Most companies are now results-oriented and fairly relaxed about letting employees occasionally use their desktops to browse social media or surf personal web sites as long as they get things done, but remember the time when management was so tough some software programs came with a “boss button?” Continue reading Three Ways to Innovate with Excel Spreadsheets
Unless they’re particularly reclusive or rrand-new to the organization, it shouldn’t be difficult for most employees in a company to know who the CFO is. What can be challenging though, is identifying the next-generation CFOs.
Recently consulting firm The Hackett Group released a report, The CFO Agenda, which profiled a number of financial leaders to identify their biggest priorities. This included some things you might expect, like planning a financial roadmap, reengineering processes and installing BI or ERP tools. The No. 1 priority, however, was improving financial leadership skills and business acumen. Continue reading The Quickest Way for CFOs to Become Better Leaders
CFO Coffee Break delivers the best and most applicable finance stories and best practices from the web straight to you.
We know it’s hard to keep up with what’s new in the world of finance, so we’ve made it easier for modern financial leaders to keep up with the latest developments in the finance world.
Every month, you’ll be among the first to hear breaking news from the world of finance, including research and industry-backed best practices about KPI measurement, account reconciliation, reporting, and everything in between.
This edition of the CFO Coffee Break touches on the relationship between CFOs and CSOs, how to increase confidence in financial reporting, and the growing need for more accurate cash forecasting and reporting.
What the Experts are Saying
CFOs shouldn’t fear the influence CSOs have. More than likely, the CFO and other finance leaders will have the opportunity to be important partners of the CSO. What’s more, financial and corporate performance data coming out of the finance department will most definitely provide the key insights that influence and even drive decisions in the office of the CSO
In a recent EY report, which surveyed 1,000 financial executives in organizations with revenue greater than $500 million across 25 countries, it’s stated that confidence in reporting that meets various compliance requirements plummeted from 84% last year to 55% this year. It gets worse: CFOs are also less confident their financial reporting will meet the expectations of the board of directors (from 71% last year to only 48% this year).
A recent report from CFO Research documents the value that faster, more accurate cash reporting and forecasting has for growth ambitions. In an increasingly difficult business environment, real-time response capabilities will allow a company to operate at “the speed of thought” and provide a crucial competitive edge.
Learn the Best Practices
Running the finance department of a mid-size and large organization is a lot like many other leadership roles: you need to be able to withstand criticism, get over setbacks and charge forward into the somewhat unknown. This might be summed up by the word “confidence,” but even the best CFOs may not be as confident as they wish they were.
In a recent EY report, which surveyed 1,000 financial executives in organizations with revenue greater than $500 million across 25 countries, it’s stated that confidence in reporting that meets various compliance requirements plummeted from 84% last year to 55% this year. It gets worse: CFOs are also less confident their financial reporting will meet the expectations of the board of directors (from 71% last year to only 48% this year). As for key performance indicators (KPIs), only 44% believe they are being consistently applied.
This was EY’s overall conclusion: Continue reading Why you Must Close the Confidence Gap in Financial Reporting
When baseball season starts each Spring, it doesn’t take long for die-hard fans to start donning caps, talking about their favourite players or, most importantly, defending their team from pre-emptive criticism. Surprisingly, finance experts treat Excel spreadsheets much the same way.
But unlike the passionate disparity between rival teams like the Red Sox and the Yankees, virtually everyone in the finance world agrees that Excel is the only team to support. Continue reading What Will Make ‘Team Excel’ Even More Boisterous