Accounting has traditionally been a backwards looking profession. Let me be clear that I did not just call accountants backwards people, but in general their mandate has been to document, audit and verify what has already happened.
However, things are changing rapidly in the world of accounting. As I covered in a recent blog post on
The Changing Role of the CFO
, there is a major shift toward broader and more forward-looking responsibilities within the Office of the CFO and the accounting profession in general.
Some of the forces helping make these changes a reality are
enterprise-wide integration of advanced analytics, unifying financial information in a single-source-of-truth, movement toward continuous-close processes and the rise of Machine Learning.