Well into Q2 and my finance trend prediction appears to be on point.
Where am I surprised? I am surprised at the number of entities that are still in planning and scoping stages. I am also surprised at how many have not moved the projects past the triage and contract collection stage.
What should Finance Leaders be doing? Ensure you have an advisor, an internal expert or a contractor that is dedicated. Ensure that your dedicated professional has the support and resources to be successful. In most cases this will be a team effort and the best practices seem to include a combination of all three – complex technical accounting expert(s), a dedicated expert within the organization and support from internal team members, firms and temporary employees. Don’t forget to round that team out with professionals that have a strong understanding of process and technology. Ideally your dedicated professional is an accounting polymath that sees the impact on the organization and can design a go-forward process with scalable technology and strong technical accounting foundation.
The standard is pervasive and there is a lot of opportunity.