent and retaining existing high-performers.

Recruiting and retaining top finance and accounting talent is a pressing challenge for organizations, especially amidst a labor and skills shortage. However, by harnessing the power of technology, particularly automation and digital transformation, organizations can optimize their talent strategy and create an environment that attracts and retains the best professionals. Streamlining processes, reducing manual work, optimizing talent’s capacity and time, and enabling remote or hybrid work arrangements are among the many benefits that technology brings to the finance and accounting domain.

Download your copy of F&A Priorities: Recruiting and Retaining Talent

Read more about Financial Close & Consolidation:

Are your Accountants Quitting?

Intercompany Financial Management Benchmarks

Financial Consolidation Software Reduces Risk and Accelerates the Close

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Are your Accountants Quitting?

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This is a guest post from our partner BlackLine, examining the drivers behind the mass exodus in accounting roles.

Like everything else in accounting, the numbers tell the story.

The profession is experiencing a steep decline in qualified personnel, as many trained accounting professionals are choosing to leave their careers for another line of work. According to the Wall Street Journal, more than 300,000 U.S. accountants and auditors have left their jobs in the past two years, representing a 17% decline.

While the timing of these numbers makes them easily dismissible as yet another fallout from the 2-years long battle against COVID-19, the trend actually began before the global pandemic prompted so many people to re-evaluate their lives and their work. Data from the Bureau of Labor Statistics reveals a trend of departure that started in 2019, well before the pandemic began.

In a related pattern, recent grads with accounting degrees are having second thoughts about the profession, and many of these would-be accountants are choosing to go into a different line of work before they even get started. Furthermore, fewer college students are enrolling in accounting programs to begin with.

The number of U.S. students who completed a bachelor’s degree in accounting declined nearly 9% to about 52,500 in 2020, down from almost 57,500 in 2012, according to the Association of International Certified Professional Accountants (AICPA).

Both trends lead to fewer qualified candidates entering the field. AICPA data confirm these trends, showing notable declines in recent years both in the number of students completing a bachelor’s degree in accounting and of candidates taking the CPA exam. 

Why Are Accountants Quitting?

The reasons for this decline are many and varied. Long, grueling hours, especially during month- and year-end close top the list. While standard 40-hour weeks are the norm for most accountants, that figure can go as high as 70 to 80 hours per week during certain periods.

Repetitive work can also wear on those who have spent time in the profession. Many accountants feel bored, tired, unchallenged, and lacking growth opportunities in their positions. It can take up to 15 years to become a partner in larger accounting firms—that’s a long time to endure the demands of the job. Many feel that they have learned all they can from their jobs and are looking for a new challenge.

Another factor is contributing to the decline in the number of accountants in the U.S. As it has for so many other industries and professions, technology has drastically altered day-to-day jobs, and many accountants cite technology as a reason for leaving the profession.

Accounting professionals’ relationship with technology is complex. Some don’t want to learn new technology while others feel that technology has made them irrelevant. Finally, some feel that their employer has not embraced technology enough, or has not provided them with adequate training, leaving them to toil in the manual dark ages or fumble with a software platform they don’t know how to use properly.

Enter Accounting Process Automation

Good news! Technology doesn’t have to be the bane of accounting or of those who have made it their profession. In fact, it can be a resource to make the profession more productive, efficient, and fulfilling.

Accounting has traditionally been a process of manual data entry, review, and revisions, which can be tedious and time-consuming activities.

With the advent of software as a solution, much of this process can now be done with the aid of computers, which can receive and store data, perform financial calculations, and produce balance sheets and other closing reports. A more recent development, artificial intelligence (AI) further simplifies data capture, reduces error, and minimizes repetitive manual tasks.

With the right approach to automation, businesses can reduce and even eliminate activities in the closing process that traditionally rely on manual steps. They can reduce risk, error, and fraud by strengthening controls and improving accuracy. Businesses can become more strategic, holistic, and forward-thinking.

All of this leads to improved productivity. Instead of overburdening employees, it frees them up to perform more high-level and high-valued tasks. It allows them to participate in more strategic and analytic thinking. This makes them more engaged and fulfilled in the job.

Employees who are involved in the process of change and improvement that technology has to offer feel more vested in their work and the results.

Far from alienating or overburdening employees, these improvements can help increase retention by making the closing process more efficient and enhancing the value of the employees involved. Employees feel like they have gained a new set of skills, elevated their level of work, increased their importance to the organization, and improved the process which they administer.

A Smart Approach to Accounting Software

Adopting accounting automation software is not a simple task, but it doesn’t have to be overwhelming either. True, if done improperly or in haste, it won’t be effective, and employees can feel alienated. The process requires its own unique approach that involves thinking, strategy, and evaluation. Each business is distinct, and the successful adoption of software will reflect this truth.

As an industry leader in financial close automation, BlackLine has taken steps to help businesses transition to automation by developing a Modern Accounting Playbook (MAP) for steering finance through the Great Resignation. This expertly curated strategic framework helps organizations modernize their accounting and finance functions by establishing a deliberate and stepwise process for the adoption of software solutions.

Businesses start with core functionality to help automation address some of the basic elements of their close process. Improvements include a central workspace with automated trial balance import, standardizing reconciliations with automation, rule-based transaction matching for bank files, and other changes.

Building on these improvements, they can expand adoption in alignment with other elements of their business strategy with such enhancements as direct ERP journal posting, automated flux analysis with proactive alerting, and complex matching scenarios.

The MAP allows businesses to adopt technology in a strategic, forward-thinking approach by helping them identify their most pressing accounting challenges. Software is applied in a way that suits their needs specifically.

This sets the stage for future growth and integration of the technology into the close process. This thoughtful approach enables businesses to close faster, increase efficiency, reduce risk, and continuously improve their closing process.

Get your copy of this playbook to learn how to win the new war on retaining and attracting talent. You will learn five strategies to reimagine F&A for the future of work, including how to:

  • Design a digital hybrid workplace that Accounting will love
  • Equip your organization to fight digital burnout
  • Automate away the soul-sapping work that makes accountants leave

This blog post was originally published on the BlackLine blog.

Read more about Financial Close & Consolidation:

Continuous Accounting vs The Risk of Doing Nothing

Revenue Cycle Management

BlackLine Demo: Bank Reconciliations

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