Financial Reporting Issues That Cause Headaches for CFOs

Financial Reporting Issues That Cause Headaches for CFOs

The role of the CFO has evolved from being merely an overseer of the organization’s finances to a partner who provides strategic advice to the C-Suite. In addition to producing monthly, quarterly, and annual reports, income statements, balance sheets, and other reports, CFO’s must also provide financial data in a way that is easy for management to use and understand.

FSN – The Modern Finance Forum recently conducted a survey about the future of financial reporting.* It attracted responses and feedback from nearly 1000 senior finance professionals about the issues that caused them the most headaches:

  • 97% worry about challenges with their financial reporting but don’t have time to implement changes
  • 61% of CFOs worry they will not meet their financial reporting deadlines
  • 50% worry that not all document and disclosures have been updated
  • 42% can’t see the status of the reporting process at any point in time
  • 40% didn’t feel their data was trustworthy and accurate
  • 41% of CFO’s continue to produce redundant reports
  • 43% are unable to identify their critical reports
  • 30% can’t see the status of the reporting process
  • Many organizations now have fewer staff in the finance department to assist them.

FYIsoft’s comprehensive financial reporting solution makes life easier for CFO’s, and solves many of their problems:

All CFO’s and their staffs are welcome to schedule a brief demo to see how FYIsoft can help solve their most pressing issues and eliminate their headaches.

* Video: FSN – “The Future of Financial Reporting”

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