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Accounting firms recognising need for robust systems

The majority of Australian accounting firms now consider sound financial practice systems as the most important element for achieving economic growth, according to a recent survey.

Accounting firms recognising need for robust systems
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A survey conducted by accounting software firm BlackLine revealed that 63 per cent of Australian respondents regarded systems as the most vital factor for economic growth.

Of those surveyed, 57 per cent also said having a senior team possessing a sound understanding of finances and business systems was key.

The most important skills for the development of a business were a strong understanding of future financial needs at 42 per cent, marketing skills at 41 per cent, sales at 41 per cent and people management skills at 61 per cent.

Over a third or 36 per cent of survey respondents also felt their chief executive officer could be more involved in improving business performance.

Respondents were also asked to describe the person within their organisation responsible for running the finance function. The most common words were business leader at 43 per cent, insightful at 42 per cent and innovative at 40 per cent.

Blackline vice president and general manager, Asia-Pacific Todd Hunt said the survey demonstrates the importance of having qualified and experienced financial professionals on board.

Mr Hunt said the survey also showed that accountants are in a better position to help drive new initiatives and growth.

"This is particularly important at a time when many businesses are struggling with slowing economic conditions and lacklustre consumer demand.”

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