3 Emerging Roles in Finance, Accounting & Taxation

Finance has always been a key part of every company. In the past, finance roles mostly focused on accounting and taxes.

Today, finance professionals do much more. They help with strategic planning, budgeting, cost control, cash flow management, managing risks, and more.

To meet these growing responsibilities, finance professionals are taking on a wider range of roles. Here are 3 exciting emerging roles in the modern finance world.

Role 1: Environmental, Social, and Governance (ESG) Assurer

In recent years, environmental, social, and governance (ESG) disclosures have become a key focus area for regulators, boards, and audit committees, due to increasing international interest in fighting the effects of climate change.

The Demand for ESG Assurers

As countries focus more on long-term environmental sustainability, governments and regulators are asking companies for accurate and strong ESG reports.

Sustainability reviews are now part of annual reports, and the public is closely watching how companies handle ESG audits and assurance. Because of this, ESG assurance professionals are in high demand, especially in the US and Europe.

Demand is also growing in countries with a carbon tax, like Canada, Chile, the UK, and New Zealand. Both private and public companies need ESG assurance since stakeholders hold them accountable. The Big 4 consulting firms also hire ESG assurance professionals.

Role and responsibilities

ESG assurers with a CGMA, CPA, or ACCA background review and provide assurance on a company’s sustainability and ESG reports in financial statements. They also help the company understand climate risks that could affect its financial performance.

By building a strong ESG strategy, ESG assurers can:

• Support the company’s top-line growth
• Help reduce energy costs
• Improve the company’s social credibility
• Enhance ROI by allocating capital to more sustainable assets
• Gain government and regulatory support

Key skills and competencies required

To succeed as an ESG assurer or manager, professionals should:

1. Have advanced knowledge of key non-financial reporting frameworks, such as:
   • Global Reporting Initiative (GRI)
   • Task Force on Climate-Related Financial Disclosures (TCFD)
   • Carbon Disclosure Project (CDP)
   • Greenhouse Gas Protocol (GHP)
   They should also understand existing ESG frameworks, including:
   • Sustainability Accounting Standards Board (SASB)
   • Due Diligence Guidance for Responsible Business Conduct
   • ISO 26000
   • Corporate Human Rights Benchmark
   Additionally, they should:
   • Have experience with audits following ISAE 3000 and ISAE 3410
   • Possess strong numerical, analytical, and technical reporting skills
   • Be knowledgeable about sustainable reporting, accounting, and auditing requirements
2. Be proficient in professional tools and technologies, including:
   • Collaboration tools
   • Data analytics
   • Gap analysis
   • Audit management technologies

Role 2: Corporate Recovery and Insolvency (CR&I) Professional

The 2008 financial crisis and the economic challenges that followed have increased the need for experts who can help companies regain financial stability.

This is where corporate recovery and insolvency (CR&I) professionals play a key role. They help organizations create and protect value using advanced data skills and forward-looking insights.

The Demand for CR&I Professionals

CR&I professionals help struggling companies get the best outcomes from creditors, suppliers, and other stakeholders. They also ensure that creditors receive fair results, whether a company is rescued or liquidated.

The World Bank’s Doing Business report shows that countries handle corporate recovery differently. For example, sub-Saharan Africa has a low insolvency score of 31.3, while OECD high-income countries average 74.9, showing they are better at resolving insolvency issues.

Despite these differences, corporate insolvency is a global challenge. This is why CR&I specialists, especially those with ACCA or AIRA’s CIRA certification, are in high demand worldwide.

Role and responsibilities

Corporate recovery and restructuring (CR&I) specialists usually advise companies on managing working capital and improving business processes. Insolvency specialists support failing or distressed businesses through formal administration and bankruptcy procedures.

They may act as administrators to rescue a company, make it profitable, and help creditors achieve the best possible returns. Many insolvency experts also have skills in business valuation, trading, and stakeholder management.

Other responsibilities of CR&I professionals include:

• Assessing and developing options based on financial analysis of forecasts and business plans
• Identifying ways to cut costs and improve cash flow
• Restructuring the balance sheet to find alternative capital sources
• Ensuring all internal and statutory deadlines are met

Key skills and competencies required

CR&I specialists need to have knowledge in areas such as:

• Corporate refinancing
• Debt and headcount restructuring
• Disposal of underperforming subsidiaries

They also need a broad set of skills to:

• Understand and work with complex financial information
• Identify loss-making areas of a business
• Interpret accounting information in context
• Create clear analytical reports
• Understand laws affecting CR&I

CR&I professionals must also have strong business acumen to choose the right rescue or restructuring strategies. Consultancy skills are important to implement process and organizational changes, along with the ability to negotiate and communicate difficult news, such as headcount reductions.

Finally, success in this field requires strong communication, influencing, and financial analysis skills, as well as expertise in case management and cash flow forecasting.

Role 3: International Tax Specialist

Organizations worldwide are embracing globalisation to strengthen supply chains, reduce costs, access global talent, and achieve economies of scale. As companies expand internationally, they need professionals who understand the complexities of international tax laws, regulations, and requirements.

This is where International Tax Specialists play a key role. These professionals are skilled at calculating a company’s international tax liabilities and have strong expertise in international tax law, tax agreements, and domestic tax regulations.

The Demand for International Tax Specialists

Operating across borders brings many challenges, especially around laws and tax regulations. International Tax Specialists help companies navigate this complex environment and stay compliant with international tax requirements.

Companies that want to meet their global tax obligations and create ongoing value rely on these specialists. This is why the demand for International Tax Specialists is high worldwide, especially in the US, Europe, China, Australia, the UK, and Canada.

Role and responsibilities

International Tax Specialists advise companies on inbound, outbound, and cross-border tax matters. They help firms tackle cross-border tax challenges and identify new opportunities to achieve business goals. They also:

• Define tax strategies and operational structures
• Use tax modelling to predict the effects of changes
• Participate in tax planning and preparation

In addition, they:

• Correct the company’s foreign asset reporting
• Provide cross-border transactional and structuring advice
• Advise on setting up foreign operations, such as subsidiaries or branches
• Highlight local tax exposures from permanent establishments
• Advise on offshore trusts and property ownership
• Provide guidance on VAT and customs duties for cross-border goods and services
• Design strategies to minimise tax liabilities and avoid double taxation
• Manage and identify new opportunities, like IP structures and R&D credits worldwide
• Help manage and reduce global tax uncertainty

Key skills and competencies required

International Tax Accountants need strong numeracy skills and the ability to understand, analyse, and report on complex information. They help companies comply with diverse tax regulations and must be effective collaborators and communicators with both internal and external stakeholders.

They should also:

• Have in-depth knowledge of international tax treaties and the global tax landscape
• Understand tax changes like BEPS, ATAD, DAC6, MLI, and US tax reform and how they affect business operations
• Be skilled at developing tax strategies and managing tax rates
• Help the company create value through integrated global structuring and cross-border accounting transactions

Conclusion

The world of Finance, Accounting, and Taxation is constantly changing. With growing digitisation, evolving customer demands, and stricter regulations, companies are operating in a complex and competitive environment.

To stay ahead and maintain profitability, organisations need skilled and capable finance professionals. The 3 emerging roles discussed in this article are already making an impact globally, so aspiring finance professionals should explore the potential of these careers.