External pressures include compliance with new regulations and legislation such as Sarbanes-Oxley and international accounting practices. "Reliable financial data is the backbone of compliance, and a robust consolidation system provides the foundation for accountability," says McWilliam. "It is the launch point for delivering greater transparency and management of company performance.

"The primary priority must be to focus on improving the core systems that directly support financial reporting and accuracy," McWilliam notes. "Transactional systems, spreadsheets and first-generation financial systems are not fulfilling new regulatory requirements. To produce appropriate financial statements, a single aggregated view across all transactional systems is required.

'With more time available and high quality people, the finance team can make a huge impact," reiterates Hope. "Knowing where value is created and destroyed would be a good start. Helping to find key value drivers; knowing how to measure elements of intellectual capital; knowing which products and customers are profitable; analyzing the full costs of processes before coming to an outsourcing decision -- these are all crucial questions that finance can provide answers for."