What are the key regulatory issues for CFOs in 2019?
CFOs have seen their role evolve over the past few years. From now on, they and their teams must not only produce the accounts and manage the ERP software, but also provide the necessary information to enable decision-makers to establish the company’s future strategy. CFOs are also subject to strong regulatory constraints and issues that will impact the coming years.
Strategy FINANCE
Standardize and automate processes
To achieve the goals set by executives, finance departments must become even more efficient. They focus on standardization andautomation of various tasks, among the most time and energy consuming. In concrete terms, the computerized creation of journal entries or automatic bank reconciliations can be set up.
This quest for additional efficiency will allow teams to focus more on higher value-added tasks, such as monitoring or data analysis.
Train all the players in the finance function
Faced with the many changes underway as a result of various regulatory developments, CFOs need to develop the skills of their teams. Recruiting new profiles is often a costly solution and is only used as a last resort. As a result, they are placing more emphasis on training all financial administrators.
The latter will be made aware of the impacts of the regulatory changes. They will also acquire new work methods and knowledge about the latest computer tools. However, CFOs remain aware of the roadblocks they may face in 2019. Among the most obvious are the lack of investment in training, the difficulty of accepting mobility (especially for older employees), and the resistance to change among teams.
The rise of environmental risk
In September 2018, an online questionnaire was made available to finance departments from companies of all sizes and industries. The report reveals that accounting figures are not the only problem faced by CFOs. They are also concerned about the future risks of environmental degradation.
This concern seems, at first glance, to be relatively far from the initial area of competence of the finance department. A closer look at this phenomenon shows that this risk is only a reflection of the evolution of our society. The stakes of sustainable development have already resulted in the establishment, by the legislator, of strong impacting constraints for a company.
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Also read in our " ERP Finance project " file:
- What are the key challenges facing finance managers today?
- What are the key regulatory issues for CFOs in 2019?
- Digital transformation of the finance function : where do you stand?
- Digitization of the finance function: what should we expect in the future?
- What changes does dematerialisation bring to the finance function?
- Finance management: what technological tools are available to CFOs?
- ERP software definition: what is an ERP?
- What is the use of an ERP solution for the finance function?
- ERP finance: what do you need to know as a finance manager?
- CFO: what are the advantages of an ERP for the finance function?
- Finance software: which ERP to choose for your company?
- Postmodern ERP: the right choice for your company?
- Should you consider a Postmodern ERP solution?
- The challenges of a post modern ERP
- Post-modern ERP: the checklist
- Help in choosing ERP finance: why use a firm?