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Benchmarking Accounting & Finance Functions: 2019

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This is the 10th year that Robert Half and the Financial Education & Research Foundation (FERF) have produced the Benchmarking Accounting & Finance Functions report which examines trends in automation, financial systems, workforce management, compliance and other finance-function practices. Get a look at challenges and trends covered in the report.

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Benchmarking Accounting & Finance Functions: 2019

  1. 1. Source: Robert Half and Financial Education & Research Foundation's Benchmarking Accounting & Finance Functions: 2019 report © 2019 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans. CFOs REPORT DIFFICULTIES FINDING PROFESSIONALS WITH REQUISITE SKILLS9 out of 10 Challenges • Ongoing struggle to find and hire skilled professionals • Core teams overloaded by unexpected projects • Reskilling or upskilling of most workers required • Need for competitive employment packages to attract and retain talent Trends • Increasing use of interim staff • Management of major initiatives by outside providers • Outsourcing payroll and tax functions still common among many firms • Enhanced compensation and career advancement opportunities Benchmarking Accounting & Finance: Workforce Management
  2. 2. Source: Robert Half and Financial Education & Research Foundation's Benchmarking Accounting & Finance Functions: 2019 report © 2019 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans. OF U.S. COMPANIES NOW USE CLOUD-BASED SOLUTIONS IN ACCOUNTING AND FINANCE FUNCTIONS58% Challenges • Keeping pace with changing technology a top pressure point • Lack of budget and time constraints on efforts to increase automation • Emerging technologies, like blockchain and cryptocurrency, requiring expanded skill sets • Legacy IT solutions preventing or slowing adoption of cloud-based systems Trends • Increasing shift toward technology solutions to increase efficiency • Cloud-based technologies now commonplace in many organizations • Most companies not planning to automate processes, like financial decision making and planning, which require human strategic thinking Benchmarking Accounting & Finance: Automation, Cloud Computing and Financial Systems
  3. 3. Source: Robert Half and Financial Education & Research Foundation's Benchmarking Accounting & Finance Functions: 2019 report © 2019 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans. AVERAGE NUMBER OF WORKING DAYS PER YEAR U.S. COMPANIES NEED TO REPORT FINANCIAL RESULTS24: Challenges • Transition to automation affecting organizationsʼ ability to reduce the number of general ledger (GL) accounts • Manual reconciliation processes still employed by nearly half of U.S. companies Trends • Technology helping organizations move away from manual processes and reduce time to close books and report results • Number of active GL accounts continuing to trend down • Automation of routine processes helping to reduce human errors and freeing staff to focus on more value-adding initiatives Benchmarking Accounting & Finance: Accounting Operations
  4. 4. Source: Robert Half and Financial Education & Research Foundation's Benchmarking Accounting & Finance Functions: 2019 report © 2019 Robert Half International Inc. An Equal Opportunity Employer M/F/Disability/Veterans. OF U.S. COMPANIES NOW USE CLOUD-BASED SOLUTIONS IN ACCOUNTING AND FINANCE FUNCTIONS59% Challenges • Regulatory compliance mandates a top accounting and finance pressure point • Struggle to stay on top of regulatory change and keep employeesʼ skills current • Staffing shortages and lack of budget creating formidable impediments • Costs of compliance rising along with compliance burdens for many organizations Trends • Automation of internal controls over financial reporting potentially reducing compliance costs • Companies still concerned about potential regulatory influences disrupting how they do business • Majority of organizations having fewer than 100 key internal controls • Most firms providing training to staff and engaging external consultants for support Benchmarking Accounting & Finance: Internal Controls and Compliance

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