Financial reporting: Why CFOs are feeling the pressure
Finance departments have now faced budget cuts and staff reductions for over a decade. This has taken a serious toll on them, especially due to the ever-growing pressure of regulation, compliance and financial reporting. Forced to make cost cutting a priority, CFOs have had little choice but to compromise on their strategic priorities such as bolstering their financial analytics, modelling and reporting capabilities.
In this article, Henry Umney, Director at ClusterSeven, highlights the results of research by the FSN Modern Finance Forum which found the majority of finance teams worry about their ability to meet all of their reporting deadlines, given the resources available to them. As a sticking-plaster solution CFOs resort to spreadsheets to fill the functionality gap, which are unstructured, uncontrolled and could lead to data chaos.
In light of this, it makes good business sense to adopt an unobtrusive and easy to deploy technology solution, Henry states, which will allow finance departments to break the spreadsheet-spiral. This will aid finance departments in establishing an overall process for controlling spreadsheets, gain transparency over their data and ultimately easing the pressure that is challenging many CFOs – and perhaps even holding them back.
The full article can be viewed in Business Review Europe.