In an interview, Alejandro Maya, senior accounting manager of GF Piping Systems talks about his views on the latest trends affecting the finance sector.
What are some major challenges and trends impacting the finance sector lately?
One of the most significant challenges that we, as financial professionals, face is related to the globalization of industries and the unique circumstances of each country, such as economic and monetary policies, which affect the achievement of sales and financial results goals for companies. For instance, even though we may experience a successful sales period, volatile factors like currency exchange fluctuations, especially pronounced in Latin America, can hinder the preparation of the income statement. As accountants and finance experts, it's imperative to draw upon our experience and tap into the information available on the internet to attempt to forecast these external factors that, while not directly tied to the company, influence its outcomes.
Another aspect is the need for all accounting and financial professional organizations and associations to adopt a unified set of accounting principles, whether US GAAP or IFRS, to avoid errors in converting information across different countries. While this might not have been as crucial in the past, the harmonization of criteria has become increasingly indispensable due to the escalating globalization of businesses.
On a human level, I believe that the new generations of accountants and finance specialists have access to a wealth of information, but this could be counterproductive for decision-making. Specifically in the Latin American context, the COVID-19 pandemic has revealed deficiencies in communication and reasoning skills among the most recent two or three generations of financial professionals. The lack of direct interaction and educational support from previous teachers and mentors has created a gap. Thus, it falls upon us, the more experienced executives, to take the responsibility of guiding recent graduates and helping them overcome these shortcomings due to the isolation imposed by the education system.
What keeps you up at night regarding some of the major predicaments in the finance sector?
Certainly, the imperative lies in enhancing the accuracy of our business predictions. It's not merely about comprehending the industry you operate in but also understanding the socio-economic landscape of the region you are situated in. Employing artificial intelligence and automated software to minimize human calculation errors is pivotal for accurately presenting a company's financial statements.
Circling back to artificial intelligence, we must harness its potential to our advantage, particularly in crucial domains like internal control, aiming to thwart fraudulent attempts and preempt potential deviations arising from the inherently compassionate nature of humans. By relying on evident and tangible facts provided by a computerized system, we can sidestep such challenges and ensure a more robust financial landscape.
Can you tell us about the latest project you have been working on and what technological and process elements you leveraged to make the project successful?
I currently have several projects for different topics where technological assistance is indispensable to streamlining information extraction and processing. For instance, as part of our company's ongoing improvement efforts, we are implementing a travel expense and reporting management tool already set up to align with both fiscal requirements and internal control standards. Power BI has proven its excellence as a data reading tool, seamlessly amalgamating data from various sources to facilitate decision-making and scenario projection encompassing different variables. It has been invaluable for inventory control, including slow-moving items and the comprehensive monthly and quarterly results review, segmented by product categories, regions, or profit margins. CRM is another powerful tool integrated into our business ecosystem that allows us to review our potential sales and growth strategically. Meanwhile, I work daily with MS Excel – a fundamental yet potent tool – to examine historical expenses by cost center in the income statement.
" Employing artificial intelligence and automated software to minimize human calculation errors is pivotal for accurately presenting a company's financial statements "
Last but certainly not least, using ERPs has become imperative for creating comprehensive company-wide accounting through dedicated modules for departments such as Supply Chain, Customer Service/Sales, and Accounting. I release the input information to other departments and get summarized data for analysis. These tools empower accountants and finance professionals to focus on strategic activities and decision-making, liberating them from the shackles of data entry.
What are some of the technological trends which excite you for the future of the Finance sector?
The incorporation of artificial intelligence to aid finance professionals in their daily tasks is truly remarkable. Integrating digital banking and complementary software into the ERP systems of organizations, along with the increasingly sophisticated data reading and prediction tools, holds exciting potential and is likely to disrupt the finance and accounting sector. It's truly amazing how these innovative software solutions enable the interpretation of data and statistics, allowing, for instance, the creation of a cash flow statement with a high degree of precision, guiding future actions with foresight spanning three to four months.
Additionally, expanding cloud services and digital tools, facilitating remote work with unrestricted access to information from any device, is simply exceptional. No longer must you await a client's or supervisor's return from a trip to present information and make decisions. Now, you effortlessly upload information to the cloud, share the file, and within moments, you can receive valuable feedback.
Could you briefly overview your career path leading up to your current position as Sr. accounting & finance manager at GF Piping Systems, highlighting key roles and milestones?
I possess over a decade of comprehensive experience in the accounting and finance field. My professional journey has been woven within diverse multinational corporations from Korea, America, Canada, and Europe, spanning various industries ranging from logistics and energy to petrochemicals and manufacturing. Throughout my career, I've had the privilege of steering multicultural teams with people from Africa, Asia, and the Americas. Moreover, I've led multidisciplinary groups, collaborating seamlessly with chemical and mechanical engineers to ascertain costs within the petrochemical sector.
Venturing abroad for work marked an essential turning point in my professional mindset. Engaging with individuals from assorted cultures and work methodologies expanded my perspective and amplified my appreciation for teamwork and knowledge-sharing within the collaborative sphere.
My passion for finance and technology has encouraged me to shoulder responsibilities beyond financial data management. I've taken the helm of implementing software and digital tools across the region where I operate. In my present role, I've gone through a personal renaissance, pioneering the integration of contemporary internal controls attuned to the current era. This initiative has materialized in automated working papers, not solely benefiting the finance domain but seamlessly integrating various departments, thereby producing more robust reports that cater to the diverse needs of each department.
Throughout my trajectory, I've observed generational change. Currently situated between Generation X and Generation Z, I've been fortunate to immerse myself in both worlds, gleaning insights from each. From the first ones, I've embraced a fervent work ethic, an emphasis on organization, and a commitment to meeting goals. From the new ones, I've learned an all-inclusive perspective, where the focus transcends individual and corporate gains, extending to communal well-being and leaving a lasting legacy.
Given the rapid evolution of the Finance sector, how have you adapted and grown throughout your career?
Adaptation comes from a genuine interest in learning and utilizing technologies. Not evolving means extinguishing, even talking about work. When I graduated from university, technologies had already aided accountants in their tasks. However, as software gained more features and functions, I had to learn how to use them and take advantage of these features to grow. It's also important not to stay static; read news, attend training, browse the internet for fun, and learn what other people are doing to advance and become leaders in their fields. Lastly, maintaining an open mind for learning and teaching is crucial in this highly globalized world. A broad network where you can seek solutions to your problems and contribute your experience and best practices to others leads to continuous growth.
