Personiv, a global leader in finance and accounting process outsourcing, helps businesses optimize their finance operations by providing custom solutions. To learn more about Personiv, Pulse 2.0 interviewed Megan Weis, VP and General Manager of FAO Services.
Megan Weis’ Background
What is Megan Weis’ background? Weis said:
“I’ve been in the finance and accounting world for over 20 years now. I started my journey with a Bachelor’s in Accounting from Kent State and later earned my MBA from Duke’s Fuqua School of Business. Before joining Personiv, I was VP of Business Process Services at Everest Group, where I focused on FAO trends and worked with global outsourcing providers. This experience gave me a unique perspective on the industry, which I now apply to my role at Personiv.”
“As VP and General Manager of Finance & Accounting Outsourcing at Personiv, my main focus is on delivering exceptional value to our clients through our FAO services. I oversee the development and implementation of customized solutions that help businesses navigate the challenges of talent shortages and operational efficiency. A big part of my job is staying ahead of industry trends like finance and accounting leaders favoring a blend of human expertise and technology when it comes to implementing AI and using those insights to refine our offerings and services. I also host Personiv’s weekly podcast series, CFO Weekly, where I have the pleasure of sitting down with financial leaders to discuss challenges, opportunities, and best practices impacting the industry.”
Core Products
What are the company’s core products and features? Weis explained:
“At Personiv, we offer a broad range of finance and accounting solutions, from accounts payable and receivable to reconciliation and tax support. What sets us apart is not just what we do but how we do it. We prioritize relationships, flexibility, and top talent to deliver a truly customized experience for our clients. We humanize the outsourcing process with a hands-on, people-powered approach that allows our clients to focus on their strategic goals while we take care of the transactional work.”
Challenges Faced
What challenges have you and your team seen facing the accounting industry? Weis acknowledged:
“One of the biggest challenges we’re seeing right now, which is reflected in our recent CFO Pulse Survey, is the ongoing and worsening accounting talent shortage. Our survey found that 83% of senior leaders reported a talent shortage, up from 70% in 2022. This shortage is putting pressure on businesses to find creative solutions for their accounting needs, including implementing AI and outsourcing roles.”
“We’ve addressed this challenge head-on by offering outsourcing solutions that provide access to qualified accounting talent. Our survey showed that 90% of CFOs who outsource can easily find qualified accountants when they need them. We’ve also been helping our clients explore strategic use of automation and AI to alleviate some of the pressure on their teams.”
Evolution Of Personiv’s Technology
How has the company’s technology evolved since launching? Weis noted:
“Technology has played a transformative role at Personiv, particularly as automation and AI have become more integrated into the finance function. While the adoption of AI across the industry is still gradual, we’ve begun leveraging AI-powered automation in areas like accounts payable, which has already helped streamline processes and improve accuracy. This technology allows our team and clients to focus more on high-impact, strategic initiatives rather than time-consuming, routine tasks. We’re also actively exploring how AI can be implemented in other parts of the finance function, while maintaining the personalized, relationship-driven approach that sets us apart.”
Impact Of Accounting Talent Shortage
What impact is the accounting talent shortage having on companies? Weis pointed out:
“The financial impacts are growing more severe due to the shortage of accounting employees, leading to incorrect reporting from overworked or underqualified staff. A glance at recent earnings reports reveals a rising frequency of these errors, worsening year after year. Such mistakes can have significant consequences, including shareholder lawsuits, damaged reputations, and a loss of trust in the financial stability of businesses.The accounting talent shortage is ultimately putting immense pressure on companies, making it harder to find qualified candidates and increasing the costs associated with hiring and retention. This shortage is driving up salaries for new hires, and in some cases, it’s leading to overworked teams as companies struggle to cover open roles. As a result, this risks burnout and higher turnover.”
Addressing Accounting Talent Shortage
How are companies addressing the shortage of qualified accountants? Weis replied:
“Companies are adopting a range of strategies to cope with the accounting talent shortage. Many are increasing compensation packages to attract and retain skilled professionals, though this alone isn’t a sustainable solution. To alleviate the pressure on existing staff, organizations are investing in automation to handle routine tasks like accounts payable, freeing up employees to focus on more strategic initiatives. Outsourcing has also become a popular option, allowing companies to scale their teams efficiently and access global talent without overburdening their in-house workforce. These approaches help businesses stay agile and maintain operational resilience amidst the talent gap.”
Emerging Trends
What emerging trends are you seeing facing the financial sector? Weis concluded:
“I’m seeing several emerging trends in the financial sector:
1.) Increased adoption of AI and automation: Companies are cautiously exploring these technologies to enhance financial forecasting, risk assessment, and fraud detection. While adoption is still in early stages for many, we’re seeing growing interest in using AI to provide more accurate predictive analytics and to streamline complex financial processes.
2.) Shift towards strategic finance: CFOs and finance teams are increasingly expected to provide strategic insights and guide organizational decision-making.
3.) Focus on agility and adaptability: Rapid changes in the business environment are requiring finance professionals to be more flexible and open to new ways of working.
4.) Changing talent priorities: Our survey shows that factors like positive company culture and work-life balance are now often considered more important than competitive salaries in attracting key finance talent.
