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CFO Innovation, Oct 12, 2016 5. Memo to the CFO: Get in front of digital finance – or get left back, McKinsey & Company, July 2018 8. Only 25% of FP&A teams ’ time is devoted to value-addedanalysis. People FP&A team in general is not numerous with a median number of staff equaling to 5.
The New Jersey Chapter of the CFO Leadership Council held a panel discussion on “Attracting and Retaining Top Talent.” The panelist expressed concern that the CFO needs to balance creating an organizational culture that is both attractive to Millennials and one that is not offensive to older staff members.
The advantage for companies with a fast close process is that they can spend more time on value-addedanalysis and decision making – and deliver information faster to both internal and external stakeholders. Then when a last-minute change is made to a number or comment, it must be manually updated in multiple places.
A growing number of organizations are moving away from the annual budgeting process and finding better ways to plan and control their resources. Since then, the Beyond Budgeting concept has steadily gained momentum, with increasing recognition in financial publications, such as CFO Magazine and the Journal of Accountancy.
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