At Kashflo, we’ve conducted a survey on the top concerns of CFOs in the United States.
So here are the hot topics that are keeping CFOs up at night!
So here are the hot topics that are keeping CFOs up at night!
For each one, we'll explain why they're so important and how you can start working on them.
1
Attempting to transform the finance function
- Why? To streamline processes, reduce costs, and improve decision-making capabilities.
- Where to start? Take a look at the various initiatives and focus on the simplest solutions. And don't wait until major changes are needed to take action.
2
(Re)structuring the Finance Department
- Why? To improve efficiency, align resources with the company's needs, and support growth.
- Where to start? Begin by identifying the current state and the desired state of the finance function. Then create a (re)organization plan.
3
Develop a budgeting and forecasting strategy
- Why? To ensure the implementation of the long-term vision and align resources with priorities.
- Where to start? Create the simplest budgets (payroll, travel, etc.)
4
Navigating Economic Uncertainty
- Why? Inflation will affect your income, your costs, and your financing options.
- Where to start? Develop contingency plans to mitigate risks. Review your contracts to include cost-
nd price-indexation clauses (where possible).
5
Retain, develop, and recruit the right talent
- Why? The financial industry can and will change rapidly. We need new people who can adapt easily to change.
- Where to start? Recruit your first talent in this field—they'll really pay you back.
Too complicated? Don't feel like dealing with it? The Kashflo team is here to help!
6
Promote growth while keeping costs down
- Why? Without financial discipline, growth can have a negative impact on your profitability.
- Where to start? Analyzeyour costs and implement cost-saving measures.
7
Investing in cost-saving technologies
- Why? ROI should be the most important metric when considering investments.
- Where to start? Review your current technology options and rank them based on their ROI.
8
Improve cash flow (cc Kashflo)
- Why? In times of uncertainty, when available liquidity is lower, you need to be more disciplined in your cash flow
. - Where to start? Identifycash flow KPIs and implement strategies such as improving collection
r optimizing inventory.
9
Increased expectations regarding ESG (Environmental, Social, and Governance) reporting
- Why? It can enhance the company’s reputation, mitigate risks, and increase stakeholder engagement
. - Where to start? Identifythe ESG factors that are relevant to the company, set goals, and implement reporting processe
.
10
Transformation of Planning and Financial Analysis (FP&A)
- Why? Youneed to shift your FP&A from simply processing data to providing strategic insights.
- Where to start? Identifywhere you can automate manual data-related tasks.