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When he succeeds Crawford, his remits will include heading treasury and control functions, financial planning and analysis, investor relations, corporate development and strategy, vendormanagement and corporate real estate.
Establish VendorManagement Protocols : CFOs should establish clear vendormanagement protocols, including thorough due diligence, contract negotiation, and performance evaluation. CFOs should foster a culture of financial responsibility and engage stakeholders in cost reduction initiatives and process improvements.
The rise of the gig economy means companies can access a wide array of vendors, but an increasing volume of suppliers can lead to complications in the accounts payable department, the company explained, adding that the average large enterprise sees 90 percent of service vendors accounting for just 5 percent of overall spend.
Accrualify provides procure-to-pay solutions, including vendormanagement, accounting, spend management and other features, looking to fill gaps left by other P2P solutions. The firm provides add-on services, including invoice automation, payments, purchase order management and accrual management.
Among a CFO’s many duties is selecting and managing the company’s key vendors. Typically, these include banks and other capital providers, investment advisors, key software vendors, insurers, benefits and retirement services brokers, HR/payroll service providers, and audit and tax experts.
Organizational Alignment: Integrating leadership, corporate structure, and culture to ensure a unified vision and smooth decision-making. Align leadership and key stakeholders by ensuring shared expectations and transparent communication. Identify cultural differences early through leadership assessments and employee feedback.
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