Reinventing Accounting for the Future

Ann Downey, Vice President of Accounting, North American Bancard

Ann Downey is a seasoned CPA and finance executive with deep expertise in GAAP compliance, internal controls and financial reporting. She has held leadership roles across alternative energy, oil, pharmaceuticals and automotive sectors— and now, as VP of Accounting at North, a leading payment technology innovator, she focuses on driving innovation and automation. Downey brings a proven ability to streamline complex processes and build agile, future-ready finance teams.

Through this interview, Downey highlights the shift of accounting from bookkeeping to a strategic business role, emphasizing the need for technical, analytical and soft skills. She also underscores the importance of AI in enhancing, not replacing, the accounting profession.

From Scorekeeper to Strategist: Evolving the Role of Accounting in Business Leadership

Accounting’s role in strategic decision making continues to evolve as accounting leaders further understand the importance of key financial data to enable informed decision making.

To be more integral to high-level business strategy discussions, today’s accounting professionals need to understand more than just accounting rules and guidance. They need to have a comprehensive grasp of their business operations, as well as market and industry trends. To excel in our field, accountants need to go beyond reporting and past financial results, into providing insights into trends and KPIs, while identifying risks and opportunities.

The New Face of Accounting: Data, Strategy and Human Insight

In the next decade, I anticipate the accounting role will continue to shift from traditional 'bookkeeping' to a dynamic strategic business partnership. The evolving remit of accountants demands non-traditional skills such as technology leverage, data analysis, critical thinking, strategic relationship building and business operations acumen for ongoing success.

Balancing Rigor and Creativity in Accounting

Creative problem-solving balances accounting standards with innovative ideas. I prioritize generating creative solutions and then test their feasibility against current standards by asking, ‘why won't this work?' This approach rarely yields solutions that conflict with accounting guidance.

AI and Machine Learning: Enhancing, Not Replacing, Accounting Professionals AI and machine learning are fundamentally reshaping accounting, as they've become critical for strategic decisionmaking. Without these technologies, gathering necessary data would be incredibly arduous and time-consuming. At North, for example, we recently replaced our outdated ERP system and leveraged AI to unify our Human Resources and Accounting functions on a single platform, driving innovation and automation. Importantly, AI serves as a tool to enhance, not replace, the accounting professional. It excels at automating repetitive tasks and reconciliations, freeing accountants to focus on strategic thinking.

Mentoring Future Leaders in Accounting: Developing Technical and Soft Skills

Aspiring leaders in accounting must possess not only technical proficiency, but also essential soft and critical thinking skills. Junior professionals should focus on developing effective communication, organizational competency and robust analytical and problem-solving abilities. While accurate and timely financial statements are foundational, it's the understanding and clear communication of the drivers behind those numbers that truly distinguishes great accountants.