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Finance leadership is undoubtedly not a cakewalk, as it involves various roles for the organisation to grow and drive value. Chief finance officers now work as strategic advisors to the C-suite team, with specific strategies at hand to bring in innovation for the company as a whole.
At the FutureCFO Conference series, organised by Cxociety, finance leaders in Indonesia, Malaysia, Singapore, the Philippines and Thailand ranked automation and degitalisation (80%), investing in talent and employee development (58%) and continuous innovation (47%) as the top three strategies most important to sustainable growth in 2024.
Using Predictive Analytics in RiskManagement In today’s fast-paced business environment, managingrisks effectively is more critical than ever. CFOs are tasked with not only safeguarding the financial health of their organisations but also navigating uncertainties that could impact business performance.
The finance function is undergoing a seismic shift. Technological advancements, evolving market demands, and a heightened focus on sustainability are converging to reshape the finance landscape. CFOs, controllers, and management accountants must embrace agility and foresight to thrive in this dynamic environment.
As AI is piloted and adopted across all aspects of the personal and business banking landscape, Global Finance held a Digital Banking and AI Innovation panel in London with global financial industry leaders to explore the impact of new technologies and how to incorporate them in a way that creates a win-win for all stakeholders.
Modular systems and automation are revolutionizing FX riskmanagement, enhancing visibility, agility, and adaptability. Global Finance: How does FX management benefit from modular solution architecture? Risk assessment is the next critical step. GF: Why is advanced connectivity so important to FX riskmanagement?
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.
This issue hampers forecasting accuracy, riskmanagement, and resource allocation. Bad data, inaccessible information, and outdated processes make FP&A more difficult. Without accurate insights, businesses struggle with forecasting, riskmanagement, and resource allocation.
The finance team can make this possible through the management of associated risks with AI, as it plays a greater role in the accounting and financial reporting of businesses. Now, beyond interpreting financialdata, we’re now also embracing sustainability reporting and assurance – a rapidly growing field."
Fortunately, modern cash management solutions have stepped in to simplify these challenges, offering businesses the tools they need to stay on top of their finances. One of the major trends in this space is the ability to connect bank accounts seamlessly, providing real-time visibility into your financial status.
Artificial intelligence (AI) is changing financial planning and how industries operate. According to NVIDIA, 91% of financial companies are already using or testing AI. AI automates tasks such as data entry and modeling, enabling finance teams to focus on analysis and strategy.
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. What sparked your interest in finance?
One industry that tends to be recession-resistant is finance. After all, people will always need financial services, whether investing their money , taking out loans, or managing their taxes. If you’re considering a career in finance, you’re probably wondering what the best-paying jobs are. Chief Financial Officer.
What does this mean to the finance and accounting team of 2022? According to Gartner , finance leaders anticipate a greater percentage of their time will be spent in improving flexibility of budgeting & forecasting (58%), closely followed by developing digital skills (56%) and redefining employee value proposition in hybrid environments.
As banks look to streamline access to finance or make it easier to safely share financial information with apps, Barclays Business Banking and Wells Fargo are joining forces with FinTechs on digital initiatives. PYMNTS rounds up the latest partnerships and initiatives below. Barclays & Propel. Wells Fargo & Envestnet.
Editor’s note: GenAI adoption is touted to bring benefits to enterprises and their finance functions. IDC forecasts that the APAC GenAI market will grow by 85% CAGR from 2022 to 2027, with the financial services industry as one of the leading adopters.
AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals.
Gartner says finance transformation encompasses strategic initiatives designed to revolutionise the way the corporate finance function manages its strategy, processes, internal controls, and financial reporting. CFOs must accelerate their finance transformation journey towards autonomous finance or risk falling behind.
It is changing how businesses deal with Enterprise RiskManagement (ERM), and AI algorithms can always watch for risks. AI can look at lots of data, find patterns, and predict risks. AI also does tasks automatically and saves time for riskmanagers. They can then plan and stop problems more actively.
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.
While the job has always had a strong risk-management component, the basic task was simple: making sure the company has cash available, when and where it’s needed. By tapping into advanced analytical tools, treasury teams can uncover far deeper insights from their increasingly vast volumes of financialdata.” Not anymore.
The digitalization of the treasury function, itself part of the modernization of the finance function, was ranked second. Here again, it seems to us that the need to dematerialize, digitize and automate is logical to make companies more resilient and efficient in their financialmanagement.
With an increasing focus on climate-related riskmanagement and disclosures, including those under the Taskforce on Climate-Related Financial Disclosures (TCFD) framework, companies are recognising that climate change also has an impact on their businesses, operations and financials.
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.
A business’ finance and accounting departments look up to the CFO for guidance—especially now, in light of the unexpected nature of the past two years’ fluctuations. This considered, the role of CFOs in contingency planning and crisis management is indispensable. RiskManagement and Leadership.
AI is , transforming the finance sector, especially in financial planning and analysis (FP&A). AI integration in their FP&A function brings various positive outcomes: AI algorithms boost efficiency by swiftly handling large amounts of financialdata, reducing the , risk of errors , and enhancing data integrity.
Digital transformation in finance refers to the process of integrating digital technologies and innovations into all aspects of financial services and operations within a financial institution or organization. What is a Goal of Digital Transformation in Finance?
Im passionate about lifelong learning, so I dedicate time to explore how the latest tools can solve real-world business problems and revolutionise industries like finance and supply chain management. FutureCFO: What excites you the most when you work with CFOs and finance functions?
Purpose of the Role The controller ensures financial reporting compliance and accuracy while preventing and detecting fraud. The CFO is a strategic financial leader of the organization. They collaborate with executives, investors, and the finance team to managerisk, choose investments, and collaborate on strategic decisions.
The rise in digital transformation (DX) initiatives and the adoption of mobile technologies have also contributed to the demand for cloud-based financial applications in Asia/Pacific. Companies are increasingly seeking secure and compliant solutions to manage their financialdata.
Every interaction — from ATM withdrawals to loan applications — provides FIs with valuable data about customers’ financial lifestyles. Banks can even harness external regulatory, trading and social media engagement data, all of which can be processed and analyzed to benefit their operations. Data Analytics Behind the Scenes.
AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals.
Keep reading for best practices for impressing owners and employees alike as a new chief financial officer. Marry Finance With Strategy It’s not enough to provide accurate financialdata. Begin by evaluating the type and scope of risks faced by your business.
Members’ Profile: Yvonne Dias In this edition of CFO Club Africa’s Members Spotlight, we are introducing Yvonne Dias, the Group CFO at MINT Management Technologies. With a vision to integrate AI and automation into business operations, Yvonne’s story provides valuable insights and inspiration for finance professionals across Africa.
But Michael Ellis, head of commercial at Equiniti Group’s EQ Riskfactor , said the market is also quickly discovering that lenders themselves can benefit from unlocking data to improve SMB financing operations, and the U.K.’s A Win-Win for Banks and SMBs. ” The U.S.’s ’s Open Banking Path.
Practical Example: A medium-sized manufacturing company with a public interest score of 350 must ensure that its AFS is audited and submitted to the Companies and Intellectual Property Commission (CIPC) within six months of the financial year-end. Failure to comply can lead to penalties and reputational damage.
It is an undeniable fact that chief financial officers now must face matters on sustainability and dedicate ample time to understand the importance of sustainability reporting to harness potential benefits in operations and decision-making procedures.
This is especially true in finance-related functions like accounting, procurement, payroll and treasury, and a new survey from Workday suggests chief financial officers are recognizing the opportunities in a more collaborative approach to their positions.
As a major part of an organisation, finance leaders are tasked to face various challenges within the finance function to keep the business afloat. They are asked to drive long-term value while finding short-term cost efficiencies as well as to reinvent the finance function while doing more with less,” he says.
Late last month, Mastercard revealed it had reached a deal to acquire Finicity , a company that provides real-time access to financialdata, PYMNTS reported. Allica will be targeting small- to medium-sized businesses (SMBs) and, through Profile, has integrated technology to manage banking and riskmanagement operations.
Within the SAP ecosystem, Parallel Accounting is supported by the following financial application components: Financial Accounting (FI). Treasury and RiskManagement (TRM). Asset Accounting (FI-AA). Controlling (CO). Inventory Accounting (MM and ML).
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. Candidates should be able to connect financialdata to broader business strategies.
Get Expert Tax Consulting Today Embrace Digital Accounting Solutions Digital accounting solutions have revolutionized the way small businesses manage their finances. Platforms like QuickBooks and Xero provide real-time insights into financialdata, enabling more informed decision-making and efficient tax preparation.
One of the key challenges is, of course, that financialdata is not necessarily collected or easily accessible. There, of course, remain some issues to be handled that are partly cultural, and Biz2Credit is aware of what gaps exist in reaching out to nascent businesses, said Arora.
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