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Automated FinancialReporting: A call to Excellence By Lutic Molo Mosoane When I reflect on the evolving business landscape, I am reminded of the pivotal role financialreporting plays. Financialreporting is no different. Your reports shape their confidence in your organizations ability to deliver.
Let’s talk about something every business owner and accountant deals with— account reconciliation. It’s what keeps your books accurate, ensures you catch errors (or even fraud), and gives you the confidence to make financial decisions based on solid data. What Is Account Reconciliation? Why Is Reconciliation So Important?
The Role of IFRS in Simplifying Cross-Border FinancialReporting In todays interconnected world, businesses are no longer confined by borders. While this global reach brings opportunities, it also comes with challengesespecially when it comes to financialreporting. But what does it really mean to be IFRS-compliant?
financialreporting leaders indicated in a KPMG study that ethical concerns, such as bias or misinformation, are a barrier to AI adoption — down from 48% in 2023. financialreporting leaders reported that risks from using algorithms without human oversight are a barrier — down from over half (51%) in 2023.
Nick Anderson was appointed as a member of the International Accounting Standards Board (IASB) in 2017. He has more than 30 years of practical experience, mainly as a buy-side investor using and supporting the development of high-quality financialreporting. He has a degree in economics, University College, Durham, UK.
Evolving role Historically, CFOs were the stewards of financialreporting and compliance. This involves investing in technology that automates routine tasks and provides valuable insights that can drive competitive advantage.
For example, while South African companies follow International FinancialReporting Standards (IFRS), the US requires compliance with its Generally Accepted Accounting Principles (GAAP). IFRS is principles-based and allows for some judgment in financialreporting, while GAAP is more rigid, rules-based, and less forgiving.
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. But if youre ready to invest the time, this team will absolutely deliver.
To tackle the shortage of accountants, KPMG, Deloitte and their colleagues at PricewaterhouseCoopers (PwC) and EY have embraced the development of alternative pathways to CPA licensure. To become a certified public accountant (CPA), candidates would no longer need to present 150 college credit hours.
I had taken a job as a teaching assistant, almost entirely because I needed the money to pay my tuition and living expenses, and in a subject (accounting) that did not excite me in the least. I am a natural dabbler, and I enjoy looking at big financial questions and ideas from multiples perspectives.
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.
From employing local talent to investing in community health infrastructure, GDC’s approach integrates ESG principles into its broader business strategy. The pressure on South African CFOs to adopt frameworks like the ISSB standards is mounting, as these provide a unified structure for financial and non-financial disclosures. “By
Consider a financial services company that managed to scale its operations by prioritizing cash flow optimization. By employing advanced forecasting tools and real-time financialreporting, they maintained a healthy cash reserve, allowing them to invest in new markets and technologies confidently.
While AI automates routine tasks such as reconciliation and reporting, it does not eliminate the need for finance professionals—it redefines it. This shifts accountability back to finance teams, who must now master data governance, predictive analytics, and data integrity. Organisations must create ecosystems that support growth.
This opportunity allowed me to audit clients like the South African Revenue Service and South African Tourism, as well as manage accounts for Mastercard South Africa. What key skills should a newly qualified accountant develop on their path to becoming a CFO?
Financial tracking also helps adjust investments, such as identifying underperforming products and reallocating resources accordingly. Improve steps by doing this: Monitor real-time financial performance to stay on track. Why this matters: Improves expense tracking and financial forecasting.
Financial modeling involves creating a mathematical representation of a company's financial situation, typically using tools like Excel. This practice allows businesses, investors, and finance professionals to evaluate investment opportunities, assess risks, forecast future scenarios, and support strategic decision-making.
As a CFO your influence extends beyond financialreports and budgets. How to Handle It: Stand firm on ethical accounting practices and remind decision-makers of the long-term implications of financial misrepresentation. Develop a supplier code of conduct to ensure partnerships reflect the company’s ethical standards.
At its heart, corporate governance is built on four key principles: accountability, transparency, fairness, and responsibility. Accountability: Leaders Must Answer for Their Decisions One of the most important aspects of good governance is accountability. Without accountability, businesses become reckless.
” Raphael Savalle , former CFO at Weleda Firms using AI in accounts payable, for example, are enjoying at least a $3 million return on investment (ROI) over five years from improved forecasting and stronger fraud prevention, according to the report. . “It’s not about replacing human judgment but extending it.
Southside Blooms had to invest in custom software development and incorporate AI to handle customer service and streamline operations. Financial Management Moving from basic bookkeeping to GAAP-compliant accounting became necessary as the organization grew. If you need help with your accounting and bookkeeping, lets talk.
Instead, by staying informed and analysing the data, you can identify which areas require immediate adjustmentsuch as renegotiating supplier contractswhile maintaining critical investments in growth areas. Build Financial Resilience Financial resilience is the foundation of business survival during economic uncertainty.
You are responsible for financialreporting accuracy, compliance with accounting standards, system integrity, and managing financial risks. You might spend one day reviewing high-level investment models and the next reviewing VAT reconciliations or system access controls. Finance is about more than reporting.
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.
LPs are increasingly prioritizing Multiple of Invested Capital (MOIC) alongside internal rate of return (IRR). Firms that emphasize operational efficiency early can maintain their performance trajectory during extended investment hold periods, ensuring portfolio companies are exit-ready when opportunities arise.
Most finance teams can deliver reports. They can reconcile accounts, update forecasts, and manage audit schedules. That only happens when you have invested in building internal capability. Without outcomes, there is no accountability, no feedback loop, and no clarity on whether the time is well spent. It Is a Control.
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.
Reporting Rules That Make or Break Your Reputation Financialreporting is often thought of as the final step in the business process, the box to tick at the end of the quarter or financial year. They understand that reporting, when done right, is not just a reflection of past performance. But that time has passed.
Financialreports, investor calls, public updates, and even interviews all feed into the broader narrative about a business. Financial results are not just about earnings per share or cost ratios. A CFO helps stakeholders understand whether a drop in revenue signals a deeper problem or a deliberate investment in future growth.
Many businesses assume that well-known clients or long-established companies will automatically be reliable, but financial situations can change rapidly. Checking a customers credit history, financialreports, and outstanding debts can provide valuable insight into their payment habits.
Government regulations are tightening, and donors are demanding more accountability. From federal grant compliance to donor transparency expectations, nonprofits must meet a growing list of financial integrity standards. If your organization doesnt have airtight financial oversight, youre at risk of losing funding.
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. How do you handle professional challenges?
Analyst positions, junior accounting roles, and financial support functions often appear transactional. Strategic Thinking Takes Time to Develop Financialreporting, budgeting, and compliance can be taught relatively quickly. But these early stages are where leadership potential quietly develops.
Key capabilities include: Scenario Planning Compare various financial scenarios to assess business impact. Investment Planning Evaluate potential investments through dynamic modeling. Data Visualization and Reporting Prophix simplifies financialreporting with intuitive dashboards and customizable reports.
A recent World Bank Report has shown that Malaysia's path to becoming a high-income nation involves economic reform focusing on enhancing productivity, improving governance, and fostering innovation. He worked to coordinate across territories and align financialreports with strategic decisions.
Braun Southern Africa and professor of accounting and finance at Monarch Business School Switzerland also an upcoming speaker at the Marcus Evans 8 th Annual CFO Africa Conference, to explore the expanding remit of finance leaders. Balancing Wellbeing and Financial Performance Can CFOs afford to invest in employee wellbeing?
Identify financial risks before they become major issues. Make informed investment and operational decisions. Without a proper forecast, businesses risk overspending, running out of cash, or making poor financial decisions that can harm long-term growth. Use financial news sources and economic reports to stay informed.
Case in Point: A mid-sized logistics firm in Morocco used the BIPP to benchmark its financial resilience and non-financialreporting practices. Case Study Highlight: A South African manufacturing firm adopted green accounting after engaging with ICFOA.
She encourages organizations to invest in professional design services if possible, as it can yield substantial returns in terms of donor engagement and fundraising success. About The Charity CFO We are an accounting partner that truly understands nonprofits. If you need help with your accounting and bookkeeping, lets talk.
Budgeting & Forecasting - Automate budgeting processes and generate real-time financial forecasts based on live data. Scenario Planning - Utilize AI-powered "what-if" modeling to assess financial outcomes and optimize strategies. Period Close Management - Automate account reconciliation and reduce financial close cycles.
The survey reveals that finance professionals see AI as particularly valuable in automating processes like: FinancialReporting (26%) - By handling repetitive tasks like consolidating reports, AI frees finance teams to focus on strategic analysis. The Numbers Speak Volumes And the trend is only growing.
But while the outcomes of R&D can transform markets, accounting for these costs often presents significant complexity. In this post, we explore the key principles of R&D accounting under U.S. Final Thoughts: Accounting for Innovation, Done Right What Qualifies as R&D? Table of contents What Qualifies as R&D?
Tracking specific metrics helps nonprofits see how well theyre doing in areas such as: Fundraising Marketing Program delivery Operational efficiency Overall impact In turn, KPI data helps leaders make informed decisions, optimize resources, and build trust and accountability with donors and stakeholders. Get the free guide!
Learn more about best practices when accounting for grants. Perception of Instability : A budget that only highlights need without showcasing sustainability may make your nonprofit appear like a risky investment. Collaborate Across Teams : Ensure your accounting, program, and fundraising teams are aligned. Get the free guide!
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