The ongoing shortage of accounting talent has put a strain on overworked finance teams, tasked with doing more with less. However, some companies are finding innovative ways to navigate this challenge by investing in their employees and providing them with the necessary training and development opportunities.

Unlocking the Potential of Non-Traditional Talent

One such company is Xactly, a SaaS provider of AI-powered revenue intelligence and sales performance management solutions. Faced with the accounting talent shortage, Xactly has found success in bringing in entry-level talent from diverse backgrounds and training them in finance and accounting skills.According to Xactly's CFO, Jason Godley, the company has been able to do this quite successfully, thanks to its strong leadership team in the accounting organization. These leaders are dedicated to developing their team and providing them with the necessary support and guidance.Godley believes that while it's crucial for professionals to have an in-depth understanding of their own business areas, such as sales or marketing, the language of business is ultimately the financial information. This means that individuals from non-accounting or non-finance backgrounds can be trained to become successful finance professionals, as long as they are willing to invest the time and effort to learn the necessary skills.

Tapping into Untapped Talent Pools

Xactly has sourced financial talent from various sources, including enticing alumni from the Big Four accounting firms, which provide a stable training ground for a successful finance or accounting career. However, the company has also brought several of its employees from other parts of the business into its finance team.Godley cites the example of an employee who started in customer success and sales before pivoting to finance. The company seeks out individuals at the beginning of their careers who might have some experience, but are eager to learn. For instance, they could bring in a collections analyst from another company and then offer them the training to become an accounts payable manager or take on a similar role.This approach not only helps to mitigate the talent shortage, but it also provides valuable opportunities for employees to grow and develop their skills. By surrounding these individuals with training and guidance, Xactly is able to help them get up to speed and become valuable members of the finance team.

Fostering a Culture of Growth and Development

Attracting talent is one thing, but retaining skilled staff in a competitive environment is another challenge. Xactly addresses this by ensuring that its company culture remains attractive and by providing employees with unique opportunities to gain different experiences.As a SaaS provider, Xactly is in a sweet spot – large enough to offer employees the ability to gain diverse experiences, but small enough to maintain an "intimate" company culture. Godley's leadership team is always focused on finding ways to give individuals unique opportunities, which can provide critical benefits both for up-and-coming finance talent and for the business itself.

The Evolving Role of Finance Professionals

As the role of the finance function becomes more strategically focused, it's important for finance professionals to have a broader understanding of the business beyond just the technical skills required for their roles. Godley emphasizes that accounting is not done for the sake of accounting, but rather to understand the financial performance of the business and make strategic decisions about the company's future.Individuals who have an "open aperture" around what they're solving for, beyond just closing the books, are more likely to gravitate into leadership and management positions. These professionals can act as "translators," bridging the gap between the financial data and the strategic decision-making process.By investing in the development of their finance teams and providing them with diverse experiences, companies like Xactly are not only addressing the talent shortage but also positioning themselves for long-term success. As the finance function continues to evolve, the ability to attract, train, and retain skilled professionals will be a critical competitive advantage.