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The finance function must adapt to digital disruption, integrating automation and real-time data analysis to enhance decision-making processes. CFOs are expected to manage financial risks and drive strategic growth initiatives. Evolving role Historically, CFOs were the stewards of financial reporting and compliance.
The finance function is undergoing a seismic shift. Technological advancements, evolving market demands, and a heightened focus on sustainability are converging to reshape the finance landscape. A recent report by McKinsey estimates that automation could potentially displace up to 30% of work activities in finance and accounting.
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.
At the FutureCFO Conference series, organised by Cxociety, finance leaders in Indonesia, Malaysia, Singapore, the Philippines and Thailand ranked automation and degitalisation (80%), investing in talent and employee development (58%) and continuous innovation (47%) as the top three strategies most important to sustainable growth in 2024.
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.
In this Insights news post we provide an updated look at the four key areas of AI, Cloud, Compliance and Sustainability. One of the key factors for success with agentic AI applications will be providing secure access to enterprise wide data sets for real-time analysis and decision making.
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.
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.
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. Its about sustainability, compliance, and having the confidence to lead your mission with clarity. Get the free guide!
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.
Innovations In Finance Globally From Latin America Best-in-Class Payroll Onboarding Process| BANAMEX To eliminate manual tasks, data errors, and cumbersome processes, Banamex introduced Remote Account Opening Payroll, which connects employees with their employers through a fully digital self-service onboarding process.
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?
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.
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. These challenges, like tangled vines, impede progress.
As the role of the finance leader evolves beyond compliance and control, strategic decision-making increasingly relies on the intelligent use of data. But not just any data. Its the quality, relevance, and timing of information that separates high-performing finance functions from reactive number-crunching.
What is IFRS Compliance? Being IFRS-compliant means that a company follows a set of internationally recognised accounting rules when preparing its financial statements. These rules, set by the International Accounting Standards Board (IASB), are designed to make financial reports clear, comparable, and reliable.
Gartner says finance transformation encompasses strategic initiatives designed to revolutionise the way the corporate finance function manages its strategy, processes, internal controls, and financial reporting. CFOs must accelerate their finance transformation journey towards autonomous finance or risk falling behind.
The expansion seeks to streamline operations, unlock insights, and confidently move toward autonomous finance, enabling Finance and Accounting (F&A) teams to reduce risk, accelerate decision-making, and gain real-time financial intelligence at scale.
Every business must follow certain rules when reporting its finances, and these rules change depending on the industry. Listed companies (on the stock exchange) They must meet strict financial disclosure rules, often set by stock market regulators like the JSE (Johannesburg Stock Exchange).
FutureCFO:What excites you the most when you work with the Finance Function? NTN: What excites me most when working with finance leaders is the human side of complexity - the ability to understand their unique perspectives, connect deeply, and co-create solutions that truly make a difference. The experience was transformative.
Asia’s ESG journey BlackLine regional vice-president for Asia, Nikhil Parambath , says Asia's business leaders are focusing on strategic initiatives for long-term growth, with an increasing emphasis on ESG compliance to build trust among stakeholders. The post Modernising finance reporting in support of ESG appeared first on FutureCFO.
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Bad data, inaccessible information, and outdated processes make FP&A more difficult. Strong FP&A practices help finance teams improve data accuracy , use technology effectively, and make well-informed financial decisions. This leads to better budgeting, more reliable forecasting, and stronger financial stability.
Editor’s note: GenAI adoption is touted to bring benefits to enterprises and their finance functions. IDC forecasts that the APAC GenAI market will grow by 85% CAGR from 2022 to 2027, with the financial services industry as one of the leading adopters.
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.
When there are compliance risks, cash flow problems, or gaps in accountability, bringing control into a smaller, more focused team can help create order and reduce risk. For finance professionals, centralisation means gaining clarity. In this model, the finance team takes on a new role. The finance team must bridge that gap.
The CFO is not just the gatekeeper of financialdata. It helps you stay grounded when the CEO questions your forecast, when a compliance issue lands on your desk, or when your team misses the mark. Leading the Finance Team with Intent When you lead yourself well, you lead others better. High standards. It is essential.
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. Misallocating funds can lead to compliance violations and loss of trust from funders.
Hand Over the Numbers and Focus on What Matters Lets be honest, handling finances isnt everyones favourite job. Finance isnt just about adding up numbers. There are tax laws, financial regulations, and reporting requirements that change all the time. Hiring a full-time finance team is expensive. What Can You Outsource?
It is a cloud-based FP&A solution aimed at reducing reliance on traditional spreadsheets and manual data entry. Primarily built for large enterprises and growing mid-sized businesses, the platform supports finance teams in budgeting, forecasting, workforce planning, and financial close processes. Who Its Meant For?
Maintaining accurate records across a diversified portfolio can be a considerable challenge in terms of compliance, transparency, and risk. For single and multiple family offices, governance is key to financial success and is an important element of your organizational structure. Choosing the right accounting software is important.
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.
A controller primarily oversees accounting processes, ensuring accurate financial records and compliance with regulations. In contrast, a CFO is a more strategic financial professional, focusing on long-term planning, investor relations, and overarching financial strategy.
Benefits of Cloud ERP in Finance Departments and Other Business Functions Cloud ERP software simplifies operations by allowing your business to centralize documents, create templates, automate and streamline processes, and track manufacturing and distribution progress in real time.
Currently, lab activities focus on the adoption of cutting-edge technologies in fields such as the metaverse, mixed reality, decentralized finance, and AI. These include fintech, digital banking, and sustainable-finance technologies. Of particular note is Fizz.hu, a curated online marketplace offering built-in financing options.
Implement a unified financial reporting and ERP software tailored to healthcare needs. Ensure Consistent FinancialData Consistent financialdata is another critical component of accurate reporting, analysis, and decision-making, all of which are crucial for supporting patient care initiatives.
Indeed, GenAI, with its ability to collect and interpret financialdata on a vast scale, could force some of the Arabian Gulf region’s biggest banks to rethink their already costly digital banking strategies. AI algorithms analyze vast amounts of data to assess credit risk, detect anomalies, and prevent AML fraud,” Saxena notes.
The enterprise resource planning ( ERP ) system has been a staple of corporate finance operations for years, acting as a central repository of data and a hub to initiate a range of processes, from accounting to procurement. He pointed to financial reporting as one example of this shift. The ERP’s Role in a FinTech World.
Navigating South Africa’s Reporting Maze: What Every CFO Needs to Know Navigating the complex landscape of regulatory reporting in South Africa can be daunting, especially for CFOs who bear the responsibility of ensuring compliance while also driving strategic financial decisions.
Mobile-first preferences Younger generations value access to their finances anytime, anywhere. A recent study showed that over 90% of millennials prefer mobile apps for banking and financial services, and expect similar accessibility from their asset managers.
While regulators had transparency and financial security in mind when introducing more stringent requirements for banks following the global financial crisis, financial institutions faced a sudden surge in the burden compliance. There is a silver lining, however, if financial institutions are willing to recognize it.
Environmental, social and governance (ESG) programs can pose unique challenges to finance chiefs charged with maximizing returns. It's more than just a compliance process, think about how to embed sustainability within your business strategy." Should companies integrate their ESG reporting with their financial reporting?
Bonnet defined master data management (MDM) as the software and practices for ensuring that data, as held by the company, is clean, is used managing the data of a company, ensuring that the data is clean and adheres to good governance. How does MDM support the finance function?
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.
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