ACCA SBL Syllabus G. Finance In Planning And Decision-Making - IT and the Finance Function & Alternative Structures - Notes ^{2 / 2}

Impact Of Technology On Finance Functions And Professionals

1. Big Data 

   Technology allows analysis of large amounts of financial data very quickly

2. Cloud Computing 

   Using the Cloud based means no in-house hardware and maintenance and often simpler interfaces, mobile access and built-in analytics.

3. Predictive Analytics 

   Using data to predict future trends

Other technologies include secure payment and Blockchain.

So finance professionals need to ensure they understand technology advances and how they can impact / help the organisation

Outsourcing
Outsourcing routine processing can bring economies of scale and efficiency, but also loss of control.

Strong controls are needed with fraud and misstatement in accounts. Professional firms can review controls

Shared or Global Business services
An alternative approach which keeps some of the benefits of outsourcing while mitigating some of the risks

This in-house function provides finance support to all functions within the business, even if they are separate subsidiaries or based in different countries.