Modern CFOs face unprecedented challenges as they lead organizations through digital transformation, growth initiatives, and complex regulatory landscapes. From accelerating the financial close process to managing risk and AI investments, the demands on financial executives have never been greater. Amid these pressures, organizations often overlook one of their most valuable strategic assets: operational accounting.
Operational Accounting Today
Operational accounting refers to the hands-on, day-to-day management of financial processes such as month-end, quarter-end, and year-end closes, as well as financial controls, reporting, and compliance. But today, operational accounting goes far beyond bookkeeping tasks. It integrates with corporate strategy and other functional areas to optimize processes, provide actionable insights, manage risks, and ultimately empower the Office of the CFO to focus on growth and innovation.
No longer just recording transactions and reconciling accounts, operational accounting has evolved into a strategic function that can drive efficiency, enhance decision-making, and enable competitive advantage when aligned with enterprise goals. An experienced operational accounting partner acts as an extension of companies’ finance teams, serving as a catalyst for transformation and delivering expertise to meet strict audit deadlines, implement new standards, and navigate periods of transition.
Leveraging advanced technologies like AI and automation, operational accounting professionals create an efficient foundation for controllership operations, special CFO projects, project management, systems implementations, and core accounting acceleration.
Overcoming Common Challenges in Finance and Accounting Operations
Operational accountants are uniquely positioned to address many of the key challenges CFOs face, including:
- Complex accounting standards and regulations: Keeping up with changing SEC, PCAOB, EU, and IFRS rules can strain existing processes and resources, leading to reporting errors and compliance risks. With deep backgrounds navigating these requirements, operational accountants serve as trusted advisors to executives, boards, audit partners, tax, legal, and compliance.
- Demand for data-driven decision-making: Organizations must move beyond reactive reporting to provide forward-looking insights that inform strategy, including predictive analytics, dynamic scenario planning, and transaction readiness. Operational accountants sit at the nexus of data and strategy and can help connect the dots between historical financial information and future planning, utilizing expertise in AI and automation tools and technologies.
- Inefficient financial processes: Inefficient workflows, manual tasks, and bottlenecks can stretch close times into weeks, limiting the finance function’s agility. By re-engineering and automating key workflows, operational accountants eliminate close fatigue and increase job satisfaction.
- Technology integration and AI adoption: Integrating new technology, including AI-enabled solutions, requires expertise to ensure smooth implementation and maximize ROI. With expertise in project management, human capital management, and SaaS platforms, operational accountants have the perspective and insights to support technology initiatives.
- Talent development: Upskilling financial staff to be data-savvy and AI-ready is crucial for maintaining efficiency and competitive advantage. As the accounting industry undergoes significant change, professionals with the greatest tech literacy can open up more career opportunities.
How an Operational Accounting Partner Adds Value
Partnering with an experienced operational accounting provider offers specialized benefits that empower the Office of the CFO:
1. Accelerated Financial Close Process
Best-in-class organizations complete the financial close in four days, while many companies take weeks. An operational accounting partner evaluates your current processes, identifies bottlenecks, and implements tailored solutions to streamline workflows and reduce the time-to-close. A faster close enables CFOs to access financial data sooner, empowering them to make timely, informed decisions.
2. Enhanced Reporting Accuracy
Operational accountants bring deep expertise in accounting principles and standards, ensuring compliance and accuracy in financial reporting. They work alongside your internal audit teams to prepare for smoother audits, reduce errors, and enhance credibility with stakeholders.
3. Optimization Through Technology
By leveraging AI and automation, operational accounting professionals eliminate manual errors and inefficiencies, freeing up resources for higher-value tasks. For example:
- AI tools can reduce data entry during the close process. As the market for accounting AI technology is expected to reach $37 billion by 2030 (up from $6 billion in 2025), a partner that integrates AI with accounting keeps finance teams ahead of the curve.
- Advanced analytics platforms provide real-time insights that enable proactive decision-making.
Common accounting-specific tools include Sage Intacct and FloQast.
4. Integrated Financial Functions
The modern operational accountant provides more than just controllership services. They seamlessly integrate across FP&A, systems, procurement, and transformation initiatives to create cohesion within the finance function. This holistic approach ensures that operational goals align with enterprise-wide objectives.
5. Strategic Partnership
An operational accounting partner doesn’t just execute tasks; they provide strategic guidance to help financial leaders achieve their broader objectives, from IPO readiness to M&A activities. By acting as a trusted advisor, they enable CFOs to focus on long-term enterprise value.
Expertise That Makes the Difference
Not all operational accounting providers are created equal. The right partner will bring a combination of technical skills, industry experience, and strategic insights to the table. Here’s what to look for:
- Comprehensive expertise: Professionals with CPA qualifications or equivalent credentials ensure compliance with rigorous reporting standards. Their experience spans industries and business scenarios, making them adaptable to various challenges. With 75% of CPAs nearing retirement age, an accounting partner that can still staff and train high-quality public accountants is critical.
- Proven track record: Operational accountants with hands-on experience in controllership, audit readiness, and ERP implementations are better equipped to drive efficiency and accuracy.
- Holistic approach: Look for a partner with knowledge in technical accounting, FP&A, AI implementations, and data integration. This ensures they can lead cross-functional initiatives and create value in more ways than one.
- Focus on transformation: Best-in-class operational accountants go beyond managing processes. They identify areas for improvement, implement technology solutions, and develop your team’s skills to future-proof your organization.
Building Operational Accounting Excellence
Ready to experience the benefits of operational accounting at its best? For expert operational accounting support, contact CrossCountry Consulting to get started.