Most people still think of accounting as primarily reports, forms and the obligation to file a properly completed tax return. Yet accounting has a huge potential for value creation - if it is conceived in a modern, multidisciplinary way and in connection with the company's strategy and vision.
Recognizing this, companies are now transforming not only the way accounting is done, but also the role of the CFO itself - from "budget watchdog" to CVO, or Chief Value Officer. That is, the person who seeks not just accuracy, but meaning in finance and provides the tools for sustainable value creation to the company's leadership.
That's where the accounting team comes in. Not as a supplier of spreadsheets, but as a co-creator of decisions.
1. Inputs: more than just invoices
Modern accounting works with a variety of inputs:
2. People: a multidisciplinary team
Accounting is no longer just about knowing the chart of accounts. Today's accounting team needs to understand:
3. System: Automation and Acceleration
You can't do it without a smart system. And it's not just about ERP. Important:
Why? Because modern business doesn't create value in money alone. Today's CFO must be able to:
In a world where decisions are made daily and their impact is immediate, the accounting department is transformed from a passive back office to an active navigator.
Autor: Lucie Pečenková
Recognizing this, companies are now transforming not only the way accounting is done, but also the role of the CFO itself - from "budget watchdog" to CVO, or Chief Value Officer. That is, the person who seeks not just accuracy, but meaning in finance and provides the tools for sustainable value creation to the company's leadership.
Accounting team as decision maker
The traditional view of the accounting department as the "back office" is no longer sufficient. In today's fast-paced world, it's not enough to just process the books. Companies need:- Respond to market developments in real time,
- plan for growth and investment based on data, not perceptions,
- recognise risks and opportunities before they show up in the numbers.
That's where the accounting team comes in. Not as a supplier of spreadsheets, but as a co-creator of decisions.
A quality accounting function is built on three key pillars:
1. Inputs: more than just invoicesModern accounting works with a variety of inputs:
- Accounting documents and financial data,
- operational requirements and analytical data,
- legal, tax and regulatory information,
- the company's strategic objectives, its plans and organisational context.
2. People: a multidisciplinary team
Accounting is no longer just about knowing the chart of accounts. Today's accounting team needs to understand:
- Czech and international accounting standards (IFRS, US GAAP),
- tax legislation and obligations to the state,
- business, employment and GDPR frameworks,
- automation, robotics and the use of ERP systems,
- principles of management reporting, forecasting and financial analysis.
3. System: Automation and Acceleration
You can't do it without a smart system. And it's not just about ERP. Important:
- Digitizing and extracting accounting documents,
- implementing approval workflows and checkpoints (audit trail),
- reporting tools and dashboards for management,
- the ability to model scenarios, simulate the impact of strategic decisions and track KPIs in real time.
CFO as Chief Value Officer
This whole shift is also leading to a transformation of the CFO role itself. The chief accounting officer and cost guardian becomes the architect of value - the CVO.Why? Because modern business doesn't create value in money alone. Today's CFO must be able to:
- Link economic performance to ESG goals,
- assess the impact of decisions on customer, investor or employee confidence,
- evaluate the impact of a technology investment or acquisition on the growth of the company's value over time.
Game-changing outcomes
Accounting outputs are changing from spreadsheets to a set of strategic tools:- Monthly results compared to plan and past performance,
- Cash flow and development forecasts,
- Simulation of the impact of decisions (e.g. price changes, acquisitions, new market entry),
- Profitability and cost analyses by client, project or product,
- Evidence for investment decision making and management reporting.
Accounting that drives the business forward
Modern accounting is like a well-tuned engine: when it receives quality input, has the right technical background and is operated by a team with high expertise and insight, it can drive a company forward - not just record where it currently stands.In a world where decisions are made daily and their impact is immediate, the accounting department is transformed from a passive back office to an active navigator.
Autor: Lucie Pečenková