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As such, their responsibilities include: budgeting and forecasting, managing mergers or acquisitions, and handling compliance issues. A CFO takes their financial expertise and channels it into a strategic leadership role to create financial success for the company and its stakeholders.
Evolving role Historically, CFOs were the stewards of financial reporting and compliance. This includes scenario planning, advanced forecasting, and data visualisation techniques that help stakeholders understand complex financial data, she adds.
He concedes that AI has significantly transformed finance teams by automating processes, improving forecasting, and enhancing risk management, but he notes that its effectiveness depends on access to up-to-date data.
Compliance with standards like ASC 606 and IFRS 15 is still crucial, but the focus has shifted to optimising operations for growth. For many organisations, revenue recognition is a strategic function that impacts forecasting, investor relations, and the companys financial health report. Inaccurate forecasting and reporting.
Join Claire Grosjean for a dynamic discussion on how finance leaders can leverage data-driven strategies to improve spend visibility, enhance forecasting accuracy, and drive cost optimization without losing sight of the human element that makes financial decision-making effective. Master the balance between analytics and action.
Previous episodes in this Insights Series have explored the challenges created by new Digital Solutions Economy paradigms for billing, fulfillment, invoicing, revenue accounting, and compliance across a wide range of industries. Also, monitoring renewals and upgrades is key to forecast future sales.
Accountability Isnt Admin Its Your Performance Lever For all the talk about AI-driven forecasting, real-time dashboards, and digitising the finance function, there remains one cornerstone of high-performing finance teams that no technology can replace: accountability. Compliance is non-negotiable, of course. Packs are circulated.
Your strategic business forecasting must include proper considerations for section 280E – this is essential to planning cash flow and avoiding catastrophic tax bills at year-end. In general a marijuana growing operation will have much more complex tax deduction compliance than a retail operation. What is IRS section 280E?
Now, picture the opposite: instant access to real-time financial insights, automated compliance checks, and AI-driven forecasts guiding your next move. Predictive analytics can also help companies forecast future trends, allowing them to prepare for risks and opportunities ahead of time.
Take a critical look at areas prone to audit issues—such as revenue recognition, procurement, impairment, and financial reporting—ensuring that controls in these high-risk areas meet compliance standards.
As the role of the finance leader evolves beyond compliance and control, strategic decision-making increasingly relies on the intelligent use of data. The most progressive finance teams are investing in business intelligence capabilities, leveraging dashboards, scenario models, and rolling forecasts to guide resource allocation in real time.
Maintain compliance with ongoing disclosure and transparency requirements. Implement budgeting and forecasting processes that withstand market scrutiny. Internal reporting structures and organizational charts should support these segment classifications to ensure consistency and compliance.
Data intelligence is at the heart of this transformation a critical enabler of strategic decision-making, operational efficiency, and regulatory compliance. Verma notes, "In finance, data intelligence can work as pillars to achieve better forecasting, budgeting, and strategic planning."
This issue hampers forecasting accuracy, risk management, and resource allocation. Without accurate insights, businesses struggle with forecasting, risk management, and resource allocation. This leads to better budgeting, more reliable forecasting, and stronger financial stability. Use past data to predict future performance.
Audit season presents a set of unique challenges for private equity-backed companies, particularly those that must balance the expectations of investors with the demands of compliance. Ensure that impairment analyses are completed according to audit priorities, with asset groupings and forecast data that align with GAAP standards.
Transparency is critical, particularly in a heavily regulated sector like ours, where compliance with local regulations and alignment with corporate governance are essential. The first step was conducting a comprehensive review of the budgets and forecasts, which revealed structural inefficiencies and inaccuracies in the balance sheet.
Workday Adaptive Planning aims to solve this problem by offering a cloud-based Financial Planning & Analysis (FP&A) solution with AI-powered forecasting, budgeting, and workforce planning tools. Budgeting & Forecasting - Automate budgeting processes and generate real-time financial forecasts based on live data.
This section focuses on: Approval workflows and disbursement controls Monthly reconciliations and reporting cycles Digital document retention Audit readiness and compliance planning These practices are essential to creating a trustworthy, funder-ready organization.
There are several ways companies can apply enterprise resource planning (ERP) tools that help streamline procurement, compliance, supply chain efficiency, and financial operations. ERP software links processes, allowing decision makers to plan, budget, forecast, and report on company activities with high accuracy.
Leslie Joseph , principal analyst at Forrester , believes companies must go beyond compliance checkboxes and implement robust data governance in connection with the release of the EU AI Act, as regulations will evolve, but finance teams that embed strong data and AI governance today will gain a long-term competitive edge.
As this blog series continues to explore optimizing quote-to-cash (QTC) to compliance for different industries, in this episode we dive into the special challenges faced by companies in the telecom sector and address how solutions in the SAP portfolio help overcome them.
Additionally, I worked for a South African company that exported its products internationally, giving me exposure to the complexities of global trade and compliance. What stood out to me most in these experiences is the importance of adaptability and cultural awareness.
If I was to give you a little bit more color on what that means, we leverage demand forecasting to help businesses schedule the right number of employees at the right time. Our compliance tools ensure (that) our customers are adhering to everything compliance-relatedbreak policies, overtime regulations, wage rules.
For example, AI automates risk management and cash forecasting processes using machine learning to generate more accurate and timely predictions,” he elaborates. Finance teams should establish a framework that incorporates regulatory requirements into their AI systems, utilising automated compliance checks and reporting tools.
So, what does good governance really mean, and how can you leverage it not just for compliance, but for control, credibility, and competitive edge? Its embedded in the decisions you make daily, how forecasts are drawn up, how risks are flagged (or not), how whistleblowers are treated, and how openly performance is reported.
In the fast-paced world of small business, precise financial forecasting is not merely advantageous—it’s essential. This startling statistic underscores the critical importance of accurate financial forecasting. Let’s dive into the essentials of financial forecasting and how it can revolutionize your business strategy.
FIS Trading Compliance Manager presents a comprehensive view of an order life cycle, meeting all trading compliance needs in one solution. The tool provides a holistic view of cross-asset trading, portfolio management, and investment risk. Technology has revolutionized the way businesses manage currency risk.
Organisations that effectively harness these innovations expect to see marked efficiency improvements, facilitate more rapid adherence to evolving compliance regulations , and remain competitive in a fast-evolving market. It empowers finance leaders to forecast financial trends, optimise cash flow , and improve capital allocation.
Operational Accounting vs Compliance Accounting One useful way to sort out the accounting landscape is to consider the differences between "operational" and "compliance" accounting responsibilities. Compliance Accounting is more focused on areas such as revenue recognition, closing processes, disclosure reporting, ESG compliance, etc.
Financial models are essential for organizations, helping forecast financial performance using historical data and future projections. This practice allows businesses, investors, and finance professionals to evaluate investment opportunities, assess risks, forecast future scenarios, and support strategic decision-making.
Outsourced Tax Accounting Services Ensure Compliance and Savings Navigating the labyrinth of tax regulations can be daunting for any business. Outsourced tax accounting services provide expert advice, ensuring compliance and optimizing tax strategies. Get strategic financial oversight with fractional CFO services.
A controller primarily oversees accounting processes, ensuring accurate financial records and compliance with regulations. Purpose of the Role The controller ensures financial reporting compliance and accuracy while preventing and detecting fraud. Strategic Planning and Forecasting CFOs create long-term financial plans and forecasts.
Maintaining accurate records across a diversified portfolio can be a considerable challenge in terms of compliance, transparency, and risk. Financial governance allows your organization to meet compliance requirements, such as IFRS and GAAP updates, by having the right financial controls in place.
Create a cash flow forecast Effective cash flow management and forecasting remains a cornerstone for business success,as it can help you anticipate your companys financial needs and ensure the stability of your operations throughout the year.
It was said there were compliance issues tied to data processing regulations that might have kept the payment service from rolling out by the end of 2019 as had been forecast. In October, reports surfaced that the introduction of WhatsApp Pay India might face a delay.
What Every CFO Should Know to Protect the Business (and Their Career) You dont need to be an actuary or compliance expert to understand risk. While many executives associate risk with compliance departments or specialist consultants, CFOs dont have the luxury of passing the buck. The board expects more. The market demands more.
Compliance is tightening. That means you need to: Speak up early in strategy sessions Build forecasting models that show impact , not just inputs Lead cost reviews that enable growth , not just cut fat Champion investment in the right areas (yes, even when its uncomfortable) You dont have to be the loudest voice in the room.
The budget and forecast should reflect the Company’s plans, visions, expectations and educated guesses on the market trends. For finance leaders, Gen AI can help in cash flow projections, impact analysis for tax strategies, forecast outcomes for mergers and acquisitions and even various scenarios of capital planning.
Automating and streamlining tasks related to budgeting, cost and cash management, activity-based costing, and other accounting or finance functions also helps ensure compliance with financial regulations. Manufacturing ERP is designed to optimize efficiency in quality and compliance.
Enhanced Visibility: Companies gain detailed insights into their telecom spending, enabling better budgeting and forecasting. Compliance and Risk Management: TEM helps organizations comply with regulations while managing risks associated with telecom services and contracts.
And in a world where compliance failures, bad calls, and poor forecasting can cost you your job, it gives you cover and confidence. Why It Matters to Youand Your Career This isnt just about operational efficiency. Clean, controlled data protects your reputation. It makes your reports more credible.
Thats why businesses need rolling forecasts instead of rigid budgets. Instead of setting a financial plan in stone for 12 months and hoping for the best, rolling forecasts allow businesses to update their budgets every few months based on real-time data. Predictive analytics Past sales patterns can help forecast future demand.
During turbulent times, your business can forecast and do scenario planning for the future with our forecasting and scenario planning tools at Centage. What Is Financial Forecasting? It is important to keep a forecast up to date as forecasting further out increases the chance of inaccuracies.
Contract management: AI can analyze contracts, highlight key terms and conditions, and ensure compliance with pricing agreements, helping businesses avoid unexpected costs. Forecasting and budgeting: AI can predict future technology expenses based on historical data, allowing organizations to make more accurate financial plans.
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