MENLO PARK, Calif., Oct. 28, 2013 /PRNewswire/ -- CFOs and financial executives are concerned about their organizations' ability to efficiently and effectively manage cash flow and working capital due to the growing need to address economic volatility with greater precision, speed and flexibility. These and other survey findings are in the latest Finance Priorities Report ( www.protiviti.com/financesurvey) released today by global consulting firm Protiviti ( www.protiviti.com).
"Organizations are facing tremendous change and new cost pressures, and they struggle to know whether or not they are prepared to adjust and manage sufficiently the impact of various upcoming changes," said Jim Pajakowski, executive vice president of global services for Protiviti. "The Affordable Care Act is front-and-center for a lot of companies, given the many questions that remain open related to the Act, from compliance to short- and long-term costs."
Protiviti's 2014 Finance Priorities Report is based on a survey of more than 220 finance professionals – consisting of CFOs, vice presidents and directors of finance, and controllers. The survey included more than 100 questions about primary concerns and priorities in five categories: Process Capabilities for Financial Transactions; Process Capabilities for Financial Analysis; Emerging Issues; Technical Capabilities; and Organizational Capabilities.The top survey results in the Process Capabilities for Financial Transactions category demonstrate the respondents' continued focus on streamlining the financial close ‑ from improving account reconciliation and financial consolidation processes to the period-end close, finance functions want to achieve greater efficiency in:
- Cash forecasting
- Period-end close
- Account reconciliations
- Working capital management
- Banking relationships
- Strategic planning
- Periodic forecasting
- Performance management/executive dashboards/balanced scorecards
- Profitability analysis (product, customer, channel, etc.)
- Changes to U.S. healthcare regulations
- Workforce mobility