12
Upping your game: Realigning the four faces of finance

Upping your game: Realigning the four faces of finance

Embed Size (px)

Citation preview

Upping your game: Realigning the four faces of finance

Today, unexpected change is normal.

In today’s globally interconnected world, dramatic and unexpected changes are the new normal, such as:• A sudden drop in the price of oil• The fall in value of the loonie

Today, unexpected change is normal.

You can’t control the unexpected. But you can control your response.

You can’t control the unexpected. But you can control your response.

Organizations need to anticipate and quickly develop different financial and marketplace scenarios that portray the impact of changes on them and then determine their strategic and operational response to capture opportunities and/or minimize risk.

Increasingly, CFOs are expected to take a leading role in assessing the impact of changes.

Increasingly, CFO

s are expected to take a leading role in assessing the im

pact of changes.

Most CFOs – 85% – say they should be partners with their C-suite colleagues, helping assess the impact of changes and formulating the organization’s response.

But just 17% say they have time to devote to strategic activities.

So where do CFOs spend their time instead?

Strategists – helping shape and define their organization’s strategic direction and translating that into operational plans.

Catalysts – driving behaviour across the organization to execute the firm’s financial and strategic objectives.

Operators – balancing capabilities, costs, service levels and talent to ensure the finance function fulfills its core responsibilities.

Stewards – protecting and preserving the organization’s critical assets and accurately reporting to stakeholders.

So where do C

FOs spend their tim

e instead?

CFOs have four key roles:

CFOs don’t have time for strategy because they are bogged down with operator/steward responsibilities, often a result of an inefficient and labour-intensive financial close process and extended reporting process.

Many finance functions

are out of balance.Many finance functions are out of balance.

Why are operator/steward tasks such a drain on the finance function?

?

In many cases, it’s because the finance team is …

Stuck in the pastA survey1 of 300 attendees at Deloitte’s Finance Trends conferences in late 2014 found that over 50% of respondents say their finance teams have no automated capabilities and 75% rely solely on spreadsheets to prepare budgets.

Stuck on the reporting treadmillCapturing data and generating reports takes almost all of the finance team’s time. When one period’s reports are complete, the team must immediately begin work on the next period’s reports.

Why are operator/stew

ard tasks such a drain on the finance function?

?

1In October and November 2014, 300 people attended Deloitte’s Finance Trends conferences held in Halifax, Quebec City,Montreal, Ottawa, Toronto, Calgary and Vancouver. At those sessions, attendees were surveyed about their organizationsand finance functions.

So what’s the solution?

Upping their game: Realigning the finance functionWith different approaches to people, processes, data and technology, CFOs can up their game by automating and integrating control-based operator/steward tasks to free up time for higher-value catalyst/strategist activities.

Build a more mature finance functionUsing the Deloitte Finance Function Maturity Model, CFOs can identify their current capabilities and determine what needs to be done to upgrade them.

So what’s the solution?

World-class systemsCloud technologies give finance world-class automation capabilities with better functionality at significantly less cost than traditional systems.

Streamlined reporting and improved analysisWith integrated systems, finance teams can quickly gather information, freeing up time for analysis and creating focused reports that provide insights into the business.

So what’s the solution?

So what’s the solution?

The “reporting asks” being made of CFOs are increasing in volume and complexity.

Can your finance team afford to be left behind?

Now is the time to develop a finance function vision and plan to enable your finance team to up its game.

The “reporting asks” being made of C

FOs

are increasing in volume and com

plexity.

www.deloitte.ca

© Deloitte LLP and affiliated entities.Designed and produced by the Deloitte Design Studio, Canada. 15-2719H

Contacts

Read the full report

Upping your game:

Realigning the four faces of finance

National

Ontario

British Columbia

Ottawa

Prairies

Quebec

Mark WaylandPartner, [email protected]

Kari LockhartSenior Manager, Audit [email protected]

Marc Joiner Partner, [email protected]

Mark WaylandPartner, [email protected]

Kari LockhartSenior Manager, Audit [email protected]

Marc Joiner Partner, [email protected]

Michael GoodfellowPartner, [email protected]

Lynn PrattPartner, Audit [email protected]

Martin Castonguay Partner, Audit [email protected]