What’s inefficient, hinders corporate progress, and stifles productivity? You guessed it—the financial budgeting process.
In an era where the modern CFO is steadily emerging as a strategic force—armed with real-time data and game changing insights—it’s clear that old-school, static budgeting procedures just don’t make the cut. An active budgeting process, on the other hand, is collaborative, comprehensive, and continuous—and can increase buy-in and accountability throughout the organization.
As the leading cloud and SaaS venture capital firm, Bessemer Venture Partners (BVP) knows a thing or two about cloud computing. So people took note when Bessemer published its 10 Laws of Cloud Computing and SaaS several years ago.
The goal was to point out that, in order to run on-demand businesses, business leaders must abandon many of their legacy “best practices” in favor of new principles suited for a new type of market.
A lot has changed since the original presentation went viral. A few years back the cloud industry reached $100 billion in net worth. Bessemer’s cloud investment portfolio has grown with the industry and includes many of the fastest-growing cloud companies today (including yours truly). Meanwhile, just about every business process is being cloudified and those startups that hit it big are scaling faster than ever before. Continue reading →
The role of the CFO has steadily evolved due to several factors, such as the advent of new technology and the accelerated pace of modern businesses that have transformed growth trajectories. To remain competitive in such a landscape, today’s corporate leaders are turning to the CFO for better financial insight to help them make more well-informed decisions. In order to deliver that insight and embrace their new leadership role, an increasing number of CFOs are turning to modern financial technology to create a culture of analytics.
Leveraging modern tools is just one of the things that today’s best CFOs do better than the rest across all industries, from manufacturing, to retail, to higher education. Here’s a quick look at 10 specific strategies that today’s top finance chiefs have mastered, according to several of today’s top-performing CFOs. Continue reading →
Are you an FP&A professional seeking to engage other departments across your enterprise? If so, it’s a great time to be in finance. Today, deeper engagement between finance and business teams is increasingly possible through interactive digital dashboards.
Dashboards also open the door for a more collaborative environment in which easy-to-interpret data is more readily shared and can be accessed by anyone with permission to view the dashboard. This is an essential benefit, considering the challenges CFOs and their finance teams face now and in the near future.
As a CFO, do you ever have that sinking feeling that your CEO doesn’t get you? Well, it turns out, he or she just might not.
Recent research from KPMG and Adaptive Insights finds that CFOs and CEOs differ markedly on how they view the role and expectations of the CFO. To borrow loosely from the legendary relationship book, there’s clearly a Mars-Venus dynamic in play in many C-suites.
And much like with any relationship, this disconnect can lead to trouble. In the near term, the lack of aligned thinking can short-circuit day-to-day effectiveness and stand in the way of developing and executing the best strategy to move your organization forward. From a longer-range perspective, the disconnect can hamper your career aspirations—particularly if you harbor ambitions to advance to the CEO role. Continue reading →
We all know that constant change is a business reality. But can it be a career booster, too?
In our recent report, “CFO Indicator Q1 2016: Big Data, Better Vision: The Agile CFO,” we found that CFOs who can use big data to drive business strategy and forecasting in these uncertain times are poised to take on greater influence in their organization. It’s an opportunity tied to an overall expansion of the CFO’s job description, or what Morris Treadway—KPMG global head of financial management and global lead for EPM Center of Excellence—calls the “renaissance of the CFO.”
For CFOs, managing liquidity can often feel like a tightrope act: Having too little cash on hand might cost you an opportunity. But having too much can rob you of higher yields from long-term investments. Now finance leaders are staring down a radically different cash management landscape, in the wake of new regulations. Elsewhere, the IRS is making nice with small businesses that had their assets seized on slim suspicions. And IT spending will inch up just 2% this year, which means CFOs overseeing those budgets will have to flex some creativity to meet expanding needs. Continue reading →
Wage growth is picking up. The pace of job openings hit a new record in March. Initial jobless claims have remained low. All good signs for the U.S. economy, right? Not so fast. When the Labor Department released its latest jobs report on Friday, it left financial executives and economists scratching their heads. The grim numbers also sparked trepidation at the Federal Reserve, though chair Janet Yellen cautioned against being too reactive to any one metric. “Although this recent labor market report was, on balance, concerning, let me emphasize that one should never attach too much significance to any single monthly report,” she said. Continue reading →
Salaries are swelling slightly across the corporate finance ranks. But don’t assume bigger paychecks are enough to drive top job performance. Nearly half of finance pros report that so-so business skills, including leadership and strategic planning, are holding them back at work. And a separate survey by Robert Half Finance & Accounting found that 93% of employees in accounting and finance are eager to talk to their managers about their career paths and how to fill skills gaps. It’s time to ask: Could leadership training be as valuable as an annual bonus? Continue reading →
2016 has been a solid year for numbers geeks. First, it’s a Leap Year, which brings with it some numerical twists and turns. And, of course, we just celebrated the annual Pi Day on March 14. Today we welcome a bit of a rarity: Square Root Day, 4/4/16.
This is one to savor, with the next Square Root Day not occurring until May 5, 2025. In the evolving world of finance, so very much is likely to change between now and that day. In keeping with the numbers theme, we pulled five telling statistics from our recent CFO Indicator reports that illuminate the challenges and opportunities finance teams face. Continue reading →