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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.
The coming together of private equity and technology is redefining how organizations operate, innovate, and compete. For private equity backed firms, adopting cutting-edge technological solutions is not just an advantageits a necessity for maximizing efficiency, driving growth, and maintaining a competitive edge.
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.
No longer confined to traditional financial management, CFOs now play a pivotal role in safeguarding their organizations against increasingly sophisticated cyber threats. As stewards of financialdata, CFOs must prioritize cybersecurity measures to ensure the security of sensitive information and maintain client trust.
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.
Financial Reports That Dont Age Like Milk: The Power of Real-Time Data Imagine running a business where financial decisions feel like guessworkwaiting weeks for reports, struggling with outdated data, and constantly fearing human error. This is the power of Financial Information Systems (FIS).
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). Knowing the specific rules for your industry helps you prepare in advance and avoid compliance issues. This saves time and reduces the risk of mistakes.
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.
This blog post provides an overview of these major waves of change based Bramasol's more than 27 years of working closely with CFOs and their stakeholders across many industry segments and technology innovation cycles. They are expected to provide financial leadership and insight into the organization's strategic direction.
Numbers Never Lie but They Rarely Tell the Whole Story For too long, financial analysis has been seen as a back-office functionprocessing numbers, producing reports, and ensuring compliance. In some organisations, questioning financialdata is seen as criticism rather than an opportunity for improvement. The problem?
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.
Technological advancements, evolving market demands, and a heightened focus on sustainability are converging to reshape the finance landscape. The rapid pace of technological change and the growing importance of ESG have created a demand for new skills that are often in short supply. The finance function is undergoing a seismic shift.
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. Present financialdata with clear charts for faster decision-making.
A new survey shows that an increasing number of mergers and acquisitions (M&As) are not going through because of concerns over General Data Protection Regulation (GDPR) compliance.
Africa And Middle East MNT-Halan MNT-Halan developed innovative technology that provides a digital solution for unbanked populations. Moody’s Research Assistant is an add-on to CreditView that combines genAI with Moody’s proprietary data. The resulting products have driven digital engagement, customer retention and market share.
The coming together of private equity and technology is redefining how organizations operate, innovate, and compete. For private equity backed firms, adopting cutting-edge technological solutions is not just an advantageits a necessity for maximizing efficiency, driving growth, and maintaining a competitive edge.
The coming together of private equity and technology is redefining how organizations operate, innovate, and compete. For private equity backed firms, adopting cutting-edge technological solutions is not just an advantageits a necessity for maximizing efficiency, driving growth, and maintaining a competitive edge.
Other regulations adding weight to financial service providers’ compliance burden include Europe’s PSD2 and the U.K.’s ’s Open Banking , which promote end-customer ownership of financialdata and enable those customers to allow for banks to share their financialdata with third-party service providers.
In today’s rapidly evolving business landscape, the integration of technology into accounting practices has shifted from a luxury to a necessity. With the demands of modern businesses continuously growing, leveraging technology to streamline accounting processes is crucial for maintaining accuracy, efficiency, and competitiveness.
Luckily, modern accounting software and other bookkeeping technologies can help you keep up with day-to-day bookkeeping, reporting, and accounting tasks more efficiently. Build Trust with Donors and Stakeholders An efficient bookkeeping system improves the financial transparency and accountability of your organization with donors.
They value transparency, ease of use, and personalization, putting pressure on asset managers to adopt new technologies and pivot from traditional relationship models. Real-time data access Millennials and gen Z clients have high expectations for immediacy in financial information.
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.
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. ESG integration has transitioned into standard business practice,” she adds.
Enterprise cloud migrations have opened up the ability for smaller businesses to adopt ERP technology once reserved for the largest corporates. At the same time, a surge in third-party financial platforms has disrupted the flow of data into the ERP, disbursing information throughout the back office. Modernizing the ERP.
While artificial intelligence was already promising profound changes in the traditional banking business model, the latest innovation in the technology—generative AI—portends a multisensory revolution in banking services. Evolution Or Revolution? And there is also the question whether they are nimble enough.
Each step has enriched my experience, solidified my commitment to public sector finance, and prepared me for ongoing contributions to governance and skills development. When you’re young, focus on deeply understanding the core accounting principles, financial reporting, and regulatory compliance.
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. The Key To Compliance Is Data.
Administrative Costs : Operational essentials such as technology, office supplies, and HR fall into this category. Monitor Restricted Funds : Ensure compliance with donor restrictions to avoid operational bottlenecks and keep programs funded appropriately. Program Expenses : These are the costs directly tied to delivering your mission.
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. “With cloud technology, you take away the barriers of traditional enterprise infrastructure. But data can quickly turn into a burden.
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. Chee Kien Loh These challenges create three major issues that every CFO is familiar with.
Mark D McDonald “Just like any disruptive technology throughout history, AI will inevitably displace and replace some roles and skills, but new roles, skills, and opportunities will also emerge." What level of maturity in terms of experience at work and in the use of technology should a finance person have for AI to make a difference?
“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. Technology enables ESG initiatives. These technologies don't stand alone. The post CFOs must embrace sustainability mandate appeared first on FutureCFO.
As the nation’s traditional financial institutions struggle to cope, alternative lending platforms and other B2B FinTechs are exploring how to put their own technologies to good use. Bottomline Technologies. Wolters Kluwer.
Rigid data silos have been replaced with more fluid methods of working as technology-enabled collaboration provides a comprehensive, company-wide, real-time overview for agility when plans change. Provide continuing education programs to build resilience and prevent resistance toward new technologies.
Whether it’s streamlining financial reporting, enhancing data accuracy, or ensuring compliance with South African regulatory standards, clearly defining these objectives will guide the entire design process. Choosing the Right Software and Technology Selecting the appropriate financial software is a critical decision.
In addition, 88% of Singapore C-suite and finance leaders chose GenAI as one of the key technologies that will help strengthen business resilience in a survey we conducted with Censuswide last year. NP: Training AI models to understand and interpret complex financialdata accurately requires dedicated time and resources.
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.
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?
Employment numbers for Financial Managers are expected to rise by 17% over the next decade, faster than the average for all occupations. Chief Compliance Officer. A chief compliance officer ensures financial institutions adhere to all applicable laws and regulations. Financial Examiner. Insurance Advisor.
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.
In a survey by FloQast, more than 60% of accountants reported that technology is more important to their job satisfaction today than it was two to three years ago, with 43% being “extremely likely” to ask about technology in a job interview. Making this a reality starts with accurate, real-time, and expansive financialdata.
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.
The demand for mobile wallets, online banking services, and the increasing adoption of digital technologies has led to the expansion of the financial applications market in Asia/Pacific. Companies are increasingly seeking secure and compliant solutions to manage their financialdata.
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?
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