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IMA and NetSuite Report Finds Roles of Finance Professionals Expanding
February 05, 2013
Research Identifies Solutions for Accounting and Finance Professionals
Challenged with Providing Analytical Insights
Montvale, N.J., February 5, 2013 – To help businesses cope with today’s progressively complex and competitive demands, a new research report titled “Rising to the Challenge – Achieving Real-Time Visibility Across the Organization” details how organizations are increasingly calling on their accounting and finance teams to go beyond traditional roles. The report was co-sponsored by IMA® (Institute of Management Accountants), the association of accountants and finance professionals in business, and NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials and Enterprise Resource Planning (ERP) software suites. The full report is available on IMA’s website at: http://bit.ly/VFuGYe
This new research expands on findings published last year that found streamlining processes and improving productivity the greatest challenges faced by today’s finance organizations. The 2013 research focuses on two new challenges: improving the management reporting cycle and achieving real-time visibility across the organization by providing analytical insight into the business.
Led by Raef Lawson, Ph.D., CMA®, CPA, IMA Vice President of Research and Professor-in-Residence, the research was conducted by surveying more than 1,500 IMA members representing finance organizations across different industries. The report offers accountants several recommendations for improving the management reporting cycle and achieving visibility, including:
Replace outdated technology with new advancements that allow for quicker data connections and provide richer insight into the meaning behind the numbers;
Integrate ERP systems across front - and back - office business processes to make sharing key business information faster and easier across entire organizations;
Eliminate the use of spreadsheets, which require manual effort, create multiple “versions of the truth,” and are challenging to maintain.
“One of the primary goals of IMA is to deliver solutions-oriented thought leadership that is timely, relevant, and helps move the accounting and finance profession forward,” said Dr. Lawson. “As the profession continues to evolve and professionals are required to take on more strategic roles within an organization, there is a clear need for ongoing research to help both companies and professionals stay armed with the information they need to remain successful.”
“We are pleased to co-sponsor this continued research and believe the findings will help professionals showcase their value within their organization,” added Ron Gill, CMA, CFO of NetSuite. “As this study indicates, the changing role of accounting and finance professionals has created opportunities, but also requires companies to keep pace with the constantly changing business environment. As the research points out, it’s critical that finance leaders have the unified systems in place they need to help their companies make better business decisions.”
This report represents the work of an ongoing research partnership between IMA and NetSuite, which aims to deliver thought leadership through IMA webinars, conferences and professional publications.
About IMA® (Institute of Management Accountants)
IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 65,000 members in 120 countries and 200 local chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China. For more information about IMA, please visit www.imanet.org.
NetSuite Inc. is the industry's leading provider of cloud-based financials/Enterprise Resource Planning (ERP) software suites. In addition to financials/ERP software suites, NetSuite offers a broad suite of applications, including accounting, Customer Relationship Management (CRM), Professional Services Automation (PSA) and Ecommerce that enables companies to manage most of their core business operations in its single integrated suite. NetSuite software allows businesses to automate operations, streamline processes and access real-time business information anytime, anywhere.
For more information about NetSuite, please visit www.netsuite.com.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and @NetSuite Twitter handle for real-time updates.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between NetSuite and any other company.