CFOs and senior finance executives are dealing with a growing number of responsibilities and demands as a result of the novel coronavirus pandemic, according to a new report.
The report, from consulting firm Protiviti, found that the pandemic has been a wake-up call to finance departments that weren’t already investing, or weren’t investing enough, in cloud-based systems as they have struggled to shift to the remote work environment. Eighty percent of the 1,057 finance leaders surveyed ranked security and privacy of data as a top priority, while 78 percent cited enhanced data analytics, and 72 percent cited cloud-based applications.
Burcu Bree Manay is founder and managing partner of Manay CPA. She serves on the board of the Georgia Chamber of Commerce and is a member of the Forbes Business Council. She is a CPA and Certified Tax Coach with about 25 years of professional accounting, financial planning, tax and business consultancy experience in various U.S. and international sectors.
Gurpreet Chaggar is an associate product marketing manager at Prophix. She joined the company in 2019 as an implementation consultant, where she developed a deep understanding of Prophix's solutions and the impact Prophix has on helping clients optimize business outcomes.
Heather Robison is a marketing manager, strategist and facilitator at Boomer Consulting Inc., where she works with accounting firm leaders to rethink how marketing and business development drive sustainable growth. She leads the Boomer Marketing and Business Development Circle, where she facilitates peer-driven conversations and surfaces patterns from top-performing firms.
Of those respondents who are CFOs and vice presidents of finance, 72 percent ranked cloud-based applications as a top priority to address over the next 12 months. Seventeen percent ranked cloud-based applications as the most important finance priority for their organizations to address, signifying a big jump from the 8 percent of respondents who indicated so in a similar survey by Protiviti last year.
“Having the right technology infrastructure and cloud capabilities is now considered a baseline in order to operate effectively and efficiently and will continue to be as organizations move into a hybrid work environment,” said Chris Wright, managing director and global leader of Protiviti’s Business Performance Improvement practice, in a statement. “COVID-19 disruptions underscored the critical nature of a truly digital finance workforce and companies without advanced technologies and digital processes faced a difficult transition to remote work. We’re now seeing an increasing number of boards and CEOs tap their finance leaders for guidance about whether their organization is allocating enough resources to their technology infrastructure.”
Labor models are changing, in part as a result of the pandemic, with 18 percent of the finance leaders surveyed saying their organizations are relying on managed services providers, while 29 percent are augmenting their staff to handle financial planning and analysis with greater speed and agility.
