If your email inbox is like anyone else’s, you’ll receive constant alerts informing you of your latest arrivals. Many of your incoming emails will be research papers prepared by independent technology research companies. Many will be from professional associations or publications targeting the finance profession.
While these are often relevant and interesting to you, there don’t seem to be enough hours in the day to read these properly and absorb the information.
Besides, who needs to be told that all your financial data should be stored and managed in the cloud, when you’re struggling to comply with Sarbanes-Oxley, FRS 101 and 102 and still tackle the year-end or month-end challenge?
However, in the midst of all the daily announcements and reports, there is an increasing amount of research that should catch the attention of finance practitioners. This is the research conducted among international CEOs and CFOs, which confirms that over the last decade or so, the role of finance teams has been undergoing a transformation from collectors and keepers of company financial information to key business partners, tasked with providing internal and external information and expertise to support the management decision-making process.
The challenges facing today’s Chief Financial Officers and the functions they lead are significant, due to the demands of supporting business growth at the same time as creating sustainable wealth creation and shareholder return. Finance leaders are required to have a broad knowledge across all areas of the finance value chain, from strategy to performance measurement and reporting, to assurance, risk and compliance in order that they are able to ask the right question and ensure that performance is on track.
Anecdotally, finance teams appear to be receiving increasing requests for customised or ad hoc reports, placing an additional strain on resources that are already stretched thin.