Mindset, Data, Technology: The Foundations of Successful Finance Transformation

These days, the question “What is finance transformation?” often prompts answers that include a range of tech buzzwords, such as “artificial intelligence”, “automation”, and “centralisation”. 

And, while it’s true that new tools and technologies are key components of the process, anyone who has been on the frontlines of a finance transformation project will appreciate that the foundations of change go deeper than that.

Floqast recently hosted a webinar on this topic with Managing Director Jason Toshack, chairing a discussion with Jason Andrews, FloQast PMM and former Head of Global Close & Financial Transformation at Twilio, and Michael Eves, Vice President of Finance at the Australia-based HR software platform Deputy.

The webinar focused on the importance of data in finance process transformation — or, more specifically, the need to use data to drive decision-making, adopt the right mindset, and overcome challenges during the process.

Let’s explore Jason Andrew’s and Michael Eves’ responses to the webinar’s key questions.

“Even with tech innovation, most transformation projects fail. How do we set ourselves up for success?”

Opening the discussion, Michael Eves acknowledged the importance of technology innovation, not least artificial intelligence (AI), for delivering on transformation objectives. However, he pointed to mindset as the more critical ingredient for success.

“It’s really about keeping an open mindset for opportunities that the technology will bring”, said Michael. “How to adapt your business and make sure that you’re empowering and encouraging teams. You need to ask: Is there a better way?”

Jason Andrews noted that many companies hesitate to test technologies during their transformation out of a fear of jeopardising the success of the project. Like Michael, he urged accounting teams to look beyond new tools and instead focus on mindset.

“It’s okay to fail the first time, and the second time, as long as we’re iterating and making improvements”, said Jason. “As long as people are trying to work in the right direction, that’s the key.”

With that in mind, Michael raised the need to build the transformation on a range of perspectives. “Bring your team on the journey and encourage them to get involved”, he said. “And once new tech is introduced, don’t stop learning — that’s not the end of the story.”

“How do you use data practically to create a transformation strategy that delivers measurable results?”

“It’s about establishing a baseline for your transformation”, Jason explained. Data is critical to that process, which necessarily involves documenting existing workflows, gauging the time it takes employees to complete their associated tasks, mapping dependencies, and identifying pain points.

“No two tasks are created equal. There’s a big difference between a five-hour task being late, compared to a five-minute task”, Jason said.

Understanding that detail is critical to shaping the transformation because it helps teams develop objective answers to questions like: Do we have enough resources? Is this process taking too long? Is the workflow set up correctly? Do we have the right technology in place?

Data can also help accounting teams apply risk-based prioritisation to their transformation strategies. Here, “risk-based” means collecting data to assess which tasks could be adjusted without affecting overall performance.

“An example would be looking at month-end tasks and asking whether each needs to be done every single month”, said Jason. “Could they be done at a lower cadence? Based on a risk assessment, it might be possible to do reconciliations quarterly instead of monthly to reduce the workload on your team.”

“What tools do you need to harness data effectively for transformations?”

The objective of transformation is typically to enhance efficiency across all aspects of the finance function

Michael zeroed-in on automation tools as critical to that effort, pointing to the potential of the FloQast platform to reduce reliance on manual spreadsheets, identify bottlenecks and potential delays in the month-end workflow, and even smooth regulatory friction.

He also emphasised the importance of data to finance function visibility, noting that tools like the FloQast dashboard help teams understand their close time, see individual team member performance metrics, and identify opportunities to make the month-end even faster.

“With FloQast, we can see if we’re on target and what percentage of individuals or tasks were on time”, said Michael. “We can get up-to-date figures on how far off closing we are, how much progress we’ve made in reconciliations, and where we are in the reporting process.”

“How do you select tools for your transformation?”

Tool selection must begin with understanding where your company and your team sit on the finance transformation maturity curve, Michael explained, reflecting on Deputy’s experience implementing the FloQast platform. Many organisations begin at an initial stage where processes are heavily manual and managed, for example, in Excel. 

But transformation isn’t about leaping to full automation overnight — it should be an evolution.

The first step is often shifting processes out of spreadsheets and into purpose-built tools designed to manage parts of the finance function, such as the month-end close and reconciliations. From there, companies can start strategically expanding their automation scope.

“You’re not going to go from initial to advanced overnight”, Michael noted. “But you can move through the stages quite quickly once you understand your team’s challenges and tasks, and your company’s deliverables.”

And, once those foundations are in place, teams can use their data to determine where automation will add the most value and gradually move into higher stages of maturity. 

“Where does AI factor in?”

Most finance leaders are exploring how to use AI for accounting tasks but the level of uncertainty around the technology remains high. When it comes to using AI in accounting finance transformation projects, Michael and Jason shared the view that leaders should approach with curiosity — and caution.

Michael framed Deputy’s current stance as “early in the process”, with his team exploring AI features in their tech stack — from AP software updates to simple applications like drafting policies and documentation. The opportunity is clear but accuracy and regulatory compliance remain top priorities as the company gauges the impact of AI on accounting: “We’re open to AI”, Michael said, “but we need to be cautious as we step our way through it.”

Jason echoed this sentiment, highlighting examples from FloQast customers using automated AI transaction matching to streamline reconciliations and free up bandwidth for strategic projects, including internal audit transformation. Beyond AI matching, other clients have leveraged FloQast’s AI-powered variance analysis to gain deeper insights into their monthly numbers.

The enthusiasm that FloQast customers have for AI is supported by the company’s established record on safety and security, which includes ISO 42001 certification, an international governance standard for AI systems, and an ongoing commitment to the auditability of the company’s AI tools.  

Both speakers emphasised that the benefits of AI in accounting should be focused on answering the question “How can AI help accountants in practice?” In other words, successful AI integration is less about replacing human finance teams, than amplifying employees’ existing expertise and skill.

“How does FloQast make finance transformation easier?”

FloQast is set up as an “accounting transformation platform”, Jason explained. That platform is built around four key pillars: optimising the close, automating the close, connected compliance, and integrated record-to-report. 

The pillars map directly onto the finance transformation maturity journey, helping teams progress step by step from manual processes to advanced stages of automation.

Jason pointed out that “connected compliance” is a differentiator for FloQast when it comes to finance transformation services: “No-one else has that. If you’re managing risk or control frameworks, with internal audit teams, having that connection is really important.”

FloQast is also leveraging AI “across the board”, with AI Agents helping accountants control and accelerate their transformations. Jason explained that natural language algorithms have made automation easy to adopt without the need for user coding expertise, while the FloQast AI software’s auditability ensures that every AI-driven action can be reviewed and trusted — a critical requirement for compliance and external audits.

“How do I choose finance transformation strategies?”

Closing the webinar, Jason Toshack doubled down on the importance of “trust” for FCOs trying to choose between transformation strategies, technologies, and partners. 

Built by accountants, for accountants, he noted that FloQast’s suite of tools, which includes AI reconciliations software, transaction matching, and journal entry management, is backed by extensive human experience and expertise. In fact, over 80% of FloQast’s frontline team comes from professional audit and accounting backgrounds, a factor that ensures its solutions are practical, intuitive, and tailored to the real-world scenarios in which finance teams work.

And with around 98% of FloQast customers achieving their target business value after implementing the platform, it’s clear that FloQast is making a difference.

Check out our AI Playbook for Accounting: A Step-by-Step Guide to Transforming Workflows