What the new normal demands from the F&A Professionals?

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With the world settling into the new normal, all of us are expected to blend in with the nuances of the digital world. Even before the COVID-19 pandemic, the “digitally fit” accounting professionals held an upper-hand position in the business world. Without a single doubt, the ones with the digital proficiency will not only be proven to be efficient but will also be able to forecast the storm hitting their businesses with their in-depth knowledge of the digital world.

As much as an individual is expected to be skilled professional, to execute their bundle of knowledge they are also required to develop the skills and competencies to adequately support the current business world. Here are a few rationals that will help the F&A professionals to put in their foot strongly in times of great uncertainty.

1. The skills of a mesmerizing speaker

The leaders of the finance industry are looking out for individuals who can enable and support virtual collaboration, presentation, and disclosure. In order to achieve that you must acquire the mastery of soft skills that will help you communicate effectively, discuss strategic choices, financial results, accounting rules, and all that that will help you gain the trust of your clients. 

A lack of interpersonal skills is more evident when times are harder. And that’s exactly what one needs to heed to hold their position in the digital world. The ability to ask the right questions and to guide good and considered decision-making are invaluable skills for F&A professionals.

Hear out Varun Jain, Founder of Miles Education in an exclusive interview with Anurag Singal on the rising demand for US CPA in India with the arrival of the exams to be conducted in India.

2. Understanding and adapting the transformative technology

Most of the organizations have speedily adapted the digital transformation to protect and serve their customers and adapt to the new business models. With the transformations taking in place, individuals are most likely to walk parallel with the changes. With the data moving to the cloud and the automation processes coming into play, the F&A professionals are expected to get familiar with the technologies such as robotic process automation, blockchain, and data analytics applications.

Check out IIM Lucknow and Wiley Executive Education program in Analytics for Finance and Accounting Professionals: https://mileseducation.com/analytics/iim-lucknow/finance-analytics

As much as working alongside the technologies is important, it is also important to have the ability to use the tools and deprive the required data. After getting into the digital finance transformation, business leaders are spending time to convert the pages of information into several effective dashboards that will help them retrieve the data at ease. 

3. Evolving with the time

The greatest sign of a leader is to take care of his/her team and help them evolve with the changing dynamics of the business. The digital transformation has made the job market for F&A professionals more competitive than ever before. This might create a sense of fear in your team members of lacking with their skills and eventually hampering their confidence in taking ownership of their tasks. 

Encourage your team members to enhance their knowledge of the industry by setting an example. Run activities of intellectual sessions, brainstorm trending facades your fellow competitors are adapting. If required, arrange a screening of valuable online webinars. A little investment into the betterment of your task force will not only up-skill them but will also build their loyalty towards you and the organization.

Internationally renowned author and speaker Gary Cokins with Founder of Miles Education, Varun Jain on Trends in Management Accounting: https://youtu.be/yt__LMd469E

4. Excel your remote working capabilities

Nearly half of the companies across all the industries are keen to make remote working a permanent option. It is definite that remote working is not feasible for all the roles but the companies that already had flexible work arrangements in place prior to the pandemic have had an easier time adjusting to the new normal.

Delivering better remote work experiences by Laurel Farrer, CEO of Distribute Consulting

F&A professionals are interacting with their clients through screens now more than ever. That makes it mandatory for them to be comfortable with all the video conferencing applications that they use. Keeping in mind the basics such as avoiding the surrounding distractions or the noises in the background are important. Having said that, it is vital to ease your afflictions and take full control of your mindset. With certain peace, it will help you structure your brain to deal with cognitive tasks such as analyzing financial reports. The control will also help you with a shot of resilience to boost your productivity and make effective decisions in critical situations.

5. Criticism is the best technique to succeed

As you adhere to the skills listed above, it is also important to have a reality check on your deeds. And, who better than your fellow inmates to help you with it? Take peer-to-peer casual feedback, understand their point of view. It will only provide you a different perspective on your situations, which might turn out to be beneficial to you. Ask questions like: 

  • How have the current situations reflect in your behavior towards the work and amongst the team?
  • How do you adapt to the new technologies ruling the industry?
  • What critical competencies do you require to deal with a particular situation?

It is now time to have a digital mindset and strengthen your interdisciplinary learnings. The new normal is all set to bring in some serious changes and you want to be ready for it. Ask yourself every day what you are doing, how it is helping you grow in your career, and personally, have practice-based learnings, request your mentor to analyze your work, and take their feedback to be in a better position. As Gandhi would say, “Be the change you want to see in the world.”

Read more on 5 skills finance professionals need right now by AICPA.

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