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CFOs will one day become CTFOs, says ACCA: exclusive

AvantiKumar | March 28, 2016
At an SAP meeting, The Assocation of Certified Chartered Accountants encouraged Malaysian CFOs to look to a role as Chief Technology and Finance Officers.

CFO gathering 

Photo - (From left) SAP Malaysia Managing Director Terrence Yong with SAP Regional Chief Financial Officer (Asia Pacific and Japan) Richard McLean; ACCA Malaysia Country Head David Chin; and SAP Concur Managing Director (Asia) Madanjit Singh.

 

The Assocation of Certified Chartered Accountants (ACCA) Malaysia is encouraging Chief Financial Officers (CFOs) to look beyond their traditional functions and embrace technological developments to stay relevant in today's digital economy.

At a C-level event on 22 March 2016 held in Kuala Lumpur, ACCA Malaysia country head David Chin described CFOs as "agents of change within today's businesses, and that means they have to be at the forefront of technological developments."

"From the onset, ACCA has observed how the CFO's role is becoming more complex as the business world responds to economic uncertainty and innovative technology changes in the way we work," said Chin.

"The competencies needed to be an effective CFO have changed. In a customer centric economy, intangibles such as data, brand, talent and innovation are central to helping businesses succeed," he added.

"In research done by ACCA and the Institute of Management Accountants (IMA), early prediction is that the CFO role will eventually transform into a CTFO role - that is, Chief Technology and Finance Officer," Ho said. .

Organised by SAP Malaysia and ACCA Malaysia, the event was well attended by government agencies and public listed companies, Chin said. "It's a great crowd of industry leaders and finance experts here."

Conversation between Technology and Finance

"The chatter surrounding technology and finance has been going on even before the turn of the 21st century, and it continues to buzz today," he added.

Also speaking at the event were SAP regional chief financial officer (Asia Pacific and Japan) Richard McLean and SAP Concur managing director (Asia) Madanjit Singh.

McLean told the audience that the finance function today serves as "business partner and performance accelerator to the business."

"Finance has evolved and has taken on expanded roles," he said. "It needs to create strategic value by cutting through complex processes to deliver better insight across the business."

"Finance today serves as an unbiased source of 'business truth', collaborate and influence business performance, while also providing timely actionable insights that improve data driven decision-making," he said.

Meanwhile, Madanjit Singh said that when companies automate expense, travel and invoice processes, they were enabling employees to make the best decisions for the business, save time and stay focused on their jobs.

"With SAP Concur, companies get accurate, current and consolidated spending data, giving them the control you need to identify trends, negotiate better rates and drive cost savings," he said, adding that some thirty million companies throughout the world utilise the cloud-based travel and expense management tool to realise greater productivity and cost-savings.

 

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