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Evolving role Historically, CFOs were the stewards of financial reporting and compliance. Arellano-Geronimo describes the transformative journey of finance leadership, which is characterised by the need to innovate, be agile, and focus strongly on strategic business insights.
Its about sustainability, compliance, and having the confidence to lead your mission with clarity. Principle #9: Monthly Reconciliations & Reports The accounting team should close the books monthly, ensuring that all statement of financial position accounts are reconciled. Build a compliance calendar that tracks every key deadline.
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.
The CFOs New Mandate: Scott Farrell’s take on Emotional Intelligence, Leadership, and Judgement in a Complex World The role of the CFO is evolving faster than ever, and its no longer just about numbers. Leadership from the Inside Out Scott Farrell leaves us with a powerful message: true leadership starts with self-leadership.
Being part of those transformative moments - when finance leaders realise that tax can be a lever for growth, not just compliance - is incredibly rewarding. Its a real-world chess game where every move matters, and every piece - financialdata, legal contracts, operational substance - must align under intense scrutiny and huge pressure.
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.
Source: Data collected during the FutureCFO Conference series in 2024, Cxociety Research Coming into 2025, as finance leaders face mounting pressure to do more with less while driving growth and maintaining compliance, they are turning to digital solutions and holistic approaches to reshape and modernise financial 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. Share your favorite leadership lesson.
The CFO is not just the gatekeeper of financialdata. Building a personal leadership philosophy is one of the most powerful things you can do as a CFO. Your Leadership Philosophy Is Not for Show, It Is for Survival Your personal leadership philosophy is your rulebook. What do I value more than performance metrics?
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.
The ability to analyse data, identify insights, and communicate those insights effectively is highly valued. Finance professionals need to be able to tell a story with the numbers, explaining the implications of financialdata for the business.
To truly understand and manage credit risk today, modern companies must look beyond the basics and leverage new technologies, alternative data, and broader information sources. They must navigate a web of challenges ranging from cyber threats and regulatory compliance to the intricacies of global supply chains.
If You Dont Use the Data, Someone Else Will! 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. For todays CFO, information is not a by-product of operations, it is the engine of sustainable growth.
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.
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. Many failures begin with a reactive strategy.
You’ll be able to make financial decisions with confidence, knowing that you are operating from a strong financial position. 4) Plan for Growth – Accurate, well-supported financial forecasts support every department of your company as you plan for growth. Latest insights Leadership 05.29.25 Contact us today.
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: Financialdata: Financialdata includes any data relating to the finances of the organization, such as revenue or expense data.
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. This includes setting performance indicators, training managers to read and interpret financial reports, and maintaining oversight without micromanagement.
Businesses can use it to generate product descriptions, performance goals with employee-specific target metrics, and narrative reporting to accompany financialdata. More than 80 countries already require it, per tax compliance provider Avalara, and other areas, including the European Union, have plans for broad adoption.
One important side effect of the ongoing trend toward globalization is the need to comply with a range of different accounting principles as well as with disparate reporting and compliance mandates. Controlling (CO). Inventory Accounting (MM and ML).
They are expected to provide financialleadership and insight into the organization's strategic direction. This involves not just managing financialdata but also interpreting it to guide decision-making. Globalization CFOs have long needed to assure compliance with two different standards-setting bodies.
In the coming year, CFOs will be expected to focus on helping their companies build resilience – whether through critical decision-making backed by a real-time view of financialdata, or ensuring competitive advantage with digital transformation and sustainability initiatives. Steering companies through the economic volatility ahead.
Monitor Restricted Funds : Ensure compliance with donor restrictions to avoid operational bottlenecks and keep programs funded appropriately. Engage Department Heads : Involve program managers and department heads in the budgeting process to give them ownership over their areas financial planning.
As AI permeates finance, questions about its compliance with audits and financial governance will arise. For instance, could financial statements generated by ChatGPT withstand audit scrutiny? Whether ChatGPT applications could pass a SOC-1 audit, a crucial certification for control over financial reporting, remains to be seen.
Robert E Parker "As we look forward to the developments in AI, finance leaders will be in a better position to uncover hidden opportunities and risks and step beyond using structured financialdata by utilising data from across organisational silos enhanced with data from outside the organisation."
Opportunities for Intergenerational Leadership: Young people are at the frontline of issues like climate change, but often fail to appear in key decision-making spaces. These include carbon taxes and ETF trading schemes, emphasizing the urgency to meet data and compliance standards.
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.
CFOs are some of the highest-paid finance professionals because they have experience and networks and excel at financialleadership. Financial Manager. Out of all the finance jobs available to college graduates, financial managers are some of the highest-paying, with high demand for workers in this field.
NP: Training AI models to understand and interpret complex financialdata accurately requires dedicated time and resources. As legislators across the region seek to promote responsible AI adoption , firms may find it challenging to keep up with developments and ensure compliance.
Planning, budgeting and forecasting are linked together forming financial planning processes. Financial analysis is a type of economic analysis based on the financialdata and focused on the assessment of stability and evaluation of profitability of a company, business or project.
In this episode, we dive into five issues that are at the heart of optimizing Quote-to-Cash to Compliance with SAP Revenue Recognition and subscription management applications, including complex bundling scenarios. Closing and Reporting: How can we shorten our periodic closing cycles while assuring reporting and disclosure compliance?
To create more business impact, finance functions may need to reimagine their strategy, leadership, operating model, talent and/or technology ,” said the analyst. Quite often, however, complex and painful processes remain a major roadblock to compliance and active participation, especially around expense reporting.
A fractional CFO’s role typically falls within the scope of their financial expertise—their job is to provide that financial strategy and leadership needed to guide the operations of your business both short-term and long-term. Legal compliance is usually overseen by the company’s legal team or specialists in the field.
When stakeholders distrust data, it negatively influences the process of reporting and analytics. Being PCI compliant is incredibly important if you are regularly dealing with credit cards and financialdata. Another major roadblock in the data governance process is the problem of shadow IT. Poor Leadership.
It's more than just a compliance process, think about how to embed sustainability within your business strategy." Fouesnant concedes that investors are asking for it, and therefore a company can no longer get away with just disclosing its financialdata. Lastly, is getting companies to get past the compliance stage.
For example, companies operating in carbon-intensive sectors may face higher carbon taxes and other compliance costs, or find themselves becoming less viable to operate in the future economy,” said Lee Bing Yi , Sustainability & Climate Change Director at PwC Singapore.
The balance sheet and key financial ratios should tell the strengths and problems of the Company. It’s not easy to go through all the financialdata to identify what’s relevant and what’s not. How do you dissect complex algorithms as compared to traditional financial models?
The major tasks of a treasurer can be summed up as follows: Operations management Oversight and compliance Strategic decision-making Operations management The operational tasks of a treasurer concern financial management. These tasks include organizing financialdata into helpful reports to be presented to the other board members.
They look for strong and experienced leadership, a good track record, a product that solves a problem and fills a high demand, and intellectual property that has a ton of value and is disruptive. Tracking FinancialData -- Reporting, recording, and storing all financialdata for a startup can be overwhelming, if not a total mess.
Outsourced CFO Services: The Financial Superpower Outsourced CFO services aren’t just a nice-to-have for tech companies—they’re a must. These services bring strategic financial wizardry to the table, offering insights and leadership that fuel both growth and innovation.
Key components of digital transformation in finance include: Automation and Artificial Intelligence (AI) : Implementing AI algorithms and robotic process automation (RPA) to streamline repetitive tasks, such as data entry, customer support, and fraud detection, leading to reduced costs and increased accuracy.
Businesses can use it to generate product descriptions, performance goals with employee-specific target metrics, and narrative reporting to accompany financialdata. More than 80 countries already require it, per tax compliance provider Avalara, and other areas, including the European Union, have plans for broad adoption.
Cloud-Based Accounting Software for Future Financial Management Gone are the days of manual bookkeeping and cumbersome spreadsheets. These tools provide real-time access to your financialdata, enabling you to make informed decisions quickly. The startup was able to scale effectively while maintaining financial stability.
As AI permeates finance, questions about its compliance with audits and financial governance will arise. For instance, could financial statements generated by ChatGPT withstand audit scrutiny? Whether ChatGPT applications could pass a SOC-1 audit, a crucial certification for control over financial reporting, remains to be seen.
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