The working group of the Competence Network for Group Accounting has established itself as a key player, aimed at heads of group accounting. On September 26, 2024, it will be held for the twelfth time. In addition to technical workshops, communication is a focal point, as the exchange among like-minded colleagues remains a vital element of our network.
9 am - 5 pm
Rivvers, Senckenberganlage 19, 60325 Frankfurt am Main
For detailed information on the respective topics, please take a look at the comprehensive agenda. Feel free to send us your preferred topics in advance that you would like to discuss. We look forward to your suggestions.
An event organized by the Group Accounting Competence Network, which has set itself the goal of anticipating best-practice approaches to new and known challenges in group accounting. With our working group, we have created a platform on which experts in group accounting can communicate at a high level to discuss the challenges in their companies.
The members are heads of group accounting, predominantly in large corporations. The group usually consists of around 30 participants, who are divided into specialist groups and discuss current topics openly and intensively. In small groups of like-minded people, requirements are discussed confidentially, solution options are worked out, risks are identified and implementation programs are developed. The workshops are moderated and documented by experienced experts.
What makes this format special is the authentic exchange with the participants. This creates a space rich in experiences and a conceptual institution that is created by and for experts.
The discussions were intense, and the workshops highly interactive. Three key insights emerged clearly, with the last point likely to have a significant impact on the future of the finance function.
Great potential in the consolidated financial statement process: Although the consolidated financial statement process is often considered "well-established" and optimized, it quickly became clear that there are still many opportunities to make it more efficient. Particularly in the areas of automation and digitalization, companies can still unlock significant potential. What was especially impressive was that many experts see this as a real lever to future-proof their processes.
Too many non-value-added activities: One point that became clear was that a substantial portion of the actual closing work in the group involves the control and correction of upstream processes—whether through manual adjustments, transformations, or complex reconciliations. This ties up resources that are urgently needed elsewhere. We all agreed that a shift in mindset is necessary here: quality needs to be built into upstream processes, and seamless integration of individual financial statements into the consolidated financial statements is crucial to freeing up more time for value-added activities.
And now, the point that adds extra momentum: AI is in the spotlight – but it remains exciting! Artificial intelligence is the big topic, and although many companies are still in the early stages, it was clear that revolutionary possibilities could be hidden here. Some use cases have already been identified, but most are still in the learning phase. What convinced me was that companies investing in AI now will have a competitive edge in the future.
This shows us how important it is to regularly come together to learn from each other and explore new ways forward. A big thank you to all participants for the great exchange and fascinating insights!
Find more information and exciting insights for CFOs on our website.
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