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Advancements in artificial intelligence (AI) are reshaping the finance function worldwide, with intelligent agents leading the charge in transforming operations through automation and enhanced decision-making. A study by The Hackett Group found that accountants and financial personnel spend 65% of their time on manual, low-value processes.
Members’ Profile: Rofhiwa Irene Singo In this edition of our CFO Spotlight series, we are featuring Rofhiwa Irene Singo, an accomplished finance leader whose journey is a testament to resilience, adaptability, and impactful leadership. What sparked your interest in finance?
Now, picture the opposite: instant access to real-time financial insights, automated compliance checks, and AI-driven forecasts guiding your next move. This is the power of Financial Information Systems (FIS). From Spreadsheets to Smart Systems Traditionally, businesses used basic spreadsheets to manage their finances.
As stewards of financialdata, CFOs must prioritize cybersecurity measures to ensure the security of sensitive information and maintain client trust. Here, we delve into essential insights for CFOs to navigate the complex world of cybersecurity in finance.
As businesses navigate their way around various technological advancements, finance teams are faced with the task to integrate analytics and automation into their existing processes, determining at the same time which specific system to transform first for maximum operational impact.
Top 5 Signs Your Accounting Is a Mess (And How to Fix It) When your nonprofits finances feel offbut you cant quite put your finger on whyits often because the accounting system is quietly unraveling behind the scenes. It can also trigger audits, repayment demands, and a breakdown of trust with your board and funders.
Editors note: In todays A Day in the Life , Nguyn Trung Ngn (pictured), tax senior manager at Deloitte Vietnam , shares with FutureCFO audiences how leading a complex transfer pricing audit for a multinational client became pivotal for her career and how her passion for public writing became one of her greatest sources of inspiration.
Every business must follow certain rules when reporting its finances, and these rules change depending on the industry. Align Your Internal Reports with Regulatory Requirements Your companys internal financial records should match what you submit to regulators. Legal teams help ensure financial reports comply with the latest laws.
In navigating the current world that is ever-changing, evolving constantly with various technological advancements that almost always force their way in to day-to-day routines of organisations, it is a no-brainer that the Finance function has shifted its focus on artificial intelligence for some time now.
If both companies involved follow IFRS, negotiations and due diligence become much easier because financial statements are prepared comparably. For example, if a European company wants to acquire a South American firm, IFRS ensures that both parties understand the financialdata being reviewed.
This ensures accountability and makes audits or donor inquiries easier to manage. With 85% of our clients undergoing audits, we know how critical it is to have a robust accounting foundation in place. Take Action Now The financial pressure on nonprofits isnt going away, but you can take steps today to protect your organization.
On the positive side, developing a deeper understanding of financial metrics and trends empowers you to make smarter, more strategic financial decisions, assess pros and cons of various financial details, interact more effectively with investors, and pivot quickly when the financial winds change.
In 2025 we can expect agentic AI to permeate industries like healthcare, logistics, manufacturing, and customer service, as well as improving business operations in areas such as finance, compliance and process optimization. We firmly believe that knowledge and skills are important.
If those systems remain siloed post-close, leadership may lack accurate data for key decisions, and finance teams could be stuck reconciling figures manually. Early IT due diligence, followed by a structured integration plan, ensures scalability and data consistency from the outset.
Steps for Standardization: Conduct an audit of existing financial reporting and ERP systems in both organizations. Implement a unified financial reporting and ERP software tailored to healthcare needs. Better Patient Care : Financial stability ensures resources are available for patient care initiatives.
Regulatory Compliance and Sustainability Environmental Regulations : As global and regional environmental standards tighten, utilities must manage complex data around emissions, sustainability initiatives, and renewable energy sources. ERP systems help automate compliance reporting, carbon footprint tracking, and environmental audits.
Discover how SAP solutions lay a solid foundation for audits and next level PCAOB or AICPA compliance reviews. For any public company, the goal of successfully complying with periodic financial reviews by external auditors cannot be overstated. Why Should You Care?
AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals.
One industry that tends to be recession-resistant is finance. After all, people will always need financial services, whether investing their money , taking out loans, or managing their taxes. And while the finance industry has seen its share of ups and downs over the years, it generally bounces back fairly quickly after a downturn.
Gartner says to build an AI-driven finance organisation for the future will require a combination of technical and business skills that many finance teams do not have today. Mark D McDonald He adds that leading finance teams will learn to position AI-driven tools and solutions as co-workers that help them do their jobs better.
Now, with AI and automation, this has presented even more possibilities to make the audit process less tedious,” he opines. On the topic of AI, Nair affirms that organisations are increasingly tapping into the potential of AI across a range of audit-related processes to enhance accuracy, monitoring and efficiency. “AI
Delivering products even Accenture's The Cloud First CFO Study – 2022 edition reveals that in a survey of 740 finance leaders across 15 industries and 11 countries, 39% say the CFO now leads the cloud journey for the whole enterprise. The delivery covers 98% area of Indonesia and 41 international countries to date.
The financial landscape is evolving at breakneck speed, driven by big data, globalisation, and digitisation. The pressure on finance leaders to deliver strategic insights and ensure compliance is mounting in this dynamic environment. The increased workload can hobble finance team productivity and limit their scope of analysis.
It took me years to be skilled in financial planning and analysis. Not every finance professional can be sharp enough to detect key highlights and provide analysis for the financial statements. The balance sheet and key financial ratios should tell the strengths and problems of the Company. Yes and No.
Does the idea of a financialaudit on your nonprofit leave you feeling nervous? For many nonprofits, a full financialaudit can help ensure the accuracy of their financial recordkeeping. Luckily, not all financial situations require an audit. However, it can also feel invasive and overwhelming.
Annual Financial Statements (AFS) Submission Requirement: The Companies Act mandates that all public companies, state-owned companies, and certain private companies with a public interest score above a specified threshold must prepare and submit annual financial statements.
Among the things finance leaders must focus on for the new year is undoubtedly the rising interest and trend on sustainability. Ethical dilemmas For Hasenoehrl, trustworthy, transparent, auditable, and ethical use of data is fundamental to successful reporting, both in financial and sustainability reporting.
I needed to feel confident that if someone did come in to audit us, those numbers were solid and credible. Frances’ focus on key metrics to measure and assess performance and growth play a crucial part in this even though, as she admits, certain metrics don’t necessarily fall within the scope of traditional finance.
AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals.
Banks are required to share customer data with rival FinTech firms, and “this may need to be the case with Big Tech, too,” the FSB said in the report. BigTech’s entry into finance has had benefits, like financial inclusion in emerging markets and underbanked economies. However, there could be risks to financial stability.
The growing variety and complexity of tasks within the finance function has resulted in the creation of a discipline that is supposed to become a bridge between the finance and business to support decision-making process by leveraging data and technology. This relates to FP&A which stands for financial planning and analysis.
. “This can be of great value for many aspects of the business, but the question is whether predictive algorithms can be of any value for finance and reporting. The nature of financial reporting is to communicate facts aggregated using accounting rules. These facts can be audited back to the source.
million in funding last year, helps SaaS companies manage operations by providing financial management, auditing and reporting, analytics and other back-office services. The business model of SaaSOptics could, in part, be described as a B2B SaaS firm for B2B SaaS firms. The company, which raised $1.8
Purpose of the Role The controller ensures financial reporting compliance and accuracy while preventing and detecting fraud. The CFO is a strategic financial leader of the organization. They collaborate with executives, investors, and the finance team to manage risk, choose investments, and collaborate on strategic decisions.
Have you ever wondered if your finance function is over-investing in new analytics tools? This means many finance organizations risk investing in analytics that is already being utilised within the business, Gartner noted. We think about it in terms of the menu that finance offers. “We Gartner confirms your thought if you do.
But that’s not quite true—nonprofits face a decision between 2 different accounting methods for tracking their financial activity: cash accounting vs. accrual accounting. Though both systems use the same numbers, looking at those numbers differently can give you a very different perspective on the state of your finances.
The head of finance for the acquired firm struggled to present the information clearly, while the new owners shifted uneasily in their seats. LaPeer instinctively stepped in, simplifying the explanation of complex details and demonstrating her ability to distill intricate financialdata while effectively reading the room.
Loreal Jiles (pictured), Director of Research – Digital Technology & Finance Transformation, Institute of Management Accountants (IMA) weighs in on how CFOs can create an agile finance function and why it matters. Loreal Jiles, Director of Research – Digital Technology & Finance Transformation, IMA.
2 With regulations continually evolving, data volumes expanding, and the need for transparency growing, finance leaders are in a strong position to drive these efforts and create strategic value for their organizations.
Every modern enterprise, regardless of size, requires finance software to manage various aspects of its financial health. This includes tracking past financial activities, ensuring compliance and reporting, as well as forecasting future financial scenarios for better budgeting.
Enabling action” through the critical role of finance to turn ambition into action and reduce emissions, adapt to climate change and address loss and damage. That's why an ambitious new climate finance goal at COP29 must be core business for every government. C, while leaving no one behind.
As enterprises look to embrace these technologies, CFOs and finance organizations are uniquely positioned to take their current roles of stewards of data, algorithms of measurements, and validation of benefits, to bring about the next generation of business – that of the cognitive enterprise.
The finance director role is critical to the success of any nonprofit, making it one of the most important hires an organization can make. They are responsible for the financial health of the organization. They create and maintain financial records, prepare financial reports, and oversee the organization’s budget.
SAP Concur has revealed key 2024 predictions for finance by its executives. The 2024 predictions for finance from SAP Concur executive are as follows. Exceptions will trigger AI-driven, automated audits to ensure compliance. Finance teams spend significant time on financial planning," he said.
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