FloQast Announces Results of Financial Transformation Survey

FloQast, a finance and accounting operations platform provider has announced the results of its latest survey, 'Embracing Financial Transformation What It Is, Why You Should Want It, And How to Achieve It'.

The survey explores factors surrounding the awareness and understanding of the concept of financial transformation among accounting and finance teams, as well as steps teams may take to achieve it. 

In the survey, FloQast found that accountants play a critical role in motivating, determining, and implementing new solutions that modernise their work, and in helping CFOs and others understand the transformation imperative.

“CFOs and their teams are under immense pressure to transform financially, but we’ve found there’s often a lack of understanding about what exactly transformation means and how to achieve it,” says Mike Whitmire, CEO and co-founder of FloQast.

“It’s a team effort that requires collaboration, awareness, and cohesiveness from all members of the team. But perhaps the biggest catalyst to this transformation comes from accountants themselves, who have the most intimate understanding of the record-to-report landscape and stand to be immensely valuable to CFO-driven transformation initiatives with the right resources.”

FloQast found that there’s still a significant gap for many teams when it comes to becoming this catalyst. Data demonstrated that accountants overwhelmingly need to gain a greater understanding of what financial transformation means for their organisations, and revealed that few organisations have a cohesive financial transformation vision in place. Key insights include:

• Accountants' familiarity with financial transformation lags behind that of CFOs. An overwhelming 96% of CFOs have heard of financial transformation, with 61% being very familiar with it. This high level of awareness among CFOs demonstrates the pressure they may face to guide their organisations through significant changes. Indeed, CFOs are 2.2 times more likely to be aware of financial transformation than accountants.
• Both CFOs and accountants are under pressure to incorporate financial transformation initiatives into their future plans. Recognising the importance of these initiatives, 39% of CFOs and 42% of accountants see financial transformation as a top priority for their organisations. Over two-thirds of both groups indicated that such initiatives are already in place within their companies.
• Both accountants and CFOs are optimistic about the role of AI in accounting and its potential benefits in the workplace. They believe in AI's potential to increase productivity, with 37% of accountants and 30% of CFOs sharing this view. Additionally, both groups see AI as a critical component of financial transformation, with 32% of accountants and 28% of CFOs agreeing on its importance.
• Current financial transformation initiatives primarily focus on automated processes, reflecting a practical approach to modernisation. For both accountants and CFOs, the emphasis on automation is significant, with 54% of accountants and 63% of CFOs prioritising this aspect of transformation.

“Disparate workflows that address narrowly defined needs won’t deliver transformation,” said Razzak Jallow, CFO of FloQast. “The CFO’s role in this process is to collaborate with accounting teams to facilitate and add structure to all transformative efforts across the department. Transformation truly happens when the CFO empowers accountants to optimise cohesive financial transformation - not singular efforts they think will drive change.”

In an exclusive commentary with FinTech Magazine, Adam Zoucha, Senior Vice President & MD EMEA at FloQast says, “Financial teams understand the urgency for financial transformation, but confusion about what it is and how to achieve it persists. Likewise, there is enthusiasm about AI, despite its true potential to improve productivity not being felt yet.

“To get the most out of transformation strategies, CFOs need close collaboration with their financial teams who are closest to the minutiae of the tasks. Effective change demands an open, cohesive approach, empowered by the CFO. This will help to drive impactful change which will benefit the organisation as a whole.”

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