Will technology replace the work of traditional accountants and CFOs?

Liệu công nghệ sẽ thay thế cho công việc của kế toán và CFO truyền thống?

Is Mr. Quang a person who likes technology?

I am very passionate about technology. Before, I was the chief accountant for a technology company and that is what laid the foundation for me today.

Currently, technology is developing very fast, what technologies have you applied to running the company every day?

As a CFO for many companies, reading reports, making decisions, and advising the executive team is my day job. Therefore, applying technology to produce timely financial and management reports is one of the factors that I am very interested in.

Present, Technology has been affecting business systems to help management make decisions quickly. Instead of the past, making such a report had to go through many levels, taking days to complete. At the same time, there must be an additional staff to collect data and then put it on Excel tables. Then I was the analyst on that platform.

And now those reports are updated real-time on the smart technology application platform. My job is to analyze it and give opinions and meet with the executive board to make tactical and strategic adjustments.

According to Mr. Quang, how will technology change the work of CFOs in the future?

The essence of technology is to make work more efficient, more economical and help businesses achieve their goals. So technology will change in a very positive way. The things that make your work slow or delay cost human resources and costs will be replaced by technology.

And the CFO is the person who develops the budget plan as well as the forecast of the future financial situation. They will be the ones who have a relatively important voice in applying this technology to the operating process.

Can you share more about the technologies that you are using to apply to the daily work of a CFO?

Currently technologies such as accounting systems have been upgraded to ERP systems. Reports have been upgraded to a BI information reporting system of data and daily approvals have been upgraded to an automatic approval system through digital signatures.

Those are the most basic things that I am using in my daily work.

Công nghệ sẽ thay thế cho công việc của kế toán và CFO truyền thống?

I think security is very important in the application of technology to the daily work of businesses. So from the perspective of a CFO, how can you manage the financial and accounting systems to ensure the security story?

Regarding information security, each company will have a different application. However, about the method, there is only one method, which is Risk Management. The CFO or executive team will first identify all security-related risks. The next thing is to invite a consultant to come up with the root causes.

The consultant will identify software, tools, or technologies that can address that risk through technology. From there, information-related risks will be patched through comprehensive solutions. That total solution can be from technology, from consciousness, from the strategies above the steering committee. Therefore, each company will have different methods and methods of information security.

So from your perspective, do you think that technology will replace the work of traditional accountants or CFOs?

I do not agree with that point of view. All decisions still depend on the human factor. We need to understand Business Insights, we need to understand market needs or need to understand the life cycle of a product. We also need to understand how people relate internally. For these things, the AI technology that people often come to has not yet been able to replace humans.
Moreover, technology will support the CFO, not the CFO. That means it will assist people to make more accurate decisions in a more timely manner.

công nghệ sẽ hỗ trợ cho CFO chứ không phải là thay cho CFO

So how do you assess the position of the CFO in promoting the development of technology?

The role of the CFO is also relatively broader now. The CFO joins the executive board as well as the board of directors to develop the company's strategy. Therefore, determining a specific strategy as well as actions to achieve that goal is a job of the CFO to do. At the same time, assessing which software and technology is suitable for that unit is the role of the CFO.

Second, the CFO will be the one to build the company's budget. How much budget is appropriate for the tool/software is also the CFO's job. The role of the CFO in the application of technology in particular and digital transformation in general is now an important and necessary job.

Can you share more details about how you can be as successful as you are today?

Achieving some milestones like today has been a process for him. Fortunately, previously, as the chief accountant of a technology company, this position helped him gain more understanding of the logic in the system. Besides, understanding the problems of users to build the system needs a multi-dimensional perspective. And he thinks that's the reason for his current success.

Yes. Thank you very much for your interesting sharing in today's session! 

Through the short stories and sharings of CFOs in the CFO Perspective series, we hope to bring readers interesting information and new perspectives on outstanding issues and new trends of CFOs. Finance and Accounting majors.

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