{"id":69243,"date":"2021-10-18T16:36:47","date_gmt":"2021-10-18T14:36:47","guid":{"rendered":"https:\/\/www.sage.com\/en-za\/blog\/?p=69243"},"modified":"2026-01-29T17:56:46","modified_gmt":"2026-01-29T15:56:46","slug":"future-of-finance-top-advice-from-the-experts","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-za\/blog\/future-of-finance-top-advice-from-the-experts\/","title":{"rendered":"Future of Finance: Top advice from the experts"},"content":{"rendered":"
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\n\t\t\t\t\t\tFuture of Finance: Top advice from the experts\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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As the rate of COVID-19 infections drops and more people get vaccinated, the world is settling into a new sense of \u201cnormalcy\u201d. That said, we\u2019ve already developed, implemented, and adapted to new, more innovative processes and ways of working.<\/p>\n

In a series of Future of Finance webinars, Sage spoke to various accounting and finance experts about how they\u2019ve adapted to new technologies and ways of working and how it\u2019s influenced their current operations.<\/p>\n

Here, we round up the top advice from the experts.<\/p>\n

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\u201cCompanies enjoy more success with cloud software.\u201d<\/p>\n<\/blockquote>\n

In our \u2018How finance leaders are using technology to advance the future of finance<\/a>\u2019 webinar, Gerard Hartman, Vice President of Medium Business for Sage Africa and the Middle East, discussed digital transformation and how medium-sized growing businesses can benefit from cloud business management and accounting solutions.<\/p>\n

\u201cOver the past months, we\u2019ve seen companies that have evolved their technology to cloud software enjoy more success than their peers. Successfully leveraging advanced technologies such as AI, cloud computing, automation, and machine learning correlate with significant revenue growth,\u201d says Hartman.<\/p>\n

Jordaan Burger, Vice President of Finance for Sage Africa, Middle East, and APAC, weighed in: \u201cThings won\u2019t return to how they were pre-pandemic; our working world has changed permanently, and finance functions must be a key part of this change.\u201d<\/p>\n

Ultimately, intelligent financial solutions make human tasks more efficient; they will not replace humans entirely, he said. \u201cDigital transformation of any kind needs to be so compelling, inclusive, and benefit-driven that resistance is futile and simply self-sabotaging,\u201d says Burger.<\/p>\n

Debbie Kapoock, founder and director of Macarius and consultant coach at the Gordan Institute of Business Science (GIBS), stressed the need for today\u2019s finance leaders and finance functions to drive their businesses\u2019 strategic direction. \u201cAs finance people, we\u2019ll always be crunching numbers, but now digital technologies can help us do it with greater speed, accuracy, and learning.\u201d<\/p>\n

She adds: \u201cThe right smart software can reveal volumes of relevant data insights, translate them into real-time action, and share them with us, the finance people, to make swift, strategic decisions that push our businesses ahead.\u201d<\/p>\n

As digital transformation spreads across the vast business and financial space, there\u2019s still one challenge left to address: the vital need to educate business and financial leaders about the changing working world. There is a significant lack of training in intelligent solutions within businesses or at a tertiary education level, says Hartman.<\/p>\n

\n\tWatch the technology and future of finance webinar<\/a>\n<\/div>\n\n

\u201cThere is a mismatch between what the digitally empowered working world needs and the skills that exist. Businesses need to include their people in their digital transformation journeys and invest in their employees\u2019 digital competencies through ongoing upskilling and training.\u201d<\/p>\n

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\u201cReplacing manual processes with digital ones puts people first.\u201d<\/p>\n<\/blockquote>\n

A significant concern for many industries is the fear that digital transformation and automation will lead to job losses. However, technology makes jobs more manageable, reduces time-consuming processes, and leaves more space for productivity and opportunity.<\/p>\n

During our \u2018Human-centric digital transformation: A blueprint for success<\/a>\u2019 webinar, we discussed how digital transformation is more about helping people than replacing them. \u201cDigital transformation should be an \u2018all-inclusive metamorphosis\u2019 whereby you are digitising business processes to improve human work,\u201d said Mohammed Mosam, Director of Sage AME.<\/p>\n

Ultimately, digital transformation is about changing how people, technology, and processes interact. Integrating all three components will lead to better outcomes within the business and improve the lives of humans.<\/p>\n

Mosam and Yudhvir Seetharam, Head of Analytics, Insights, and Research at FNB Commercial, advised on how to get human-centric digital transformation right.<\/p>\n

Understand your ecosystem<\/h3>\n

For change to happen successfully, you need transparent insight into your existing processes so that you can identify inefficiencies and areas for improvement. \u201cThis business audit is essential for larger businesses because there are countless moving parts to consider,\u201d says Seetharam. \u201cIf you scrutinise your business processes, you\u2019ll be amazed where you\u2019re wasting time and resources. Once you\u2019ve identified these stumbling blocks, ask yourself what small changes you can implement to make a significant impact.\u201d<\/p>\n

Start small<\/h3>\n

As with any type of change, you can\u2019t rush into it and change everything at once. Start small and work your way through the adaptation process. \u201cStart by streamlining a single business process,\u201d says Mosam. \u201cFor example, in implementing a digital document management system that allows for electronic sign-off, you\u2019ll remove a huge amount of inefficiency.\u201d<\/p>\n

Consider the \u2018why\u2019<\/h3>\n

\u201cAre you [embarking on digital transformation] because you want to increase efficiency across your business? Are you doing it because you want to have a better relationship with your customers?\u201d For FNB, it was both, says Seetharam, adding that the human side of the bank\u2019s digital transformation strategy aims to improve processes internally to benefit the experience externally.<\/p>\n

\u201cYou might be good at reducing internal efficiencies, but if your customer isn\u2019t gaining anything from these efficiency gains, what\u2019s the point of doing so?\u201d<\/p>\n

Knowing the \u2018why\u2019 gives you a clear goal and motivation to see the change through says.<\/p>\n

Rope in finance<\/h3>\n

CFOs play a crucial role in business transformation and helping the business use technology to uncover new opportunities and mitigate risks. For human-centric digital transformation to succeed, senior financial decision-makers must prioritise budgets and technology investments while considering how their spending can help people work smarter, faster, and more efficiently.<\/p>\n

Download our CFO 3.0 whitepaper<\/a> to learn more about digital transformation beyond financial management.<\/p>\n

Don\u2019t be afraid to challenge norms<\/h3>\n

\u201cCOVID-19 accelerated digital transformation for many businesses, forcing us to do things we would never have considered doing in the past,\u201d says Mosam.<\/p>\n

Before the pandemic, financial services companies and businesses would visit clients\u2019 offices to sign documents. Now, the entire process is digitised. \u201cI\u2019d drive all the way there just to sign a document. We never questioned how we were doing things or thought it was inefficient because it was just the norm. In so many ways, COVID has challenged and transformed what we thought was possible,\u201d he adds.<\/p>\n

Use saved time effectively<\/h3>\n

Digitisation and automation will free up a ton of time in the workplace. However, if you want these new and improved changes to make a real impact, you need to use the extra time to focus on strategy and where you can add value.<\/p>\n

Seetharam explains: \u201cHere, human-centric transformation is about developing strategies to deliver what your customers want. It\u2019s no longer about optimising stuff; it\u2019s about disrupting stuff. Human-centric transformation aims to free up time so that you can focus less on the administrative side of your business and more on the strategic side.\u201d<\/p>\n

\n\tWatch the blueprint for human-centric digital transformation webinar<\/a>\n<\/div>\n\n

Real innovation is only possible with the right technology, strategy, and people, he says.<\/p>\n

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\u201cAuditors still perform a critical role in protecting our public interest.\u201d<\/p>\n<\/blockquote>\n

In the Audit-ready financials: The way to reconciliation<\/a> webinar, Jordaan Burger, VP Finance, Sage Africa, Middle East, and APAC, and Bradley Wentzel, CFO of Douglasdale Dairy, discussed how finance teams could maintain audit-ready financials.<\/p>\n

\u201cIn the end, that two-page audit report is relied upon by lenders and shareholders to make decisions which, in turn, impact the business. So, it\u2019s important that we as finance professionals do everything possible to make it easy for auditors to give us a clean opinion,\u201d says Burger.<\/p>\n

It\u2019s no secret that audits are time-consuming due to fragmented, manual accounting processes and record keeping. Inadequate systems lead to inaccurate or incomplete information, which is one of the root causes of many auditing rifts.<\/p>\n

\u201cNot long ago, there were instances where the auditor would choose to build consolidated statements from scratch rather than use the confusing spreadsheet the business had compiled,\u201d says Burger.<\/p>\n

He adds: \u201cDigitise your workflows to give the auditor comfort that your accounting checks and balances are robust. This potentially reduces the time they spend on substantiative testing of your transactions.\u201d He recommends always being upfront with your auditor about any assumptions or used estimates and closing your accounts efficiently at month-end to be better prepared at financial year-end.<\/p>\n

He also stresses the use of cloud business management and accounting solutions<\/a>. Apart from all the other benefits, cloud-based software also improves the audit experience. Simply give your auditor read-only access to the relevant data, and they\u2019ll be able to audit every transaction and find supporting documents without a hassle.<\/p>\n

\u201cThe longest our bank account goes without being reconciled is three days. And that\u2019s usually over the weekend,\u201d says Wentzel. He says it\u2019s crucial to have transparency between the finance team and the rest of the business. The better the communication, the more likely it is to have an effective accounting process from the get-go.<\/p>\n

Wentzel\u2019s advice is this: \u201cMake sure you choose an audit partner who understands your business. The audit process will flow better if they know what you\u2019re trying to achieve. In that guise, an audit can be a value-add experience for your business.\u201d<\/p>\n

\n\tWatch the benchmarks for audit-ready financials webinar<\/a>\n<\/div>\n\n

Although digital transformation makes processes more efficient, Jordaan recognises that implementing a new accounting or payroll system is a big decision. \u201cOne of the key considerations is whether the potential software provider\u2019s technology integrates well with the other systems you\u2019re using in your business. Be sure also to consult your peers about which service providers they\u2019re using, how happy they are, and what the system implementation entailed.\u201d<\/p>\n

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\u201cOvercoming the pandemic depends on wise, foresighted decision-making.\u201d<\/p>\n<\/blockquote>\n

During the 4 major shifts driving the Future of Finance<\/a> webinar, Bronwyn Williams, economist and trends analyst at Flux Trends, stressed that individuals and businesses need to think further ahead.<\/p>\n

\u201cTo get a better idea of where the world is headed, we need to understand the deeper macro trends driving human behaviour, such as a desire to connect with other people and to progress. These drivers will never change,\u201d says Williams.<\/p>\n

She adds: \u201cMaybe going back to the workplace isn\u2019t going to be nine-to-five, in your cubicle, like it was before. But that doesn\u2019t mean that we\u2019re going to stop connecting in person. We\u2019re still going to get together and break bread; it just won\u2019t be as easy or as often as it was at the office.\u201d<\/p>\n

So, how can we meet halfway? How can businesses shift their thinking and approaches when it comes to addressing humans\u2019 needs for connection?<\/p>\n

Williams suggests starting with four shifts:<\/p>\n

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  1. Shift from on-demand to anticipatory business models<\/strong><\/li>\n<\/ol>\n

    \u201cYou have to meet your clients, suppliers, or whoever you\u2019re dealing with in your supply chain at their point in need, rather than expecting people to come and find you or ask you for information.\u201d<\/p>\n

    This means moving away from just-in-time operations and combining science, technology, and humanity. Williams recommends dealing with real-time data from cloud business management and accounting solutions, like Sage Intacct<\/a>. This way, financial decision-makers can pre-empt and avoid mistakes.<\/p>\n

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    1. Shift from sustainability as an afterthought to a deal-breaker<\/strong><\/li>\n<\/ol>\n

      \u201cWhen we talk about sustainability, it\u2019s usually about reducing waste, consuming less, and ensuring we don\u2019t overshoot our natural resource endowments. But that\u2019s just one component; the other is about social sustainability.\u201d<\/p>\n

      Williams explains that businesses realise that they can only thrive in a society that\u2019s also thriving. She says that environmental, social, and governance (ESG) business models and investment structures are gaining prominence, which is currently the most significant long-term shift.<\/p>\n

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      1. Shift from siloes to hyper-connections<\/strong><\/li>\n<\/ol>\n

        \u201cIf CFOs want to be proactive against change; if they want to anticipate opportunities and be forewarned against emerging threats; they must start looking outside of their individual and organisational siloes.\u201d<\/p>\n

        Williams states that there has been a major change in the CFO\u2019s role. She warns that if organisations don\u2019t break down siloes, they might lose resiliency and the ability to spot emerging threats. Although breaking down siloes is easier said than done, she says businesses can guard against the formation of siloes by connecting more nodes within and outside the organisation. \u201cThe more nodes, or connections, you have across departments, and at all levels of the organisation, the more resilient your network becomes.\u201d<\/p>\n

        Her advice is to aim for \u20183D diversity\u2019 in the recruitment process. \u201c3D diversity goes beyond demographics and extends to hiring people with different viewpoints, experience, and backgrounds.\u201d<\/p>\n

        Having a hybrid diversity in your team will help you better spot emerging opportunities and threats. Organisations should focus on developing communication, leadership, and selling skills.<\/p>\n

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        1. Shift from fearing tech will replace us to embracing it to make us better<\/strong><\/li>\n<\/ol>\n

          \u201cTechnology allows us to operate more efficiently by automating anything that slows us down or is seen as a cost centre in the business,\u201d says Williams.<\/p>\n

          As much as technology and automation take away certain human functions, they can\u2019t replace human beings in society. She adds that there will always be space for people to add value through creativity.<\/p>\n

          Williams says that CFOs should try to remove any tasks that can be automated from their roles. Not only will it give them a bird\u2019s eye view of what\u2019s going on, but it will also give them more time to look out for threats, blind spots, and opportunities.<\/p>\n

          \n\tWatch the 4 major shifts driving the future of finance webinar<\/a>\n<\/div>\n\n

          Her advice: \u201cUse technology to get rid of your pain points \u2013 stuff you hate doing, the nonsense, the annoying work.\u201d This will change the nature of the work rather than replace humans. With automation, the people in your business can add more value to tasks that can\u2019t be automated.<\/p>\n

          She stresses that you should never automate the functions that are value-based because they can easily be copied. Instead, automate the menial tasks and let your humans add extra value with the newfound time technology saves.<\/p>\n\n<\/div>\n

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          As the rate of COVID-19 infections drops and more people get vaccinated, the world is settling into a new sense of \u201cnormalcy\u201d. That said, we\u2019ve already developed, implemented, and adapted to new, more innovative processes and ways of working. In a series of Future of Finance webinars, Sage spoke to various accounting and finance experts […]<\/p>\n","protected":false},"author":1265,"featured_media":68792,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"footnotes":""},"categories":[29],"tags":[356,187],"business_type":[3],"lilypad":[],"context":[],"industry":[],"persona":[8,9,13],"imagine_tag":[355,82,56],"coauthors":[443],"class_list":["post-69243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-insights","tag-cfo-3-0","tag-erp","business_type-medium-business"],"sage_meta":{"region":"en-za","author_name":"Inge Barry","featured_image":"https:\/\/www.sage.com\/en-za\/blog\/wp-content\/uploads\/sites\/9\/2020\/10\/iStock-1249866014-scaled.jpg","imagine_tags":{"355":"CFO 3.0","82":"Enterprise business","56":"ERP"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice South Africa","distributor_original_site_url":"https:\/\/www.sage.com\/en-za\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/posts\/69243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/users\/1265"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/comments?post=69243"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/posts\/69243\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/media\/68792"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/media?parent=69243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/categories?post=69243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/tags?post=69243"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/business_type?post=69243"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/lilypad?post=69243"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/context?post=69243"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/industry?post=69243"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/persona?post=69243"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/imagine_tag?post=69243"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/coauthors?post=69243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}