Posted by Ryan Senter on Thursday, December 5, 2013 - 00:00
What are the priorities for CFOs and finance departments heading into the new year? Protiviti recently published the 2014 Finance Priorities Survey, the results of which highlight a number of very interesting areas that are likely to dominate the agendas of CFOs and finance functions over the next 12 months.
Among the highlights:
There is a strong focus on managing cash flow and working capital effectively and efficiently – Bottom line, as we continue to see in the market, organizations are looking to streamline their financial transaction processes and systems to the fullest extent possible. Not surprisingly, many of our respondents noted that "cash is king."
Healthcare reform in the United States is having predictable effects – As expected, CFOs and finance departments have a lot of questions, and are being asked a lot of questions, about the Affordable Care Act, from compliance requirements to short-term and long-term costs.
"We need to continue improving and streamlining our financial close" – Finance functions, and especially executive management within their organizations, continue to seek ways to improve and enhance account reconciliations and financial consolidation processes, with the goal to be as efficient as possible.
Finance functions are intensifying their focus on strategic planning and profitability analysis – Harnessing business intelligence and big data remains critical for strategic planning, forecasting, budgeting and profitability analysis. CFOs and finance teams are being called upon to understand in minute detail the financial performance of product and service lines, as well as profitability among specific customer segments and sales channels. These efforts help to strengthen executive management’s strategic decision-making regarding short and long-term investments.
I invite you to visit protiviti.com/financesurvey, where you can download a complimentary copy of Protiviti's survey report, and listen to an informative podcast featuring Protiviti managing directors Gary Callaghan and Chris Wright. You also can access our infographic and video featuring highlights of the results from Protiviti's survey on the site and by clicking on the images in this post.