Why Unit4’s integrated FP&A solution could help solve the global shortage of qualified accountants
In 2021 the AICPA found a decrease in the amount of accounting graduates and an increased number of retirees which has had knock on effects for future years. As a result, many organizations are having trouble finding qualified accountants, which presents automation as a potential solution. Many organizations find that their accounting needs are not being met and this can hold back growth.
Unit4’s cloud-based financial planning and analysis (FP&A) solution has plenty of upsides but with the widening of the CFOs scope, and this shortage of qualified accountants, it now makes more sense than ever to move your organization into the digital age. By embracing digital tools and automation, you can manage your current resources with more confidence knowing your day-to-day tasks are being dealt with efficiently.
Keep reading to learn more about why Unit4’s FP&A solution can be the modern and integrated solution to this unique problem facing financial departments.
Accurate Automation
One difference between a human and automated accountant is that an automated FP&A process doesn’t get tired of repetitive tasks. By automating the smaller, more repetitive tasks, such as repeated scenario planning or re-forecasting, your accounting professionals can use this gained productivity to provide attention to the more important areas such as analyzing existing data to support decision-making.
With Unit4, budgets can be updated in near real-time while both standard and ad hoc reporting allows for CFOs to make informed decisions and reduce risk even as their responsibilities expand with organization growth. Ultimately, this helps to efficiently make use of resources, allowing operations to be streamlined and more robust.
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Organizational Resilience
By fortifying the weaker areas of your finance department, your organization can become resilient in periods of downturn, allowing cooler heads to prevail. Confidence can be gained when accurate and integrated data is at your fingertips, allowing CFOs to make informed decisions.
This confidence in your operations allows you to strategize effectively and continue to be resilient when it counts. With Unit4 you can use the time saved to pay attention to the areas that need it, such as building resilient relationship with both employees and clients that will stand the test of time.
Departmental Collaboration
With Unit4’s ERP suite combined with FP&A, you could automate many departmental processes with our software. This allows for data to be holistic and provide transparency across departments. This digital touch is much more efficient than relying on legacy systems and spreadsheets and frees up even more productivity to be used where you need it most. By automating data analysis across departments this transparency and breadth of analysis can be achieved much quicker than with Excel spreadsheets. Even with a fully manned accounting department this speed and accuracy still can’t be achieved.
Let technology drive, while people lead
While you can automate some processes, there are undoubtedly areas where accounting professionals are of more use. By letting technology drive the smaller tasks, your accounting professionals can lead it to success. This allows your organization to allocate the qualified accountants where a human touch is needed, creating a synergy between your technology and people, as well as your departments. With Unit4 you can configure your operations with a sole purpose, both digitally and in your company culture.
Optimized analysis and projections
When our FP&A service is combined with both Human Capital Management (HCM) and Enterprise Resource Management (ERP) the data can be considered holistically which allows for projections and analysis that can go far beyond what any single service can offer. Budgets can be updated in real-time while both standard and ad hoc reporting allows for CFOs to make informed decisions and reduce risk even as their responsibilities expand with company growth. By using AI and algorithms data consolidation times are greatly reduced, but still accurate, being much quicker than any human-led accounting department.
Fit-for-purpose software
Another benefit of Unit4’s ERP suite is that you can mold our software to the unique shape of your financial operations. This provides a huge return on investment as many companies will concede efficient operations to legacy systems and spreadsheets that lack this functionality. This creates bespoke projections that are unique to your finances and operations thanks to the increased productivity automation brings.
Scale operations with confidence
Growth can be hindered by legacy systems that fail to keep up. By configuring our service to your operation this one-stop service can grow as you do, allowing growth to be uncapped. Without automation, scaling your organization with growth can rely on talent and procurement, but with the small but important tasks automated you can make this procurement more focused and strategic.
Let Unit4 accommodate your digital transformation
There is no doubt that many organizations have noticed this shortage of qualified accountants, as well as a need for digital transformation, but being able to implement such change can be troublesome and without proper guidance ROI can be low and simply replace the problem. With Unit4 we can make this switch to our ERP system seamless so that your organization can begin to grow.
As this shortage is likely a problem many organizations will deal with, you can really get ahead of competition and disrupt the industry with our integrated ERP solution. By adopting these solutions, businesses can get more done with fewer resources, reducing their dependence on accounting professionals and addressing the shortage of qualified accountants. This in turn can help alleviate the widening scope of a CFO, who can turn his attention to the operations that matter most.
