**Case Study: XYZ Corporation - Accounting Management Challenges**

XYZ Corporation is a multinational company operating in various industries, and it has encountered several challenges in its accounting management processes. The company's financial team is struggling to cope with issues ranging from regulatory compliance to internal controls and financial reporting. The following is an overview of some key challenges:

1. **Regulatory Compliance:** XYZ Corporation operates in multiple jurisdictions, each with its own set of accounting regulations and standards. The finance team is finding it challenging to stay abreast of changes in regulations and ensure compliance across all locations.

2. **Internal Controls:** The company has experienced instances of internal control failures, leading to discrepancies in financial reporting. This has raised concerns about the reliability of financial information and the potential impact on stakeholders' trust.

3. **Integration of Technology:** XYZ Corporation has recently implemented new accounting software to streamline its processes. However, the transition has been challenging, and employees are struggling to adapt to the new technology, resulting in delays and errors in financial reporting.

4. **Cross-functional Collaboration:** The finance team has observed a lack of collaboration with other departments, such as operations and sales. This has led to difficulties in obtaining accurate and timely financial information, hindering the overall efficiency of the accounting management processes.

5. **Talent Retention and Development:** The company is facing challenges in retaining skilled accounting professionals, and there is a gap in talent development. This has led to a shortage of expertise in critical areas, impacting the overall effectiveness of the accounting function.

**Question:** Given the complex challenges faced by XYZ Corporation in its accounting management, identify and prioritize three key initiatives that the company should undertake to address these issues comprehensively. Justify your choices and outline the potential benefits that these initiatives could bring to the organization.