The Finance Team of the Future: What Skills Do Your People Need to Succeed?

As a finance leader, you're often juggling more than numbers. Whether you’re keeping up with new technology or adapting to an ever-changing economy, the pressure's on to ensure you and your team have the skills to help the business thrive.

The modern finance team needs to be strategic, tech-savvy, and ready for change. Finance professionals must be quick to adapt, and finance leaders must be prepared to lead the way.

But, how do you ensure your finance team isn't just surviving, but also succeeding? It's all about bridging skills gaps, boosting productivity, and planning for the future.

The Finance Sector is Changing—Is Your Finance Team Ready?

Manual data entry and repetitive tasks are now being completed by AI and machine learning technology. While this can be viewed as a risk to finance professionals' jobs, it's actually a strategic initiative that frees up everybody's time.

In a report from Wolters Kluwer, it was revealed that '91% of accountants are using AI, or plan to use it in the future'. If you aren't already, it's time to start thinking about how your team can work with AI.

When it comes to artificial intelligence, there's a variety of process automation tools that can efficiently analyse complex financial information and take the burden out of financial reporting. Here are a few of the areas where AI is already making a difference in the finance and accountancy sector:

Automated Invoice Processing: Systems can now use AI to scan and extract data from invoices, match them to purchase orders, and even process payments with minimal human intervention.
Enhanced Fraud Detection: AI algorithms can analyse transactional data in real-time, identifying unusual patterns and flagging suspicious activity that a human might miss.
Streamlined Reconciliation: AI-powered software can automatically match ledger entries, bank statements, and transactions, significantly reducing the time and effort needed for the month-end close.

To stay ahead in a rapidly evolving working landscape, finance leaders should ensure their teams shift their focus to becoming:

Data Storytellers: It's no longer enough to just present financial data. Leave AI to gather the information and ensure your team develops skills that enable them to turn complex information into a clear, compelling story that informs decision-making.
Tech-Savvy Strategists: The future of finance is embedded in technology. Finance teams must balance good technical skills with a strong grasp of financial software, data analytics, and automation platforms.
Proactive Advisors: The most skilled finance professionals aren't just reacting; they're providing proactive advice on business strategy, risk, and growth.

Why Upskilling Your Finance Professionals Is an Investment

Investing in the skills development of your finance team not only promotes their own career growth, but also:

Boosts Productivity: When your team isn't tied down by manual tasks, they can dedicate their time to value-add projects and new ventures, leading to a significant boost in overall output.
Helps Them make Informed Decisions: A team that's been exposed to in-depth training can produce more accurate forecasts and insightful reports, which help the entire business make better-informed decisions.
Encourages company loyalty: By investing in your people, you're showing them you care about their growth. This boosts morale and helps you hold on to your best talent.

But where do you start? How can you begin investing in your finance team's development and future-proof your finance function?

The first step in futureproofing your finance team could be to complete a technology and software audit for your team.

The Future of Finance: How to Build the Team of Tomorrow

Here are a few actionable steps you can take today to start building a future-proof finance team once you know which areas you need to address:

1. Encourage a Learning Mindset: Encourage your team members to adopt a growth mindset. Set aside a budget for professional development, whether it's for qualifications like ACCA or CIMA, certifications, or workshops. Make it a part of performance reviews to show you're serious about growth.

2. Embrace Technology: Look for opportunities to automate tedious processes. Work with your team to find the best tools for their needs, and make sure they get the training to use them effectively. Technology is a tool to empower your team and free up time to focus on value-add tasks, not replace them completely.

3. Start Succession Planning: Don't wait until you have a job vacancy to start thinking about recruitment. Identify high-potential employees now and create a career path for them to develop their leadership skills. Provide mentorship and give them opportunities to lead on projects that’ll prepare them for a senior role. This will build a strong talent foundation for the future of your business.

4. Bridge the Talent Gap: Sometimes, you need to bring in fresh expertise. If your team is missing specific skills, consider working with a recruitment partner who specialises in finance and accounting. They can help you find professionals who have the right mix of traditional and modern experience, as well as strategic skills to get your team to where it needs to be.

5. Encourage attendance at industry conferences: This helps your team stay up to date with the latest trends and network with other professionals, which could be invaluable for their future.

Your Team’s Future is in Your Hands

Ultimately, building the finance team of the future is about ensuring you’re investing in technology and the skills of your team. Today's finance leaders must understand current market trends and make informed decisions about growth and how the team can help the business succeed.

Taking a proactive approach to team development and succession planning will encourage your team, boost morale, and ensure you have a highly skilled, motivated group ready to tackle any challenge.

If you're ready to find top finance and accountancy talent, we can help. Our expert consultants can connect you with exceptional professionals who have the skills and mindset to help your company succeed, whether on a permanent or temporary basis.