Cloud computing, big data and financial technologies have raised the stakes for finance and accounting professionals according to Randstad Professionals' new whitepaper, Technology's Impact on Finance and Accounting. Organizations will have the opportunity to better serve their businesses and meet public expectations with digital tools in the workplace, and finance and accounting experts will be able to focus on their roles as advisors and consultants, rather than as number-crunchers.

For finance and accounting professionals who are willing and able to leverage the evolving digital landscape, opportunities will abound. On the flip side, digitization also raises the risks of marginalization and irrelevance if the profession fails to adapt. There are three broad areas in which emerging technologies and digital tools are causing significant disruption to the way things are done:

1. Breaking down big data for strategy: With the right analytical skills, finance and accounting teams can break down data into user-friendly subsets to move a company in the right direction. Finance and accounting employees can use big data to their advantage by forecasting trends, pinpointing behavioral patterns and suggesting probable outcomes — all of which can tie into a company's strategy and impact their bottom line.

2. Leaving repetitive work to the cloud: Cloud services are being used as a vehicle to drive productivity. What used to require manually going into general ledgers can now be performed automatically for employees who use centralized cloud services. Cloud actions have the ability to handle inventory management, generate invoices and provide accurate financial data. The software also delivers convenience for employees who want to digitally share company finances among coworkers, financial advisors, customers and other key stakeholders at a moment's notice.

3. Putting the functionality in finance: Greater functionality has come into play as a result of FinTech innovations. Finance is making its way into fixed markets that provide mobile phone applications and access on everyday devices. Over the years, we have revolutionized how we pay, view our bank statements and transfer money through start-ups such as Bitcoin and Linden Dollar. Technologies that also integrate peer-to-peer lending or personal loan requests allow for a frictionless experience for customers.

"Basic finance and accounting functions are quickly being executed with technology and the underlying impact of this disruption is the need for a new type of finance and accounting team," said Jodi Chavez, president of Randstad Professionals. "Companies need to prioritize professional development practices in their recruiting and retention strategies to build invaluable teams for years to come and break down the skills gap barriers. Tech-savvy workers, or those who are able to adapt, will see a long-lasting future in the industry."