FASB studies AI use in financial data analysis
CFO Dive
MARCH 3, 2023
The surge in use of conversational artificial intelligence has prompted scrutiny of the technology’s role in financial decisions.
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CFO Dive
MARCH 3, 2023
The surge in use of conversational artificial intelligence has prompted scrutiny of the technology’s role in financial decisions.
CFO Dive
DECEMBER 12, 2023
AI can analyze vast amounts of financial data to predict trends, model budget scenarios, and deliver insights, writes Falconi’s Bernardo Miranda.
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CFO Dive
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Nearly half of execs expect cyber attacks on financial data to increase in 2023, but the majority of finance leaders don't have consistent communication with their CIO to mitigate this risk.
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Frances, who was promoted to CFO in August 2021, particularly enjoys this aspect of her role which she says is much more commercial and strategic than her previous one. “I I really enjoy presenting financial data in a way that’s easy for someone without a financial background to understand and explaining things in laymen’s terms.” . “I’m
CFO Simplified
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What Role Does Your CFO Play in Contingency Planning? A business’ finance and accounting departments look up to the CFO for guidance—especially now, in light of the unexpected nature of the past two years’ fluctuations. This considered, the role of CFOs in contingency planning and crisis management is indispensable.
Beacon CFO Plus
NOVEMBER 2, 2023
Understanding the Responsibilities of a Part-Time CFO If you are bringing a fractional CFO into the folds of your business, you should have a solid grasp on the types of tasks and responsibilities he or she will provide. So what won’t your fractional CFO do? IT-related matters are typically handled by IT professionals.
Beacon CFO Plus
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How to Divide Responsibilities and Prioritize Communication The relationship between a fractional or outsourced Chief Financial Officer (CFO) and your company’s public accounting firm should be collaborative, clear, and well-defined. This ensures your company’s financial and accounting needs are met effectively.
Spreadym
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A financial reporting dashboard is a visual representation of financial data and key performance indicators (KPIs) presented in a consolidated and easily digestible format. This allows for a personalized view of the financial data. Common types of visuals include line charts, bar graphs, pie charts, and gauges.
Future CFO
NOVEMBER 8, 2023
For companies starting out in the business, some resort to hiring fractional chief financial officers to share their expertise in finance, strategic planning, and other CFO-related activities. Data presented as trends and patterns The best CFOs don't just provide accurate data for your review.
The Finance Weekly
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CFOs are well experienced finance professionals who know how to lead their team and the finance company through many different scenarios. Supposing a CFO has a couple years of experience, they have been through many ups and downs, uncertainties, and market changes that would have left them prepared for future challenges.
Future CFO
FEBRUARY 15, 2021
At a recent roundtable, one CFO commented she can’t recall a period in recent years where her team had done so many “what if” analysis than in 2020. Another CFO pointed out that COVID-19 has elevated stress testing to a whole new level. Only 28% were completely confident in the accuracy of their company’s financial data.
Centage
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Once upon a time the role of CFO was focused on backward-looking data. However, these days, chief financial officers do a great deal more than financial reporting. Marry Finance With Strategy It’s not enough to provide accurate financial data.
Michigan CFO
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In today’s ever-evolving business landscape, the role of the Chief Financial Officer (CFO) has become crucial for effective financial management and decision-making. However, not all businesses have the resources or the need for a full-time, in-house CFO. This is where virtual CFOs come into play.
CFO Talks
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From their beginnings as historians of financial data and past performance, they evolved into real-time analysts, and visionaries with predictive technologies at their fingertips. Only 36% of CFOs in the US come from an accounting background. Having looked at the past, present, and future, where is the next focus for CFOs?
Beacon CFO Plus
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If you are unsure whether your organization needs a CFO in any capacity, let me refer you to the book Startup CXO: A Field Guide to Scaling Up Your Company’s Critical Functions and Teams. If you don’t have your financials in order,” McCarthy states, “Then that’s the time to bring somebody in.”. by Rob Joseph, Director, BeaconCFO Plus.
Beacon CFO Plus
AUGUST 4, 2022
Without a clear and full understanding of your financial data, you cannot make sound executive decisions—and this is a problem for nearly half of all business owners. CIO Dive highlighted that 41 percent of businesses struggle to turn data into decisions. A lack of access to the data. Request a Consultation.
Michigan CFO
AUGUST 1, 2021
This frustration always leads to the question: is it better to hire a controller vs. a CFO ? More importantly, what is the difference between a controller vs. a CFO ? Knowing the answer to this question is essential for the financial future of your company. CFOs most often have an accounting and finance background.
Boston Startup CFO
FEBRUARY 1, 2023
Here are the top signs that your startup may need a fractional CFO. A fractional CFO can provide significant value to the process by: Developing a financial plan : A financial plan is a key component of any fundraising effort. If at are favorable to you.
The Finance Weekly
JUNE 21, 2022
This is especially true for CFOs who are planning to take their company public. At the , CFO Leadership Conference in Boston earlier this month, , Mike Ellis , who was named by the , Boston Business Journal CFO of the Year , offered an inside look into how a CFO prepares a company for an initial public offering and life as a public company.
CFO Talks
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Over the last few years, the role of the CFO has undergone a profound shift. The CFO of today and tomorrow should be able to take financial data and use it to influence operational decision-making and strategy. . “ It’s a much broader role and that’s probably why you see CFOs getting ready to step into the role as CEO.”
CFO Share
JULY 27, 2023
Read on to learn about the evolving AI landscape and explore the advantages, challenges, and future implications for CFOs, shedding light on how this powerful tool is revolutionizing the traditional responsibilities of finance leaders. Part-time CFO services can help your business take the best decisions based on the outputs given by AI.
The Finance Weekly
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Big companies used to hog all the CFO action, but now even small and medium-sized businesses are jumping on the bandwagon. Why the sudden CFO craze? Well, CEOs are cluing in on the fact that having a financial expert on board can steer their ship in the right direction and spur business growth. As the Director of Amyris Inc.,
Michigan CFO
MAY 31, 2022
When it comes to making decisions that will affect your bottom line, it’s best to have the insight of a CFO to go by. But hiring a full-time CFO can be expensive. Enter part-time CFOs. A part-time CFO handles similar duties as a full-time CFO, but at reduced hours and hence reduced cost. What Is a Part-Time CFO?
Jedox Finance
SEPTEMBER 10, 2020
This allows CFOs to stay laser-focused on triggers and initiatives that account for most of their business value. For dynamic forecasting to work effectively, CFOs need a scenario and modeling platform that supports real-time data updates. It combines financial data, customer, and sales data with operational data at scale.
CFO Dive
MARCH 26, 2024
AI analytics technology is turbocharging anti-fraud measures through its ability to process oceans of financial data.
Future CFO
FEBRUARY 25, 2024
This is what Elif Kuralay , Retail & CP Industry Advisor at SAP , points out, saying that the right decision-making from CFOs paves way for continuous investments in growth platforms such as new sales channels, new business models, store modernisation, marketing and developing people.
Future CFO
OCTOBER 20, 2021
The CFO role requires certain traits and skills, said Woranat Dumrongsiri (pictured), Country CFO, Deloitte Thailand and Deloitte Laos during an interview with FutureCFO for the publication’s Female Leadership in Finance Series. Woranat Dumrongsiri, Country CFO, Deloitte Thailand and Deloitte Laos.
Future CFO
OCTOBER 19, 2021
A 2020 Gartner CFO Survey found that nearly 3 out of 4 CFOs intended to shift at least 5% of their previously on-site staff to permanently remote roles post-COVID-19. CFOs should neither ignore these fresh vulnerabilities nor go it alone,” says Alexander Bant , practice vice president, Gartner.
Future CFO
JANUARY 25, 2024
These contradictory demands form paradoxes that are inherent in the CFO role.” Source: 2023 EY Global DNA of the CFO study The three challenges The 2023 EY Global DNA of the CFO study found three challenges for CFOs across Southeast Asia that arise from the evolving role. Respondents could select all areas that applied.
Future CFO
DECEMBER 14, 2023
AI solutions serve as the backbone of this evolution, providing CFOs with the tools to deliver more effective Client Advisory Services (CAS). Revolutionising financial strategy. With the integration of artificial intelligence into the business processes, CFO advisory services shifts the landscape for businesses of all sizes.
https://trustedcfosolutions.com/feed/
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You can track invoices, payments, and expenses in real time and securely access your financial data from anywhere. Sage Intacct provides centralized access to all your financial data, from bills and payment status to approvals and audit trails, so you can be sure your financial statements are accurate.
Future CFO
FEBRUARY 4, 2024
NP: Training AI models to understand and interpret complex financial data accurately requires dedicated time and resources. FutureCFO: What is your advice for the CFO when it comes to the implementation and deployment of GenAI? FutureCFO: What are the challenges facing APAC finance functions in implementing GenAI?
The Charity CFO
MARCH 22, 2024
Types of Data for Nonprofits The types of data a nonprofit might use for decision-making can vary between organizations. Most nonprofits will use at least one of three types of data: Financial data: Financial data includes any data relating to the finances of the organization, such as revenue or expense data.
Future CFO
AUGUST 6, 2020
This allows CFOs to stay laser-focused on triggers and initiatives that account for most of the business value. For dynamic forecasting to work, CFOs need a scenario and modelling platform that supports real-time data updates. It combines financial data, customer, and sales data with operational data – at scale.
The Finance Weekly
MARCH 13, 2022
So, why are VCs investing in the office of the CFO? Based on AI and Machine Learning capabilities, the DataRails’ solution provides real-time financial consolidation and advanced data visualization, through intuitive and simple implementation. Because Finance forms the backbone of any business.
PYMNTS
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For a chief financial officer (CFO), having technology — from ERP systems to cloud accounting and cash forecasting tools — has become paramount when deploying a successful growth strategy. ” There is space for these technologies, Born said, especially in the area of error detection and anomaly prevention.
Bramasol
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Driven by sweeping changes such as digital transformation, globalization of markets, the subscription-based Digital Solutions Economy™ (DSE), carbon-accounting mandates, a rising emphasis on artificial intelligence, and other disruptive trends, the role of Chief Financial Officer (CFO) is undergoing radical transformation too.
The Charity CFO
APRIL 1, 2024
At The Charity CFO, we’ve found four tech tools that have worked for several of our clients to improve their accounting systems. QuickBooks provides an easy-to-use bookkeeping solution that puts all of your financial data in one place. Fathom pulls data from QuickBooks and generates monthly financial reports and dashboards.
PYMNTS
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More than 670 professionals at mid-sized and large firms were asked about how they collaborate with human resources and IT departments, both areas of the enterprise that have significant impacts on financial management. For example, 68 percent of CFOs said the biggest roadblock is that their CIO peers do not “speak the same language.”
Future CFO
APRIL 3, 2023
The Covid-19 pandemic showed that one of the most valuable aspects of digital transformation is how it can support the CFO in navigating the current volatile landscape through increased agility. More broadly, there is a growing expectation that the CFO can analyse any major change or risk and its impact on the business.
The Charity CFO
APRIL 2, 2024
In addition, you need to make sure your financial data is accurate and readily available for donors, board members, and other stakeholders. From on-time reports to consistent, accurate data, a nonprofit-focused accounting team like The Charity CFO can help your organization be more effective and efficient.
The Finance Weekly
FEBRUARY 8, 2023
The past month has seen a flurry of , CFO moves , indicating these executives' critical role in steering organizations toward stability and success. With this in mind, it's important for CFOs to stay ahead of the curve and adapt to , new trends and , challenges. Holscott previously served as CFO at Warner Media.
Boston Startup CFO
FEBRUARY 22, 2023
If you find all this distressing, a fractional startup CFO , like a couples’ therapist, can help you work on improving your emotional connection to your finances, building trust, and repairing the relationship. This is where a startup CFO comes in. In addition, a startup CFO can help you identify and manage risks.
The Finance Weekly
JANUARY 19, 2023
The CFO role traditionally has two high-level leadership archetypes: strategic and operational. An operational CFO optimizes performance by combining data from various departments with financial data. A strategic CFO focuses on creating long-term plans to achieve the company's goals.
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