Vladimír Urbánek (Kurzy.cz)
Business  |  January 30, 2013 13:43:58

CFOs are still on alert


Joint Research Association of Chartered Certified Accountants (ACCA) and the Canadian Institute of Management Accountants (IMA) has confirmed that reducing costs is for 50% of CFOs primary objective in 2013. Along with reducing costs, the financial projections second and third most important processes controlling the activities of the CFO - for more than 40% of them. State regulation and taxation attaches importance only 20% of CFOs. In financial departments so in 2013 reflected the continuing uncertainty in the economy.
The survey involved 361 financial leaders, including financial managers, financial vice presidents for finance and financial managers. Fourteen percent of respondents are from companies with a turnover of more than $ 1 billion a year.

Barriers to effective financial management

Respondents also expressed the main obstacles to efficiency in the management of corporate finance. The biggest obstacle is and will be excessive demands on CFOs. This applies particularly to formulate priorities for addressing financial problems. CFOs see these requirements as essential, but their long-term performance and fully unrealistic.
The cause of low efficiency in finance company further 40% of CFOs associated with inadequate IT infrastructure. The third most significant barrier in efficiency is needed to meet growing demands for information from management through both traditional as well as analyzing the use of predictive analytics. Decisive factors here considered 35% of CFOs.
The most important skills and current position of Chief Financial Officer
Financial planning and analysis, according to a survey ACCA and IMA most important skills you should fucking had CFO meet. 55% of CFOs evaluate it as important. Communication skills and ability to influence the company in terms of reputation is considered the second most important skill and that for 53% of financial managers.
At present, changes the role of the CFO in the company, which carries greater decision-making responsibility in view of setting priorities to the external environment of the company. This is related to the overall knowledge of the business activities of a company associated with trading risks, you CFOs recognize and consider it as their third most important skill of nearly 40%.

The financial managers spend their time

ACCA and IMA survey clearly shows that not only the relationship with auditors and bankers, as well as with customers and suppliers play an important role in the effective implementation of their financial goals. Interconnection with the above, but also investors, tax authorities, regulators, government, analysts, the media and the other, remains significant.This confirms the growing interest of companies to participate effectively in the whole supply chain, which includes all these partners. Media and Corporate Social Responsibility terminate a list of the most important partners of companies by the CFO.

Among the key activities CFOs play a prim business analysis and financial planning. They are important for their daily work and decision making. Of their total working time is involved 30 percent.The actual financial transactions are another key area that CFOs spend fewer than 22% of their time. With them, aligns and control costs, estimated future development and controls the flow of working capital. The remaining time CFOs use almost evenly for risk management, formal statements, development strategy and the least of their time (10%) spend business financing.

Vitezslav Horak

PR consultant, Weber Shandwick

Katerina Benesova
ACCA Director for the Czech Republic, Slovakia and Hungary

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