5 Things Your Finance Department Needs to Know

May 10, 2024 | Blog

In general, the finance department handles all money-related concerns. The finance department handles all the financial operations to which everyone in the company is connected, from employees to investments to sales to assets and liabilities, accounting, and company compliance. It’s a vital role for a business to have a solid, skillful, and experienced team that can handle these tasks. But today, we’re taking it from the perspective of controllers and chief finance officers (CFOs), for these two roles are the drivers of your finance department. They are the people who tell the story behind the numbers. Today, IT Group, Inc. (ITG) will give practical tips for controllers and CFOs and insights into modern-day accounting and finance.

CFOs and Controllers

But before we dive deep into practical tips and insights into handling modern-day finances, let’s define and know the role of chief finance officers and controllers. According to Aprio, the CFO is categorized as the head of a finance team. They’re the captain of the ship who oversees the direction and makes critical financial decisions for the company. In fact, they gave analysis and recommendations on how to solve current challenges and insights into what’s next for the company. CFOs hold more accounting and financial responsibilities. Meanwhile, controllers are the implementors of the accounting process. Their controller role is to maintain complete and accurate records of your company’s overall financial transactions. They ensure and check that financial processes are all correct and under compliance. Controllers are responsible and point-of-contact from the finance department to other departments. 

5 Things Your Finance Department Needs to Know

  1. Tech and Finance  

  2. Environmental, Social, and Governance 

  3. Training and Upskills 

  4. Data Security   

  5. Investment

Tech and Finance 

In this digital age, technology works side-by-side with business. To harness the power of technology, especially in finance, we need to include software and solutions to speed up finance operations. The best example is automating manual tasks and labor-intensive accounting processes. If eliminated, the company will have more time for important and high-priority tasks. It can also help to optimize your work processes.

Also read: Tech and Business Insights for 2024

In the PwC report, they revealed that in 2024, CFOs must invest in technology as part of their risk analysis, long-term business planning, and profitability reports. “Now, with technology powering much of business innovation and transformation, finance leaders are juggling a packed agenda. These demands will require you to call upon equal parts business savvy, strategic insight, and tech experience as you work with your C-suite peers,” they said. “Amid persistent economic uncertainty, the value of a strong CFO can’t be overstated. No longer confined to financial reporting, savvy finance leaders can harness the power of modern data, predictive analytics and financial intelligence. Your ability to foster cross-functional alignment and enable the business to be guided by data-backed decision-making can position your company for successful outcomes.”

Oracle NetSuite, ITG’s technological partner, offers a solution to lift your company’s CFO and finance department toward tech and finance. Through digital transformation, Oracle NetSuite provides the #1 Cloud ERP—a powerful and strategic tool—that helps companies streamline their business operations and optimize their accounting processes. With Oracle NetSuite Cloud ERP, you can have a 360-degree view and visibility of your interconnected processes from accounting to operations. It will help you to have accurate data, secure processes, and data-driven reports. 

Environmental, Social, and Governance (ESG)

As tech grows and is incorporated into every business, especially in finance and accounting, it’s equally crucial that CFOs and controllers come together to asses and achieve sustainable growth for environmental, social, and governance ESG concerns. In business, the ESG initiative is an act of investment in the company’s overall growth. It means how one company ensures it is profitability, all while ensuring compliance and sustainability. Accounting and finance, for example, significantly contribute to companies’ carbon footprint because of their paper trail. More often than not, companies that rely on manual accounting processes instead of computerized ones— double or triple the amount of carbon footprint they produce.

Inclusive growth is the trajectory for which many businesses are driving. In the latest McKinsey & Company research, they revealed that companies that pursue stronger growth and profitability while improving ESG performance deliver superior shareholder returns.“We’ve known for some time that C-suite leaders who chase growth without considering how their strategies could impact people, the planet, and their firm’s long-term sustainability increase reputational risk,” they said. “Our findings reveal that while strong ESG scores do not compensate for weak fundamentals, “triple outperformers”—companies that achieve stronger growth and profitability than their peers while improving sustainability and ESG scores—deliver two percentage points greater annual excess TSR than companies that excel only on financial metrics (exhibit).”

Also read: IT Group, Inc. Championing Digital Evolution in Bacolod City

Last year, ITG’s Head of Business Management Solution, Rubie Grace Villamor, in the Negros Business Leaders Forum: Navigating the Future of Business Technology event, rallied and talked about the importance of Compliance Towards Sustainable Business. “The shift towards a sustainability mindset has been revolutionary and is changing the business and investment landscape,” she said. Villamor showed the positive change in businesses from an environmental, economic, social, and corporate governance standpoint, bringing Oracle NetSuite, ITG’s trusted technological partner, as a strategic solution to run a sustainable and profitable business. “A sustainable business is a compliant and profitable business. It’s the way to the future and our way to stay competitive and relevant,” she added.

Training and Upskills

Many businesses try to set themselves apart in the competitive market. To grow even better, companies need to invest in their people through training and upskilling. This must be intentional and strategic from the C-levels to rank-and-file positions. This is true, especially given how modern-day accounting and finance changes from policies to regulations to standard government requirements; all of these affect the skills needed to become an effective CFO and Controller. The same applies to the finance team, ensuring a solid department handling crucial and critical roles.  

For CFOs and Controllers, staying on top of current trends, upcoming finance news, and especially new software and technology is essential. That’s why training and upskilling are important to keep up with the market and harness the power of modern-day finance and accounting. In the shared Forbes story of Katherine Haan, she emphasized that training and upskilling are about improving one’s skills, while growth and development are based on long-term goals that give employees a career road map to what path they want to pursue in the future. “Employee training significantly contributes to shaping a positive company culture. By focusing on managerial and leadership training, organizations can create a more inclusive and engaging environment. Training in areas, such as conflict management and inclusion, further strengthens this cultural shift,” she said.

Also read: Jop Cornelio Jr., ITG’s Managing Director, is The Man for The Job

In its 21 years in the business, ITG has firmly believed in upholding the culture of excellence. The company has been a home for growth and development, empowering employees with equal opportunities to grow and succeed in their careers. Jop Cornelio Jr., ITG’s managing director for the Philippines, shared in his interview how training and upskilling help both clients and employees. “We want [our employees] to become the best that [they] can be. We have an open career roadmap for all employees to follow. This also aligns [with] our journey to help not only our customers but also our employees to be the best and bring the best in people’s lives,” he said. Leaders like CFOs and Controllers should always see this as a way to see who will be their next successor and/or next in line to move up. 

Data Security  

Data security is important for the finance department, which CFOs and Controllers should consider when creating company policies, implementing the best practices for the finance team, and key features they should look after for reliable accounting and finance software. Earlier this year, as ITG celebrated World Privacy Day, our Tech Experts shared their insights on data security. For ITG Indonesia’s Head of Business Management Solutions, Fivda Harry, security means trust and integrity to protect what’s important to their business—their clients. Harry explained the bigger picture of why data security holds an important role not only in the accounting processes but also in handling customer data and getting the numbers beyond.  

“So data security extends to the entire supply chain. Data security ensures that critical business data is available when you need it. It also ensures protection against data breaches, cyber-attacks, or threats and helps prevent the destruction of business operations,” he said. “We need to ensure we adhere to strong security practices to prevent vulnerabilities in the overall systems. There is also compliance. Data security also means we have to meet the laws and regulations. We are avoiding the legal consequences, financial penalties, and the [lack of] customer trust.”

Also read: World Data Privacy Day and the Importance of Securing Your Data Part II

Harry also highlighted that if CFOs and Controllers are looking for a reliable partner, Oracle NetSuite, the #1 Cloud ERP, offers a solution that can help them optimize accounting processes and streamline business operations with the fear of data breaches and cyber hacking. Some of the best features of Oracle NetSuite that can protect your business from cyber-attacks are data encryptions, audit trails and logging, two-factor authentications, IP address restrictions, data center security, and data back-up and recovery, to name a few.


For the coming years, CFOs and controllers must be keen on taking action on the company’s investment. All mentioned above are direct and indirect investments that can affect company performance. It is a way to ensure a diversified portfolio of assets from people, technology, and infrastructure to ensure a return on investments for both the short and long-term goals of the business. According to the PwC report, that in order to ensure strategic investment, CFOs, and Controllers must align with other departments on how they can help their processes. “To fund investments, CFOs are turning to technology to enhance productivity and reduce costs. To speed adoption, connect with your chief information officer and chief transformation officer to align budget priorities, integrate strategic planning decisions and respond swiftly to market changes,” they said. “Top-performing CFOs recognize the need for a self-funding budget to help drive enterprise transformation. These CFOs don’t hesitate to make strategic investments — introducing new revenue streams, entering new markets and integrating new technologies like GenAI — in their business models.”

Also read: Steps and Considerations in Choosing the Right Accounting Software

They also added that despite its promising opportunities for new revenue streams, CFOs embrace investment technology as part of their long-term plans, including people skilled in using chosen technologies to harness its full potential for the organization’s revenue. “ Tech tools can also enhance the return on investment for major expenditures while prioritizing assessment of the total cost of risk at multiple levels — in business, programs, technology, data, security and controls,” they said. “But talent with the necessary strategy and tech skills to help guide the enterprise through uncertainty is getting harder to come by. Demand is particularly high for those with skill sets like data analysis and forecasting — and knowledge of the tech that powers them.”

Let’s Venture Together

IT Group, Inc. (ITG) has been the leading IT Solution Partner in the Philippines and the ASEAN region. We’re an ISO 9001:2015 Certified company with four regional offices in the Philippines, Indonesia, Singapore, and Malaysia. We help 200+ clients across the ASEAN region promote innovation through a digital transformation journey, and we have a solid portfolio of 250+ successful projects. We offer Business Consulting, Support and managed Services, Subscription and licenses, Service Delivery, and Certification and training. 

For over 21 years of expertise, ITG has been your leading technology partner for system-wide innovative solutions to accelerate your business plans and goals, delivering seamless integrations and processes, from Business Management Solutions, IT Management, Integration & Automation, and Enterprise Data Management to IT Infrastructure. We help clients across the region experience digital transformation in their business, co-creating and co-owning solutions tailored to their business needs.

ITG takes pride in helping businesses from various sectors and industries, especially when collaborating with CFOs and Controllers when it comes to their actual business needs. With our technological partners and Tech Experts, we can venture together to be ready for your next move and achieve your business goal through digital transformation.  

Learn more about how we can help you today.