What are the three biggest challenges that finance teams are facing?
1. Meeting increased reporting demands from the business (26%)
2. Implementing new systems or processes (22%)
3. Retaining key staff (15%)
The teams that are considered the most important in the finance function are those that save money and manage costs. Our respondents indicated the following as areas of priority:
- Management accountancy (24%)
- Treasury/cash management (17%)
- Risk management (15%)
- Credit control (12%)
Cost management is paramount but competing effectively also requires investment, so professionals with the commercial skills to create strong business cases and reduce the risk of new ventures are key (treasury, management accountancy, risk management).
With many companies looking to reduce costs or address opportunities by restructuring or implementing new processes, the finance function is even more critical for success. Finance professionals have a key role to play in managing change programmes to ensure that they deliver the expected benefits.