The shared services sector undergoes continuous changes, constantly adapting to the dynamic business environment. It proactively adjusts to new challenges, regulations, and evolving company needs. This ongoing transformation enables the industry to effectively respond to changing market conditions and introduce innovative solutions, facilitating efficient and sustainable operation in an increasingly competitive business environment.
Alongside top industry experts, we examine the current changes in shared services and analyse upcoming trends in 2024 that will shape the future of this dynamic sector in Poland. We inquire about the challenges posed by new market realities, the key innovations, and how organizations are adjusting their shared services models to effectively meet modern expectations and needs.
Discover the trends dominating Finance and Shared Services in Poland to prepare for upcoming changes.
New Role of Chief Financial Officer (CFO) and Controller
In the face of challenges, such as market volatility and the growing role of technology, Chief Financial Officers (CFOs) must move away from traditional accounting and analytical roles. They increasingly influence business decisions and project execution, becoming business partners actively involved in decision-making and shaping company strategies. CFOs who embrace this shift can provide their companies with a competitive advantage.
This role transformation is closely linked to the dynamic development of technology. The CFO’s responsibilities now include compliance issues, process automation, and data analysis. The CFO position requires continuous skill development, passion for work, and the ability to build strong teams. Individuals responsible for financial matters must be aware of dynamic market changes in non-financial reporting, taxes, and e-invoicing. Modern companies adapt to these challenges in real-time, utilizing advanced technologies and innovative financial management approaches. Therefore, continuous development in this position is crucial.
This change in approach requires the Chief Financial Officer to acquire new skills and competencies. They must have a deep understanding of the business and the ability to think strategically. Readiness to respond to crises and a flexible, strategic approach are key in this role. The person in this position should also be characterized by the courage to make difficult decisions, determination, and the ability to handle pressure — says Małgorzata Sułkowska, Senior Team Leader at Devire.
ESG Reporting
In 2023, new requirements for non-financial reporting (ESG) were introduced. According to the EU CSRD directive, around 3,000 companies in Poland and approximately 50,000 in the European Union will be subject to reporting on environmental, social responsibility, and corporate governance matters.
Unfortunately, few Polish companies are prepared to meet these requirements. Market information indicates that most firms limit themselves to declarations (especially in the climate area) and rarely subject their actions to external verification.
Companies must ensure that their reports are credible and comply with applicable regulations.
Key to the upcoming change is the standardization of ESG reporting to ensure transparency and data comparability across different companies. This facilitates decision-making based on reliable data for investors, consumers, and other stakeholders. Standardization also aims to encourage companies to move towards sustainable development. Reporting helps companies track progress and identify areas for improvement. One challenge associated with standardizing ESG reporting is the training of auditors, as they need the skills and knowledge to assess the credibility and consistency of reports.
In recent years, many guides and guidelines on ESG reporting have emerged. These reports must encompass as many as 1200 different indicators, with 300 of them being mandatory. ESG reporting should cover the entire value chain of the company, including its impact on the environment. It should be neutral and encompass both positive and negative aspects of corporate activities.
ESG reporting can be a challenge for many organizations as it requires them to collect and analyze large amounts of data. Companies must also ensure that their reports are credible and comply with applicable regulations. Legal changes and increasing expectations from regulatory bodies may make it very complex and demanding to adapt to all requirements — says Małgorzata Sułkowska, Senior Team Leader at Devire.
Technologies Supporting Financial Transformation
The shared services sector undergoes changes each year. The industry’s development in Poland has shown that BPO/SSC/GBS centers are moving to smaller cities, implementing hybrid work models, and increasingly utilizing advanced technologies.
A significant trend is the widespread use of artificial intelligence and automation in various business operations. Simple tasks will be increasingly supported by technology, including analytical, financial, accounting processes, and customer service. This allows shared services centers to enhance efficiency and automate many processes.
In 2024, the biggest challenge for employers will be effective management of dispersed teams. Another difficulty may lie in acquiring professionals with the necessary competencies for AI development. The demand for such individuals is growing, while their availability remains limited — says Wiktor Doktór, President of Pro Progressio.
Motivation and Talent Management in Finance and Shared Services
Recent years have been a real test of skills and competencies for managers and HR departments. The pandemic and the war in Ukraine required constant adaptation and tough decision-making. Motivating employees and talent management took on a different meaning, becoming more demanding and complex.
This required quick, efficient, and transparent communication and collaboration outside the office, along with more effective task tracking. Managers needed to focus on the most valuable asset of any organization—the people. This could only be achieved by recognizing potential and effectively managing talent.
We must also not forget about their well-being. It's not just about standard benefits, which have become an elementary part of most job offers.
The motivation of employees continues to be influenced by clearly defined tasks, realistic goals, constructive and regular feedback, and a sense of accomplishment. To achieve this, it is necessary to understand the needs of the employees and create a work environment that allows them to develop and achieve success. Employees should feel satisfaction from well-executed work and be able to draw conclusions from failures, as well as cope with the consequences of their decisions and actions.
How to motivate employees and retain them in the company? This question remains relevant, especially in times of remote and hybrid work. The key to success is understanding the needs and expectations of employees. This is particularly important for generations that are familiar only with remote work, as they started their careers during the pandemic. We must also not forget about their well-being. It’s not just about standard benefits, which have become an elementary part of most job offers. It’s primarily about organizational culture and building a friendly workplace. In this way, we ensure the continued development of both employees and the entire organization — says Eliza Sikorska, Business Unit Manager at Devire.
National E-Invoice System (KSeF)
The National E-Invoice System (KSeF) is a platform for issuing, sending, and receiving structured invoices electronically. Structured invoices contain specified information in a predefined .xml format, replacing paper and electronic invoices.
The new procedure requires adapting existing processes and financial-accounting systems. This can be particularly challenging for companies that have not previously used electronic solutions and must now adapt to new procedures and requirements.
According to the Ministry of Finance, e-invoicing will become mandatory from July 2024, eliminating the obligation to submit JPK-FA. Direct submission of invoices to KSeF will provide tax authorities with immediate access to these documents, eliminating the need for additional inquiries or requests from tax authorities.
The nationwide KSeF system was launched on January 1, 2022. It is not something new or surprising. However, adapting existing accounting-warehouse systems and using significantly more advanced and complex systems can pose a significant challenge for companies. Undoubtedly, it will be a costly and time-consuming process. Therefore, it is advisable to approach it strategically and think in advance about preparing employees for new responsibilities — emphasizes Mariusz Wyrzykowski, General Manager at Lucchini Poland.
Challenges of KSeF
Invoice Validation and Security The introduction of the KSeF system is a breakthrough change that poses significant challenges for companies, especially in the area of invoice validation. Effective verification systems are essential to guarantee compliance with new standards. Companies must meet specific technical requirements, implement authentication procedures, and ensure the security of transmitted data.
KSeF also opens the door to potential abuses, particularly invoice manipulation. Companies must invest in tools to detect irregularities and adjust security policies to minimize the risk of malfeasance. The invoice approval process should be clear and transparent, leaving no room for different interpretations.
The KSeF system must focus on effective invoice validation and safeguarding against potential abuses.
The implementation team should focus on training employees on new procedures and implement access control to key system functions. Proper system configuration plays a crucial role in ensuring data and process security.
Companies implementing the KSeF system must focus on effective invoice validation and safeguarding against potential abuses by investing in technology and employee education. These are crucial aspects that will enable organizations to effectively manage changes and minimize the risks associated with the new system — emphasizes Klaudia Derela, Managing Partner at GLC.
Talent Shortage in the Job Market
Despite increased candidate activity in the job market, the demand for missing specialists continues to grow. This is especially true for candidates proficient in foreign languages, including Scandinavian languages and surprisingly, German. Many shared services sector firms face competency gaps in roles related to customer service, finance, or accounting.
Finding, attracting, and retaining employees who possess the skills sought by companies, including proficiency in a foreign language at the B2/C1 level and specialized knowledge, remains a significant challenge for HR departments and managers. The gradual return of companies to hybrid work further complicates talent acquisition, as it narrows down the pool of potential candidates. In 2024, companies will continue to grapple with challenges related to finding the best specialists — comments Eliza Sikorska, Business Unit Manager at Devire.
Trends in Finance and Shared Services in Summary
The finance and shared services sectors stand out for dynamism and ability to adapt to changing business challenges. The role of new technologies will grow in the coming year, with artificial intelligence and process automation completely transforming the sector’s operation.
The introduction of the KSeF system will pose new challenges for companies, especially in the area of invoice validation. Companies will also be obligated to report on ESG. The upcoming legal changes and increasing expectations from regulatory bodies may make it very complex and demanding.
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