Finance and accounting (F&A) is the beating heart of a business. Its evolving role as the data guardian of the enterprise places it in a prime position to connect the organization and deliver data-driven insights that shape strategic decision-making. Finance also handles the day-to-day activities that keep a business humming: making sure suppliers and staff get paid on time, managing collections, and closing the books.
But when it comes to innovation, F&A often gets overlooked. Though other parts of the business race forward powered by the latest technology, finance stays burdened with legacy on-site systems, or at best, a hybrid approach, using cloud for the simpler processes and on-premise software for high-volume, complex, or super-secure work. Our flagship study of more than 500 CIOs shows that only about one-third of them are prioritizing a full-stack technology investment in F&A in the next couple of years.
The truth is that legacy systems slow F&A down. Teams working with older tools find it hard to integrate critical data, are slow to report, and – as seen during COVID-19 – struggle to connect across systems remotely. Gaps, errors, and constant updates are the norm.