What finance teams should be prioritizing for 2019
2019 promises a sea of change for the finance department. Between Making Tax Digital, new levels of reporting, Brexit, advancements in artificial intelligence, and more, finance leaders must become experts on new compliance standards while preparing for additional challenges coming in the new year.
Staying abreast of the latest financial trends and technological advancements will help you spot the opportunities you can leverage to benefit your business. But success won’t come without carving out a plan.
What are the top considerations in 2019 for the Finance team?
AI and the future of finance
Many finance professionals are now incorporating artificial intelligence and other analytics innovations into their financial management systems. AI produces unparalleled business insights to help you make the types of decisions that expand a business footprint and elevate operational efficiencies. How are you incorporating AI into your 2019 financial management plan?
Making Tax Digital
The new HMRC Making Tax Digital (MTD) initiative impacts virtually every UK business, with compliance for VAT required by April 2019. MTD is making fundamental changes to the way the tax system works, transforming tax administration to be more effective, more efficient, and easier for taxpayers. What is your MTD strategy and how are you planning to implement?
Financial reporting
An upcoming FSN study, “Innovation in Financial Reporting,” shows that finance functions that have mastered their data outperform their peers in terms of the speed of forecasting, accuracy of forecasting, and time needed to close the books. If you haven’t prioritized adding more innovation to your reporting in 2019, you should reconsider. Learn more in the study here.
Brexit preparation
With Brexit comes uncertainty. But despite the unknowns, your business can and should be taking immediate action to mitigate the potential risks and instead position itself to take advantage of the opportunities. What’s your action plan, how will it protect your business, and how would it grade on a scorecard?
