New research from the International Federation of Accountants shows how advice and expertise from accountants helps improve business performance at companies around the world.
The IFAC-commissioned report, “The Relationship between Accountancy Expertise and Business Performance,” was written by researchers at the Bucharest University of Economic Studies in Romania and was facilitated by the University of Dayton in Ohio under an agreement with IFAC. The researchers reviewed more than 90 academic papers on the relationship between accessing accounting expertise and business performance to demonstrate the positive impact that accountants have on aligning the goals of organizations with the actions they take.
The researchers found that accountants are well-suited to play various roles in the organizations where they work, including analyzing and communicating information, decision making, managing risks, and creating sustainable value for the business.
The findings may seem obvious to accountants in the U.S., but in much of the developing world, the accounting profession is still catching up to trends that have been taken for granted for many years in the U.S.
“It has long been assumed that taking advantage of the breadth and depth of experience and expertise of professional accountants helps organizations optimize performance, efficiencies, and more,” said IFAC CEO Fayez Choudhury in a statement. “It is heartening to see robust global evidence in support of this relationship. The report finds that organizational development and performance lead to increased use of accountancy expertise, and accountancy expertise leads to superior performance and development.”
The report organizes the findings according to the size of the organization, discussing the distinctions between the various studies about each group and how business performance and accounting expertise play out and how the results were interpreted in the studies.
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