On December 20, 2022, EasyFinance, the Institute of Management Accountants (IMA), and PageGroup (China) jointly hosted an online launch event for the 2022 China Management Accounting Practices Survey Report, presenting the study Digital Empowerment, Value Creation: Finance Transformation and Talent Capability Reshaping in the Digital Era.
Drawing on 553 valid questionnaire responses, the report examines five areas of management accounting practice in China: budgeting, business decision-making, cost management, risk management, and investment and financing management. It also considers obstacles to finance digital transformation and the evolving professional, data, and business capabilities required of finance talent. The three organizations brought together perspectives from international professional research, enterprise finance consulting, and specialist recruitment.
Cover: 2022 China Management Accounting Practices Survey Report
553 Survey Responses Highlight Digital Transformation Challenges
Digital transformation has become a major priority for organizations seeking greater operating efficiency and stronger decisions. Finance functions are increasingly expected to go beyond accounting and reporting to contribute to business analysis, operational support, and value creation.
Against this backdrop, EasyFinance, IMA, and PageGroup examined the application of management accounting tools and the capabilities needed to support finance transformation. The survey began on August 24, 2022, and obtained 553 valid responses from companies across manufacturing, business services, financial services, and other industries, including state-owned, private, and foreign-invested enterprises.
Respondents identified a number of obstacles: 71.25% cited challenges relating to online system development and software integration, 64.20% reported difficulties with online data processing and business reporting, and 56.78% pointed to challenges involving online data analysis and insufficient understanding of digital transformation. The findings suggest that successful transformation requires not only systems but also stronger processes, data capabilities, cross-functional coordination, and people.
Challenges encountered during finance digital transformation
Budgeting, Cost Management, and Decision Support
The report reviews practices and challenges in budgeting, business decision-making, cost management, risk management, and investment and financing management.
In budgeting, 52.62% of respondents reported problems such as bargaining during the budget process, budgetary slack, or insufficient mechanisms for translating targets into action. Better alignment between budgets, business objectives, and execution remains a pressing issue.
For decision support, 58.95% said analytical reports failed to provide effective conclusions or meet the requirements of different users, while 58.77% highlighted complex business problems and a lack of effective analytical methods. Converting financial information into actionable business judgments remains an important management accounting challenge.
In cost management, 68.90% indicated that their organizations had not implemented end-to-end cost management, resulting in lower cost-control efficiency. The report also considers internal controls, risk management, and investment decisions, highlighting the importance of connecting management accounting tools with operational processes and accountability.
Data Capabilities Become Central to the Finance Profession
As finance digitalization advances, professionals are being asked to strengthen data and technology capabilities. Of the skills respondents most wanted to improve, data analysis was selected by 77.40%, data collection, cleansing, and processing by 76.49%, and data visualization by 69.62%.
Respondents also expressed interest in more advanced spreadsheet applications and data visualization tools. Yet technical proficiency alone is not enough: finance professionals increasingly need business insight, cross-functional collaboration, and the ability to connect analysis with strategy and operating decisions.
Three Perspectives on Finance Talent Capabilities
The joint research integrates the IMA Management Accounting Competency Framework, EasyFinance’s model for finance professionals in digital transformation, and PageGroup’s finance talent assessment framework.
EasyFinance identifies three interconnected capability dimensions: business insight, finance expertise, and data application. Business insight enables professionals to understand operations and translate analysis into business action; finance expertise provides the foundation for budgeting, cost, performance, and risk management; and data application improves the efficiency of information processing, analysis, and decision support.
EasyFinance model of capabilities for finance professionals in digital transformation
PageGroup also considers four dimensions in assessing talent: professional skills, soft skills, cultural fit, and personal motivation. Together, these frameworks highlight the need for well-rounded finance professionals who combine technical knowledge with communication, collaboration, and practical business judgment.
Researchers and Business Leaders Discuss Finance Transformation
At the December 20 online launch, speakers from universities, professional bodies, and companies discussed the direction of management accounting and finance talent development. Professor Pan Fei of Shanghai University of Finance and Economics spoke about developments in financial management under the changing economic environment. Representatives from IMA, EasyFinance, Fenbeitong, Linfeng Technology, Meike Technology, Avient Corporation, and other organizations contributed business perspectives.
Yin Xiaoling, Associate Director at PageGroup China, shared observations on recruiting and evaluating finance talent, emphasizing the importance of understanding business needs, generating meaningful insight from data, and developing commercial thinking, leadership, and cross-functional communication.
Advancing Management Accounting Research and Enterprise Practice
EasyFinance and IMA have a longstanding research partnership. Since jointly establishing the China Management Accounting Research Center of Excellence in 2013, they have worked on studies addressing management accounting practices, professional capabilities, and the impact of technology on the finance function.
Their 2022 collaboration with PageGroup extends this work into talent development and the challenges of finance digital transformation, linking management tools, organizational application, and professional capability building.
The report provides a practical reference for enterprises seeking to strengthen management accounting, prepare finance talent, and connect the finance function more closely to business performance and value creation.
Easy Finance has supported management accounting, strategic finance and enterprise AI capability building since 2004.
Learn more: www.easyfinance.com.cn/en