Accounting is a fundamental part of business and reaches far beyond the mere act of recording and reporting how much money we made. Financial statements, tax filings, budgets and forecasts, and cash flow forecasting; are all critical to an organization’s success. Important decisions rely on information in these reports: what income should we spend? How much do we have to spend? What are our credit lines?
In this article, I’ll explore some of the key trends that John Savignano sees for 2022 from his perspective as an accounting professional. Savignano is currently the chief financial officer (CFO) of Sage North America, a business software company operating in more than 150 countries. He is also on the board of directors for Sage. Savignano was CFO at Intuit from 1998-2013 and spent the previous five years as vice president of finance at Netscape Communications.
Savignano’s background and expertise make him a perfect source to see where the industry may be heading. He holds a business degree and has been a CPA since 1979. His career began as an auditor at Ernst & Young before moving on to PwC, where he spent most of his career. His final role at PWC was as its national financial services and technology managing partner.
Here are some of the trends Savignano sees:
- “The importance of the accounting profession for business is becoming increasingly recognized and valued.”
- “Professional accountants must become more involved in business functions such as strategy, growth, innovation, marketing, etc.”
- “Businesses should recognize that the accounting function is not a time-out area while they get on with the real job of growing their business.”
- “Accountants need to become more involved in a company’s decision-making process.”1. “The importance of the accounting profession for business is becoming increasingly recognized and valued” When I joined Intuit in 1998, most people would have told me that accounting was not relevant to our success as a company. They’d have said it would confuse customers and distract our employees. They’d have argued that business leaders should focus on apparent returns, ROI (return on investment), or maybe growth. I never bought this debate; I had seen first-hand the powerful impact of good financial information on growing businesses.
Check out ideamensch.com to read full interview by John Savignano