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Global Finance: Can you briefly describe what your model does? Weve got what we think is a rather exciting model, which we describe in a working paper, that helps forecast in advance the likelihood that a firm will go on to commit accounting fraud. We can forecast restatements with quite a high level of accuracy.
The finance function must adapt to digital disruption, integrating automation and real-time data analysis to enhance decision-making processes. CFOs are expected to manage financial risks and drive strategic growth initiatives. Evolving role Historically, CFOs were the stewards of financialreporting and compliance.
Did you know that 96% of finance teams still rely on spreadsheets for planning and 93% rely on them for reporting? I dont about you, but its pretty surprising to see spreadsheets dominating in AFPs 2025 FP&A Benchmarking Survey Report. For many finance teams, the spreadsheet trap is a hard habit to break.
FinancialReports 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Data Imagine running a business where financial decisions feel like guessworkwaiting weeks for reports, struggling with outdated data, and constantly fearing human error.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).
Finance teams are drowning in data—but is it actually helping them spend smarter? While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise. Master the balance between analytics and action.
The Future of Finance and Sustainability with Elizabeth Burns The evolving demands of sustainability and financial performance are reshaping the role of CFOs in the energy sector. Elizabeth’s approach offers practical lessons for finance leaders navigating this complex and dynamic landscape.
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. A recent report by McKinsey estimates that automation could potentially displace up to 30% of work activities in finance and accounting.
Why Accurate and Granular or Detailed FinancialReporting is Imperative During Times of Volatility. Which is why today it’s more important than ever to have a strong, accurate financialreporting process so you can make key decisions for your business in the days, weeks and months ahead. Beyond Static Reports.
Despite the basic truth that businesses need to be future looking if they hope to succeed, traditional financialreporting has typically focused on what’s happened in the past and present. Moreover, getting futuristic with financialforecasting can aid in risk assessment and help companies avoid costly mistakes.
Recognizing that organizations with access to and insights into the most data have the best chance of weathering the downturn, savvy business owners are taking steps to improve their financialreporting. Key FinancialReports to Run. The Importance of Automated FinancialReporting.
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This enhances the accuracy and timeliness of financial disclosures, fostering trust. Prioritize Comprehensive Reporting: Provide detailed and transparent financialreports that highlight key insights and future forecasts. This transparency builds confidence amongst stakeholders.
With rolling forecasts, businesses can gain better insight while aligning their sales and production goals with what’s actually happening from a financial perspective. Read on to discover the benefits of rolling budgeting, rolling financialforecasting, and mid-year forecasts for your business. Watch Demo.
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.
While no one can predict what the market will do, accurate forecasts can help you anticipate impacts to sales, investments, and personnel. To achieve this, you need a cloud-based financialreporting software that can support frequent forecasting, scenario planning, and reporting. Learn More.
If your board asked you to run new numbers based on fresh assumptions, it took you days or weeks to create a new set of reports. But times have changed – which is why financialforecasting is more important than your annual budget. More than half (57%) are producing P&L forecasts more often than monthly.
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Members’ Profile: Anne-Marie de Bruin In this edition of CFO Club Africa’s Members Spotlight, we are introducing Anne-Marie de Bruin, a highly experienced finance professional and the freelance Financial Manager at AM Cross Country Consulting.
Young people usually choose their career in finance as it seems to be rather easy to measure success: there is a beaten path from an entry-level accountant/auditor or financial analyst to finance manager and later to CFO. This is the reason for many graduates to pick finance as their career. Finance field is no exception.
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. And while the finance industry has seen its share of ups and downs over the years, it generally bounces back fairly quickly after a downturn.
This accessible program can accomplish various tasks, such as financialforecasting and budgeting. If your business has used Excel for financialforecasting, you may have found some challenges with the program. However, there can be some disadvantages to using Excel for your company’s financialforecasting.
Built with a spreadsheet-style interface, it provides businesses with a centralized financial planning solution, reducing reliance on manual data entry while enhancing automation and accuracy. Prophix is best suited for mid-sized and large enterprises that require a scalable, cloud-based financial solution. Who Its Meant For?
Financial models are essential for organizations, helping forecastfinancial performance using historical data and future projections. Financial modeling involves creating a mathematical representation of a company's financial situation, typically using tools like Excel.
S&P forecasts that Asia-Pacific will achieve real growth of 3.5% Technology has made financialreporting easy for everyone involved in the process, from the finance and accounts team preparing reports to the regulators, investors, and others who use those reports. in 2023 while Europe and the U.S.
Despite these favorable conditions, successful IPOs require meticulous preparation, robust financialreporting, and a governance framework that instills investor confidence. Companies must ensure they are operationally, financially, and strategically ready for the transition to public markets.
Financialreporting is a critical task for any organization. Understanding where your actual financials stand in relation to budgets and projections is important to keeping your business on track and in helping to create new projections and budgets. When using spreadsheets for financialreporting, these errors are amplified.
Financialreporting is meant to give stakeholders an accurate depiction of a company’s finances. Instead, they are learning how to legitimately run the company and make better decisions using financial information. Ready to learn a better way to visualize and present financialreporting?
Once again 2022 was not a boring year, both for world events and finance in particular, and the growing number of readers and widely diverse range of topics attests to that. Here at the Finance Weekly, we compiled a list of the five most read articles of 2022: 1) Cloud FP&A Software Solution Comparison – The Complete Guide.
In response, 82% of CFOs report that investments in digital are accelerating faster than in other areas, including talent, supply chain, business services or fixed assets. What does this mean to the finance and accounting team of 2022? The next stages of digital transformation will drive this growing demand for multi-skilled talent.
Future-forward finance and accounting organizations were quick to embrace robotic process automation (RPA) years ago to manage mundane, repetitive back-office tasks like data entry and routine financialreporting. AI is a tool and not a replacement for finance professionals.
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In the past, there was little opportunity for close collaboration between the functions of finance and IT. According to , Jim Caci , CFO of software-as-a-service (SaaS) and data management platform provider AvePoint, the collaboration between finance and IT is essential for any company looking to grow.
Did you know that 47% of businesses still rely on spreadsheets for financial planning, despite the risks of errors and inefficiencies? 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.
Diverse Teams, Unified Goals: Managing Multifaceted Finance Staff In today’s dynamic business environment, finance teams have evolved into diverse groups with different skills, experiences, and perspectives. As CFO, you need to articulate a clear financial vision that transcends individual tasks and roles.
Part of that effort requires a deep dive into the overall financial health of your organization. That includes analyzing key financial metrics as part of the financialreporting and analysis process to see where you are today to determine where you want to be tomorrow (and how to get there!).
Implement driver-based forecasting that links operational metrics to financial outcomes. Ensure FP&A leaders participate in performance reviews, business health assessments, and financial insights to enable more informed decision-making. Solution: Implement rolling forecasts to enhance agility and adaptability.
The horrors are real when it comes to financialreporting. The worst part is that without the proper technology to help streamline and integrate financialreporting processes, your business will continue to have cascading errors, which will eventually result in the worst of all horrors: performance bottlenecking.
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Take a critical look at areas prone to audit issues—such as revenue recognition, procurement, impairment, and financialreporting—ensuring that controls in these high-risk areas meet compliance standards.
A finance software stack is a list of top solutions that will produce the best results for finance teams. Finance is responsible for a large number of critical operations in a business. Here are the 7 best finance software solutions broken down into different categories: 1) Accounting. Low implementation times.
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.
For example, AI automates risk management and cash forecasting processes using machine learning to generate more accurate and timely predictions,” he elaborates. These tools enable finance teams to simulate various scenarios, assess potential impacts, and develop contingency plans.
Despite the basic truth that businesses need to be future looking if they hope to succeed, traditional financialreporting has typically focused on what’s happened in the past and present. Moreover, getting futuristic with financialforecasting can aid in risk assessment and help companies avoid costly mistakes.
The growing variety and complexity of tasks within the finance function has resulted in the creation of a discipline that is supposed to become a bridge between the finance and business to support decision-making process by leveraging data and technology. This relates to FP&A which stands for financial planning and analysis.
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