The global chief executive of ACCA, Helen Brand, during her recent visit to Sri Lanka, provided valuable insights on how the finance function driven by knowledgeable and forward-thinking finance professionals can provide value added activities to help transform businesses to successfully navigate the current economic landscape faced by Sri Lanka.

Outlining how finance executives in local corporates need to shift their thinking from the priorities of the past towards achieving the next frontier in good financial management for businesses in the country, she emphasised that “efficiency improvements in strategic areas of finance, such as optimising capital structures and financial-risk management, will be crucial to future success. There are lots of areas of focus and technical competencies you could have which are all important, but the key thing is having the right mindset so that you can apply the right solution. Leadership, especially in the CFO role, is about being a trusted business partner to the CEO and to the board, as well seeing the long-term value of pivoting established business models.”

She noted that whilst pursuing cost efficiency is an imperative for the finance team, managers and individuals in finance teams will need to identify and put in place capability-building actions to bolster finance skills within the team, for example by developing a transparent competency matrix in the organisation. “It is important that we get the most out of people in less hierarchical structures, with less time wasted on meetings and unproductive activity.”

Giving an insight into how ACCA develops newly qualifying accountants who will have the attributes to implement and drive such strategies in organisations, Ms.Brand said: “ACCA builds areas such as analytical thinking, financial decision-making, management skills, financial reporting and communication skills into its qualification to support evolving capacity needs. And we offer more advanced CPD in all these areas for our members, to make sure their skills stay cutting-edge, including insights research, where we look at future trends and how they are going to play out in the future. Our members are often part of that research. We also have a range of certificates and degree programs that members can take to enhance their skillset.

She added: “Another important area of competency that is vital for accountants is on sustainability. Key areas include integrated thinking, integrated reporting, and supporting organisations on their journey towards net zero. Climate change will impose both financial cost risks and potential opportunities to economies in the coming decades, and these need to be thoroughly considered as part of an organisation’s strategic planning and risk management processes. Measurement and reporting form an important part of achieving climate change targets and the ACCA Qualification integrates sustainability as a core capability, where we also offer CPD and training on all of these areas.”

She also highlighted the adoption of digital technologies as an important area for accountants and explained: “Technology alone can never be the ‘magical solution’ – it is the skills that finance professionals bring to the function that will differentiate them from good to great. The skills that are useful for accountants can extend as far as being able to read and write code, but we think accountants should at the very least understand the software the organisation is using and be able to work with it. It is also about being able to see the broader organisational picture and how financial information fits within it and can add value to it, and then being able to effectively communicate insights to key stakeholders.”

In conclusion, she said, “we are committed to producing the qualified finance professionals who will be in a position to play an essential role in transforming businesses to deliver an ethical, more equitable, greener and more productive and inclusive future for businesses.”