Automation, Integration and Modern Finance

In this episode of The Better Finance Podcast, EY’s Myles Corson sits down with BlackLine founder and CEO Therese Tucker to discuss a strategic shift in the way modern finance operates and redefining accounting as a critical partner in driving forward new business objectives. With automation and integrated technology on the cusp of redefining today’s accounting, function leaders need to be smart about how to efficiently and effectively implement new offerings.

With automation and integrated technology on the cusp of redefining today’s accounting, function leaders need to be smart about how to efficiently and effectively implement new offerings. EY’s Myles Corson sits down with BlackLine founder and CEO Therese Tucker to discuss a strategic shift in the way modern finance operates and redefining accounting as a critical partner in driving forward new business objectives.

Key takeaways

• The modern accounting function will move away from retroactive, historical trackers and into forward thinking, strategic business planners fueled by data.
• To modernize, the finance function requires a mentality shift from a “batch mentality” of reviewing data at set intervals to embracing the real-time analytics that today’s technology can provide.
• Integrating automation and technological advancements into the accounting function not only allows for the active interpretation and tracking of metrics, but also creates capacity for finance professionals to focus on interpreting these metrics, a role that automation cannot fill.
• AI, machine learning, and other hot technologies cannot be lumped together — each of these technologies presents their own advantages and challenges, and business leaders must be highly selective when deciding which to adopt in their organization.
• The success of technology is overwhelmingly dependent on a clear roadmap for implementation and a well-defined value-add for the employees, department, and organization as a whole.
• As finance functions continue to evolve, the need for multifaceted, strategic thinkers will increase. Businesses must recruit a diversity of interests and skill sets to interpret metrics and challenge traditional business objectives with fresh perspective.