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Financial transformation has emerged as a critical imperative for organisations in 2024, driven by the need to adapt to rapidly changing economic conditions, technological advancements, and evolving business landscapes. Evolving role Historically, CFOs were the stewards of financial reporting and compliance.
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.
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 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.
Growing economic volatility will continue to add uncertainty to an already challenging and unpredictable global business environment as we head into 2023. Steering companies through the economic volatility ahead. Doing more with less will be a key priority as companies pivot from growth to finding efficiencies.
Looking ahead, I aim to continue serving on boards that focus on skills development and small business growth, as these are critical areas for economic empowerment and job creation. When I eventually retire from active employment, I envision dedicating my time to various boards, where I can share my expertise and help shape impactful programmes.
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.
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.
And while there’s no guarantee that any job will be immune to cutbacks or layoffs, some industries weather economic storms better than others. After all, people will always need financial services, whether investing their money , taking out loans, or managing their taxes. Chief Compliance Officer. Financial Examiner.
This technology drives human-centric transformation, fortifies an organisation's ecosystem position, enhances employee relationships, and builds resilience for future economic shifts." E-invoicing mandate and ESG compliance add further complexity dimensions to the priorities and challenges faced by the Office of the CFO.
How do you keep employees engaged and business thriving in an economic landscape marred by the ongoing effects of the COVID-19 pandemic on society at large? Manufacturing ERP is designed to optimize efficiency in quality and compliance. The ERP functional areas of management are extensive, as they aid almost every part of a business.
Practical Applications of Predictive Analytics in Risk Management To get started with predictive analytics, you don’t need to be a data scientist. Financial Risk Forecasting Predictive models can analyse your company’s financialdata—such as revenue patterns, cash flow, and expenses—to identify potential financial risks.
Investing in cloud-based , unified data solutions can support decision-making processes and enhance organizational agility. While transitioning from legacy systems to modern solutions can be costly, especially amid economic uncertainties, the long-term benefits justify the investment.
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.
FP&A analyst, in turn, is a promising yet developing profession that can be interesting to graduates with finance, statistics, economics or business degrees as well as to finance professionals from adjacent disciplines. Planning, budgeting and forecasting are linked together forming financial planning processes.
“Besides physical risks, companies also face transition risks from policy, technology and other socio-economic changes as the world shifts towards a low-carbon future. Furthermore, you need robust, embedded internal system controls to ensure compliance with regulatory authorities.
financial institutions as they scrambled to apply for Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. With a focus on compliance, Wolters Kluwer revealed its new solution to enable financial institutions issue PPP loans to small businesses. Wolters Kluwer.
The Importance of Education: Education is a fundamental human right and a key driver in economic development. These include carbon taxes and ETF trading schemes, emphasizing the urgency to meet data and compliance standards. However, companies are now recognizing substantial benefits beyond mere compliance with ESG mandates.
Earlier this year, Oracle identified four repeating techniques that the most ambitious and inventive organizations have used to obtain a competitive advantage and achieve significant development: business model innovation; mergers, acquisitions, and divestitures, accelerate the financial close, and developing a risk-aware culture.
Chinese consumers may even have more privacy than those in other markets, as they have more protections regarding financial apps and products outside of the typical banking ecosystem, Chorzempa explained. He described how government regulators recently chastised Alibaba for compliance troubles with its credit scoring feature, Sesame Credit.
Anticipating Financial Challenges: Strategic Measures for Corporate Finance As a CFO in South Africa or elsewhere in Africa, you’re no stranger to the financial hurdles that come your way. Economic shifts, new regulations, and technological changes constantly test your ability to keep your company financially stable.
Real-time Data Insights The advent of cloud-based accounting solutions has turned real-time financialdata availability into a reality for businesses of all sizes. In the present landscape, businesses can access up-to-date financial information at any given moment, empowering them to make well-informed decisions promptly.
FP&A candidates typically have a background in finance, accounting, or a related field and possess a combination of skills and knowledge in financial analysis, modeling, and strategic planning. Many candidates also hold advanced degrees like a Master's in Business Administration (MBA) or a Chartered Financial Analyst (CFA) designation.
There is some concern that widespread financial regulations like Basel III may lead economies to lose sight of FinTech innovation and overall economic growth. Corporates in particular are struggling with some of these financial reforms, according to research from the U.S. Chamber of Commerce released last year.
Three broad areas of special interest to the bureau were discussed – encouraging consumer-friendly innovations, the issue of consumer control over their personal financialdata and the benefits and risks of using unconventional sources of data to underwrite loans and provide access to credit to more consumers.
However, businesses cannot afford to have the integrity of their financialdata questioned at a time when investors as well as the local regulators are evidently becoming more stringent about unnecessary and unwarranted financial risks," he noted.
economic slowdown fueled by the COVID-19 pandemic is likely to continue into 2021 but could start bouncing back by mid-year as the population gets vaccinated, according to a December survey from the National Association for Business Economics (NABE). Economists: Stimulus, Vaccine Key To Full Recovery By Year-End 2021.
This startling statistic underscores the critical importance of accurate financial forecasting. By predicting future financial outcomes based on historical data, market trends, and economic indicators, small businesses can navigate uncertainty, plan for growth, and ensure long-term sustainability.
Finding the right responses to face these emerging challenges makes the difference in a complicate economic environment. Treasurers are going to have to become “data consumers”. The treasury is the depository for a mass of financialdata. To evolve, it needs to transcend its initial roles and focus more on data science.
Gather Financial Information: Collect all relevant financial information, including past financial statements, income sources, expense records, and any other financialdata. Regulatory Environment: Changes in regulations and compliance requirements can impact costs and revenue.
Futuristic Finance: Strategic Thinking for Tomorrow’s CFO In an era where rapid technological advancements and global economic shifts are the norm, Chief Financial Officers (CFOs) are not just financial stewards but strategic visionaries. This frees up time for the finance team to focus on more strategic tasks.
Exceptions will trigger AI-driven, automated audits to ensure compliance. Technology and some budget flexibility will boost confidence The theme of 2023 is doing more with less, and that will continue to be the case as economic uncertainty carries over into 2024, said Tom Lavin, Chief Controlling Officer, Marketing and Solutions.
The demand for faster payments is ringing louder than ever during the economic downturn. Pandemic-induced economic disruptions have hit small- to medium-sized businesses ( SMBs ) especially hard, and these firms must protect steady cash flows to survive. It depends on, ‘Is that customer really cash-strapped?
Asked what value AI brings to the finance team, he opined that AI and advanced algorithms can help deliver insights on ways to boost financial performance. Sanjay Patil : AI helps automate transactions and allows finance organisations to make better decisions with the data. Sanjay Patil.
We develop financial strategies, direct the finance team, liaise with auditors and regulators, and produce annual financial statements. A big part of our work is ensuring compliance with International Financial Reporting Standards (IFRS). Nicolaas van Wyk: That’s fascinating! To our listeners, please connect with Dr.
The clarion call came last week from a group of stakeholders that had convened at the World Economic Forum last at Davos in January. Elsewhere, compliance issues will dominate, and so will insurance. The result? One tailwind might push the discussion to be deeper and even more urgent: low interest rates.
At the same time, organizations must contend with evolving variables such as economic volatility, a ruthlessly competitive talent market, and an increasingly remote workforce. Additionally, reconciling financialdata with HR data can be a time-consuming and error-prone process, leading to delays and inaccuracies.
They also help nonprofit leaders maintain compliance with legal standards and tax regulations. What is a Chief Financial Officer (CFO)? As an executive-level role, the CFO is in charge of guiding the overall financial strategy of the organization. An accountant takes on a higher level of responsibility than a bookkeeper.
There is some risk to using past performance to inform your long-term plans, and this can be compounded during times of economic uncertainty. These components are also necessary for presenting data in a way that decision-makers can easily understand and use to create action plans. Your company needs to make plans for the future.
The financial close process, also known as the accounting close process or month-end close, is a series of steps undertaken by an organization to finalize its financial records for a specific accounting period. Adjustments are made to ensure that financial statements reflect the economic reality of the period being closed.
In addition, taking a systematic approach towards participating in and using industry benchmarking studies also indirectly helps advisory firm owners overcome the challenges of collecting, organizing, and comparing their firm’s data.
In particular, they must harness new tools to offer a quicker turnaround of data with key financial highlights, more robust tracking of business performance, and enhanced productivity measures,” said Wang. Automation will also allow them to respond faster to future economic changes and other possible disruptive events,” Tam added.
There is some risk to using past performance to inform your long-term plans, and this can be compounded during times of economic uncertainty. These components are also necessary for presenting data in a way that decision-makers can easily understand and use to create action plans. Your company needs to make plans for the future.
AI can also be used to conduct periodic audits to review access logs, identify anomalies, and ensure compliance with security protocols. AI-driven data-masking, protects sensitive information, which reduces insider threats. Customer exit: Clear protocols should be in place to delete data from closed accounts.
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