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Weve got what we think is a rather exciting model, which we describe in a working paper, that helps forecast in advance the likelihood that a firm will go on to commit accounting fraud. But mostwell, allof the research into accounting fraud has focused on detection rather than prevention. Joanne Horton: Yes.
FinancialReports That Dont Age Like Milk: The Power of Real-Time Data Imagine running a business where financial decisions feel like guessworkwaiting weeks for reports, struggling with outdated data, and constantly fearing human error. This is the power of Financial Information Systems (FIS).
Accountability Isnt Admin Its Your Performance Lever For all the talk about AI-driven forecasting, real-time dashboards, and digitising the finance function, there remains one cornerstone of high-performing finance teams that no technology can replace: accountability. But accountability goes a step further.
Evolving role Historically, CFOs were the stewards of financialreporting and compliance. Arellano-Geronimo highlights that CFOs must move beyond traditional financialreporting to deliver insights that influence critical business decisions.
Optimising Budgets: Strategies for Effective FinancialForecastingFinancialforecasting plays a crucial role in managing budgets effectively. It allows businesses and organisations to predict future income, expenses, and cash flow, ensuring that they remain financially stable and prepared for challenges.
Build a Strong Leadership Team with Financial and Operational Accountability Behind every financially sound nonprofit is a leadership team that doesnt just care about the missionbut also owns the outcomes. When leaders understand how finances support the missionand take ownership of financial resultseverything changes.
Did you know that 35% of organizations identify data quality and timeliness as significant barriers to effective financial planning and analysis (FP&A)? This issue hampers forecasting accuracy, risk management, and resource allocation. This leads to better budgeting, more reliable forecasting, and stronger financial stability.
I then applied for a Junior Accountant position and pursued further studies to support that career shift. For a newly qualified accountant aiming to become a CFO, there are several key skills that are essential to develop. My career began as an admin clerk and bookkeeper, roles that left me feeling unfulfilled.
By demonstrating a commitment to accountability, organizations can significantly boost stakeholder confidence. Discover How to Lead with FinancialAccountability. Implementing strong corporate financial governance ensures that financial disclosures are both trustworthy and reliable.
Financial models are essential for organizations, helping forecastfinancial performance using historical data and future projections. Financial modeling involves creating a mathematical representation of a company's financial situation, typically using tools like Excel.
By proactively managing your “prepared by client” (PBC) list, you can structure documentation to align with audit testing phases – as mentioned in our previous post , preparing for a financial audit. This timeline should account for potential delays and include contingency plans in high-risk areas.
By 2025, the traditional image of number-crunching accountants confined to back offices will be a relic of the past. CFOs, controllers, and management accountants must embrace agility and foresight to thrive in this dynamic environment. This doesn't necessarily translate to job losses, but rather a shift in required skills.
Despite these favorable conditions, successful IPOs require meticulous preparation, robust financialreporting, and a governance framework that instills investor confidence. Companies must ensure they are operationally, financially, and strategically ready for the transition to public markets.
By implementing Data-Driven Financial Strategies , businesses can enhance their cash flow management, ensuring they have the necessary capital to support expansion efforts. Consider a financial services company that managed to scale its operations by prioritizing cash flow optimization.
Artificial intelligence promises to ignite a revolution in the corporate finance function, enhancing efficiency, forecasting, and decision-making. ” GenAI has transformed the company’s monthly financialreporting over 20 countries, covering profit and loss, receivables, and budgets. You need to be human-centric.”
Accountability is another key component. The AFE lays out clear lines of responsibility, documenting who approved what and ensuring departments are held accountable for financial decisions. When I joined, the company was facing significant financial and operational challenges.
He instructs his managers to spend no more than 10 percent of their time on accounting and the rest interpreting what the numbers mean. To counter this, Innocent and his team use agile forecasting frameworks, scenario modelling, and real-time analytics. When Innocent joined QCTO, he found financial chaos.
Establishing Financial Credibility as a Foundation The first step in rebuilding market confidence is to restore the reliability of financial information. If the scandal involved misreporting, aggressive accounting policies, or deliberate manipulation of results, the damage to the organisation’s credibility will be severe.
They build a pipeline, track progress, forecast revenue, and follow up religiously. Instead of relying on memory or sticky notes, he uses Salesforce as a second brainsetting reminders, tracking conversations, and forecasting outcomes. Sales professionals are trained to own the process. Get the free guide!
For example, reviewing your accounts receivable terms can uncover opportunities to accelerate payments from customers. For example, financialreporting software can provide real-time visibility into your company’s performance. Instead of waiting for monthly reports, you can spot trends as they happen and act quickly.
But in the back of your mind, you know the hard work starts now, because you, as CFO, are the one who must bring order to financial chaos in a world that speaks many accounting languages, follows different rules, and operates on different calendars. Before setting up shop, understand: Which financialreporting standards apply (e.g.
Harmonising financialreporting and compliance Finding the balance between financialreporting and compliance across multiple jurisdictions, while trying to comply to global standards such US GAAP and IFRS with local tax regimes and regulatory requirements without overburdening local teams can be such a huge task for many organisations.
Improved demand forecasting can boost revenue by 2% to 4%, while smarter product targeting for priority customers can improve gross margins by 50 to 250 basis points. Proactive measures such as enhanced financialreporting, improved ERP systems, and clear growth narratives are essential for commanding premium valuations.
Most finance teams can deliver reports. They can reconcile accounts, update forecasts, and manage audit schedules. Without outcomes, there is no accountability, no feedback loop, and no clarity on whether the time is well spent. Most mentees already know how to calculate ratios or reconcile accounts.
They are dealing with facts, forecasts, and risk. In South Africas business environment, where public trust is fragile, regulatory compliance is non-negotiable, and financial transparency is a competitive advantage, the CFO plays a crucial role in shaping whether a company is seen as credible, ethical, and stable.
Serving as Group Head of Reporting (UK) at Liquid Telecom, where I helped standardise reporting across regions. Managing full audit functions, raising capital, implementing new accounting systems, and reporting to lenders and boards at several organisations. Essentially, a financialforecasting time machine.
Built with a spreadsheet-style interface, it provides businesses with a centralized financial planning solution, reducing reliance on manual data entry while enhancing automation and accuracy. Prophix is best suited for mid-sized and large enterprises that require a scalable, cloud-based financial solution. Who Its Meant For?
Did you know that 47% of businesses still rely on spreadsheets for financial planning, despite the risks of errors and inefficiencies? Workday Adaptive Planning aims to solve this problem by offering a cloud-based Financial Planning & Analysis (FP&A) solution with AI-powered forecasting, budgeting, and workforce planning tools.
Thats why businesses need rolling forecasts instead of rigid budgets. Instead of setting a financial plan in stone for 12 months and hoping for the best, rolling forecasts allow businesses to update their budgets every few months based on real-time data. Predictive analytics Past sales patterns can help forecast future demand.
This isnt just a checklistits a proven framework for building a financially strong, scalable nonprofit. WHY WE CREATED THE CHARITY CFO FINANCIAL BLUEPRINT Over the years, our team of nonprofit accounting and CFO professionals has developed a deep understanding of the patterns behind nonprofit financial successand failure.
For the Chief Financial Officer, integrity cannot be relegated to policy documents or compliance manuals. It must be lived, demonstrated, and embedded across every financial decision, every forecast, every conversation with the board. Financialreporting is not just a compliance exercise. Its whats responsible.
If you're a small to mid-sized business using QuickBooks Online (QBO), chances are you've experienced its ease of use for accountingbut maybe not so much for budgeting, forecasting, and financialreporting. You're not alone.
Deep Dive Opinion Library Events Press Releases Topics Subscribe Search Subscribe Search Strategy & Operations FinancialReporting Compliance Technology Treasury Risk Management Leadership An article from Sponsored How CFOs can win the finance talent war with AI-assisted planning Published Aug. You can unsubscribe at anytime.
Ensure auditable reporting and compliance The CFO needs to work with other functions like corporate financialreporting, regulatory compliance, tax, treasury, and legal to ensure timely, auditable reporting and financialaccounting. You can unsubscribe at anytime.
Published June 16, 2025 Jim Tyson Senior Reporter post share post print email license A pile of $100 bills. growth this year as inflation persists above the Federal Reserve’s 2% target, the National Association for Business Economics said Monday, citing a survey of forecasters. You can unsubscribe at anytime. this year from 1.9%
To weather these storms and keep moving forward, your financial strategy should include: Smart Budgeting – As you create your budget, look for opportunities to leverage data for strategic asset allocation, respond to market trends, and invest in initiatives like hiring, technology, or outsourcing.
” Predictive: Forecasting “what will happen?” Data Transformation in Action Sawyer shared two case studies of how organizations have used data to improve their operations: A nonprofit accounting team that streamlined their reporting process using Power BI, saving hours of work each month. Get the free guide!
When youre running a nonprofit, its tempting to think of accounting as something you can get by withmaybe its a part-time admin, a volunteer with QuickBooks experience, or a reactive scramble at tax time. But heres the truth: If your organization doesnt have a skilled accounting team, you dont just have a bookkeeping problem.
from 2024, according to a Gartner forecast last month. Brown via Getty Images Opinion The Ben Affleck accounting shortage hack “The Accountant” movie from 2016 is loved by many CPAs. Will the new sequel and the franchise’s drama help attract more young people to the accounting profession?
billion USD), versus the €2 billion forecast previously, according to a separate press release detailing preliminary results for its H1 of 2025. Brown via Getty Images Opinion The Ben Affleck accounting shortage hack “The Accountant” movie from 2016 is loved by many CPAs. You can unsubscribe at anytime. billion to 1.5
Operational Efficiency and Cost Management Cost Reduction Pressures : With increasing pressure to reduce operational costs, utilities are investing in ERP systems to streamline workflows, reduce redundancies, and automate financialreporting. Cloud-based ERP systems also lower the total cost of ownership compared to legacy solutions.
This requires companies to carefully assess the value of each service and how it relates to their financialreporting. sales, finance, legal), SAP’s solution integrates seamlessly with SAP Cloud ERP and other SAP applications to ensure that all data is synchronized and financialreports are consistent.
Deep Dive Opinion Library Events Press Releases Topics Subscribe Search Subscribe Search Strategy & Operations FinancialReporting Compliance Technology Treasury Risk Management Leadership An article from Dive Brief GM CFO looks to strategic pricing, costs to blunt $1.1B You can unsubscribe at anytime. Editors picks Frederick M.
Employers added a less-than-forecast 73,000 workers in July, and revisions cut job growth in June and May by a total of 258,000, the BLS said. After release of the less-than-forecast employment numbers, President Donald Trump fired the BLS commissioner, alleging that the bureau “rigged” the data. You can unsubscribe at anytime.
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