CFO Balancing Act
Today’s accounting, finance and audit teams face a tough balancing act. They have more risk and responsibilities, and fewer resources than any time in history. The constant tug on their time and talent keeps them continually off balance – unable to find firm footing in some critical areas. And it may only get worse.
In the last ten years, roles have expanded to include business architect, strategist, process guru, technology specialist, and regulator. And, none of the traditional accounting responsibilities have gone away.
Average operating budgets for finance and accounting departments are half of what they were just 10 years ago (less than 1% of revenue). And to further complicate matters, there are less qualified people to hire.
Numerous regulatory changes, globalization, and increasing stakeholder scrutiny is escalating business risk. Mitigating that risk creates relentless pressure on the existing workloads of CFO teams.