The management accountants have followed the financial data has moved out of the companies’ silos. Nowadays, they more tend to work with project teams or join in the business apartment instead of working alone on the numerical reports before. Besides, the employers prefer to call the Management Accountant as the short industry title as analyst and business partner. They require that the talented people holding solid accounting skills can not only collect data and draw from insights but also effectively communicated to the business.
The role of Management Accounting transforms with the developed technology especially in the areas of machine learning and artificial intelligence. According to CPA Management Accounting Conference series in three Australian cities in 2018, it mentions how the technology has transformed the management accountant as well as requires the position to develop its presentation, communication and leadership skills. The job position has changed to a broader scale in strategy and investment over the last eight to ten years with the sense of opportunity and excitement. People need to understand the business in greater depth and able to present their ideas that contribute to the bottom line.
Managements Accountants work closer with the business to delivery outcomes that they need to discuss and plan more to provide a better result. The technology is doing lots of basic data work what Management Accountants used to, which drives them to bridge the communication gap between the data and business leaders. The role requires not only data system and IT skills but also interpreting and communicating data insights. The title of business analyst and finance business partner attracts more than the traditional Management Accountant towards young generation, as they hope to think about their futures in the workplace.
Some people forecast that Management Accounting will possibly steps into financial planning and analysis, even commercial management. Looking at the various ideas, building and analysing the business case with ideas is critical for Management Accountants in the business process and then the organization can target the most commercial value. Therefore, Management Accountants need to produce more than data and information but form up and sell the value-creating position that supported by the current information analytics and in the easy-understand and cohesive method. The positive change of the developed data software helps Management Accountants in using dashboarding and infographics to get the most important points and show them in front of the team members quickly and efficiently.
Technology is predicted to take over jobs but not human conscience. Therefore, Management Accounting remains the vital place in presenting the information quality to the business and finance team can improve and plan solutions as well as enable change management with expert technical skills. Drawing out insights of the customers and figure out the way in developing the value proposition is important to monetise both the current and new products and improve the efficiency.
There are multiple and various information across different channels, and it is necessary to understand the relevant and important ones. Selecting out the information can be the good way in saving time towards target the objective. Managers can encourage the employees to contribute, share their ideas and solve problems on the shared vision through the data and team contact such as the daily meetings. The return on investment is great especially after ensuring people understand what they should do. Under the circumstance of the healthy team environment, people are willing to share their information, and prepare to search the information out of normal sources to receive more options and ideas. Therefore, employees can act autonomously and contribute to the organization by themselves.
It is required to have more practitioners related analysis and communicating in the business with the change of Management Accounting. The viability and future success indicate the demand for people who enjoy being the centre of decision makings with the ability to figure out and analyse the data. At the same time, people who meet these requirements can also get the high reward in return. With the new titles such as analyst, communicator and business partner, Management Accounting will continuously be challenged in reshaping its role as accounting is changed with the developed technology, and therefore, playing the important role in influencing the organization’s direction and strategic planning.