Thanks to recent accounting scandals and an increasingly competitive environment, many chief financial officers and the finance organizations they lead have started to take on new roles within the enterprise. However, given the current state of the finance function in US companies, companies first need to understand the challenges to finance—and the road map to increasing its strategic capabilities.
used in most core finance processes, including accounts receivable and payable, payroll, general accounting, and fixed-asset accounting. As a result, companies have succeeded in reducing staffing levels in these areas (see Figure 6). On the other hand, less than 40% of the companies surveyed had off-the-shelf software implemented in the areas of cash management and planning, budgeting, and forecasting. These areas were among the most staff-intensive processes within the finance function. Reducing Staff