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Currently, the main use cases for AI within finance departments are customer service, fraud detection and risk management. Sixty percent of the individuals we surveyed said they are “very comfortable” using AI technologies. Read the full article at: www.avidxchange.com 
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Planning for retirement and growing your wealth is critical to achieving your financial aspirations. Making informed decisions about your money requires careful analysis, expertise, and a comprehensive understanding of the financial landscape. While many individuals choose to navigate their financial journey independently, seeking the guidance of a professional financial advisor can offer unique advantages that may prove invaluable in the long run. One common aspect that most individuals consider is the cost associated with engaging a financial advisor. Working with a financial advisor entails a financial commitment, typically represented by an annual fee of 1% of the assets entrusted to their management. For some, this expense may seem substantial at first glance. However, the value offered by a competent and experienced financial advisor can balance out the associated cost. Read the full article at: www.wiseradvisor.com
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If you want to stay on track financially, you'll have to be diligent about every financial decision you make. Whether big or small, these decisions have the potential to impact your financial status. Here are some tips on how to develop healthy financial habits that can help you achieve your financial goals, presented below by Financial Advisors. Read the full article at: financialadvisors.com
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With a recession on the minds of consumers, executives at banks and credit unions might be tempted to cut back on marketing investments. But the opportunity for outsize gains is there for those who are willing to pivot instead. Rather than doing less marketing, try new marketing tactics that strengthen connections with consumers in these uncertain times. Lean into these three trends —unbundling, personalized experiences and new technology — to get started. Read the full article at: thefinancialbrand.com
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Approaches to HR planning has changed significantly, and they will continue to do so. Amongst the many impacts Covid-19 has had, it’s proved that remote working is not only possible for the banking sector, but that in the right circumstances it can be more productive than traditional working models. This will create significant demand amongst the talent market for a continuation, and has of course forced businesses to change their approaches to how they think about things like the geographies in which they recruit from and how they retain top talent. Struggling to identify top talent? Highly talented staff are like gold dust. So in the high pressure world of finance and banking, we know that your organisation will be keen to find them, nurture their potential, and keep them with you through dedicated development programmes and heightened access to opportunities. But how do you identify your high potential talent in a robust, evidential and non-biased way in the first place? Read the full article at: internationalbanker.com
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Each year, I talk to business owners and CFOs all over the country, and when I ask them what their biggest challenge is, the answer is almost always the same: How do I find and keep the best talent? Especially for businesses that are looking to scale operations but maintain the ethos and culture that got them to where they are today, answering that question can be particularly difficult. Defining Your CultureTo scale effectively, you can’t just hire people based on their skillset. Whether someone can do the work should only be part of the equation. During the hiring process, it’s arguably more important to know that an applicant aligns with your company’s core values. Unfortunately, most businesses have not officially defined the culture or values that have made their business successful, and if they have, these values are often just represented in a flashy poster on their wall as opposed to actually informing everyday operations. Read the full article at: strategiccfo360.com
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Senior executive hiring has returned at an increased pace over pre-pandemic levels in recent months. Pent-up demand, stimulus-induced growth, and less-than-predicted economic damage have many organizations aggressively seeking to bring in new leadership talent. This year is already among the top five years of recruitment activity I have observed in a 20-year executive search career. It may well go higher, barring no major unpredicted adverse health, macroeconomic, or geopolitical events. The implications for finance leaders, their teams, and organizations as a whole are multifaceted. Consider for a moment the reality that a large majority of finance team members are being approached every day about new opportunities. Given the volume of recruiting activity, much of it becomes white noise. Also, recruiters, for the most part, are still not great at personalizing their outreach in a way that engages the highest performers (but they’re getting better). Read the full article at: www.cfo.com
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A good job brings stability and a desired lifestyle. Couple that with a career you enjoy, and it’s easy to fall into a comfortable routine. But even in the best of times, you never know what lies ahead. Sometimes unforeseen circumstances can thrust you into the job market when you least expect it. The lingering economic impacts of the COVID-19 pandemic and the quickening pace of technological change mean that everyone, no matter how secure they feel, should have an eye toward their next job hunt. And employment disruption is one of the most stressful situations you can face in life. “Looking for work is exhausting and can be as intense as a full-time job in and of itself,” said Laurie Ruettimann, a human resources professional in Raleigh, North Carolina, and author of the new book Betting on You: How to Put Yourself First and (Finally) Take Control of Your Career. One way to mitigate the anxiety that comes with a sudden job search is to be ready for it. And that means preparing for your next job hunt now. Read the full article at: www.fm-magazine.com
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The accounting profession in the United States, encompassing public accounting and management accounting (accounting and financial professionals working in organizations), faces a crisis of growing proportion—a diversity gap—particularly at the leadership levels. This crisis contributes to the various challenges that prevent the profession from achieving longer-term sustainability, greater innovation, and its full potential to serve and protect the public interest. IMA® (Institute of Management Accountants) and CalCPA (California Society of CPAs), working collaboratively with research partners, contributors, and advisors, recently conducted a study to look into diversity, equity, and inclusion (DE&I) in the accounting profession (see “Diversifying U.S. Accounting Talent”). Read the full article at: sfmagazine.com
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People take career breaks for many reasons: To raise children, care for ailing relatives, manage their own health issues, or even explore personal growth opportunities (think travel and volunteer work). Regardless of why an accounting or finance professional temporarily leaves the workforce, figuring out how to re-engage after a long break can feel like a daunting task. “People who have taken an extended leave can often feel a real loss of professional confidence, as they may feel that their skills or knowledge are somewhat outdated,” said Karen Danker, a UK-based return-to-work expert and the head of coaching for the organisation Women Returners. “What we’ve found is that with the right strategy and support, they can overcome these barriers very quickly.” Read the full article at: www.fm-magazine.com
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Payables, receivables, closing the books, creating budgets, analysing variances — for decades these have been the core of the accountant's job. But times are changing. While assuring the integrity of financial statements remains job one, it is becoming an increasingly smaller part of the accountant's role. The combination of process redesign and automation has reduced the core accounting workload by more than 50% over the last 20 years; further advances through machine learning, robotic process automation, and artificial intelligence will see the effort reduced even further. The accountant's role is changing from doing the work to making sure the work is done correctly. However, as rapidly as the productivity of core accounting operations improves, the demands on finance are increasing faster, especially during these uncertain and volatile times. Finance is being asked to expand its role in many ways: add insight by combining market, financial, and operational data; move from static budgets to dynamic, driver-based rolling forecasts; and address risk, uncertainty, and compliance, all while fully leveraging available new technology. Read the full article at: www.fm-magazine.com
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CFOs have been an invaluable commodity during the pandemic, steering businesses through disruption and making the tough choices needed to ensure continuity. Yet it takes a special breed of CFO to pull a business out of survival mode and back into growth, competitive differentiation and innovation. Businesses have lived with uncertainty and economic disruption for more than a year now, but that doesn’t mean the future is any more certain. The CFO’s role is to predict that future ahead of schedule and to put their business on the best possible footing to meet it. In this new climate, that may mean transforming the company from the ground up. To achieve this, a revolutionary CFO must surround themselves with the best people – and know how to look after them – and they have to make sure everyone is equipped with the right tools and technologies for the job. Read the full article at: www.globalbankingandfinance.com
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There are three areas of skills you need to develop if you want to be a good Chief Financial Officer or Finance business partner – business acumen, technical skills and behavioural skills. And my intention is to unpack these three areas a little bit, so that you can get to grips with planning your development journey more effectively. In my last article I shared my belief that Finance business partner is the new best route to a CFO role. That is to say, core CFO skills are Finance business partnering skills. And well-developed Finance business partnering skills are what you need to be a CFO. That’s why I’m talking about the two together, and why I believe that if your ambition is to be a CFO, you ought to be thinking about the same areas of skill that Finance business partners need. Read the full article at: www.superchargedfinance.com
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The word ‘rollercoaster’ best sums up 2023. We’ve experienced economic, geopolitical, technological, and societal challenges over recent months with the ongoing cost-of-living crisis, high interest rates, inflation, global conflicts, catastrophic weather events, the rise in artificial intelligence such as ChatGPT, to name only a few. All of these elements have put pressure on the financial services industry (FSIs), pulling its focus in different (and often complex) directions to solve problems that didn’t exist a year ago. Read the full article at: blogs.opentext.com
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There is a financial advisor for every budget and financial situation. Here's a look at the types of financial advisors, and how to choose the right advisor for you. Financial advisors help people manage their money and reach their financial goals. They can provide a range of financial planning services, from money management and budgeting guidance to investment management. Read the full article at: www.nerdwallet.com
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It’s been almost four decades since accounting software was widely embraced and utilized by the public and professionals alike. How has technology impacted accounting in the years since? As the demands on the industry have evolved, accounting technology solutions are more vital than ever in helping accounting professionals improve performance across every aspect of the business. It doesn’t matter if you work at a major modern accounting firm or run a small business out of your home office, you’re always looking for new and better technology that can simplify steps, streamline processes, and increase productivity – all while ensuring you’re delivering the best value for your customer. Read the full article at: my-cpe.com
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Banking industry leaders are facing significant challenges to manage their talent. According to Quantum Workplace research, only 50 percent of employees in the banking sector are highly engaged and 35 percent are a retention risk.
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Gone are the days where the CFO title was synonymous with a shy number cruncher tucked away in a distant (and lonely) finance department. The ideal business partnership now involves striking the balance between an extremely ambitious, fearless, go-getter CEO coupled with an equally grounded strategic CFO. Each position has a distinct and crucial role that they play within the company. As someone who has played the role of both CEO and CFO, I believe the most successful businesses enable these two roles to balance each other and collaborate together. A CEO leads with a vision, but visions don’t come without a cost. As the business environment continues to fluctuate and many industries are becoming more competitive, each and every decision a CEO makes must be analyzed from differing perspectives. Informed viewpoints increase the likelihood of making the soundest decisions possible. That’s why CFOs now find themselves working alongside their CEOs, applying their financial knowledge of the company to ensure feasibility of strategic decisions. Naturally, a new and active dynamic has developed between both roles, where the CEO steers the company in a certain direction while the CFO hits the breaks in financially unsound territory. Read the full article at: strategiccfo360.com
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Maintaining strong leadership of an entire finance team is hard, no question about it. But as CFOs have seen lately, remote leadership can present even more challenges. When the pandemic hit, finance operations everywhere moved from corporate buildings and conference rooms to home offices and kitchen tables. And while some CFOs may now be raring to get their teams back into the office, in many cases, remote work arrangements have proved people can be productive at home. To some extent, a dispersed workforce is here to stay. So, knowing how to manage your team remotely will be key even after the pandemic’s passed. Read the full article at: www.cfodailynews.com
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Now more than ever, the customer is king, and financial services organisations need to be able to cater to changing demand. Unfortunately, a skills shortage to handle digital transformation has exacerbated the challenge. This is driven by a lack of qualified talent to fill new IT roles, and a millennial workforce that shuns long-term employment. As parts of the world begin to emerge from the peak of the Covid-19 pandemic, the strategic focus is turning to what the competitive landscape will look like in the aftermath. It is also essential for leaders to realise what the new reality means for them and how to come out in front. The financial services sector has to cope with drastic shifts in consumer behaviour, and the pressure is on to provide the kind of services that customers are beginning to demand. While digitalisation has solved some challenges, it has created many new ones in its wake, and success rides on the ability of financial services to address these issues in the new business reality. Read the full article at: www.bizcommunity.com
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Congratulations on successfully establishing your business and beginning operations! Now that you’re up and running, you may be considering your first accounting hire. But, how do you know what position to fill first? How can you be confident that your course of action is the right one? At Aronson, we are often asked, “Do you hire a Senior Accountant to handle daily operations, a Controller to begin building a team, or a seasoned CFO?” It’s safe to say that deciding on the first hire is not met with a one-size-fits-all answer. Rather, thoughtful analysis of your business’s priorities will help you work through this decision-making process. Here are some suggestions to help get you started.
Read the full article at: aronsonllc.com
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It’s no secret that financial services is yet another sector in need of a gender re-balance. Despite recent successful campaigns, evidence indicates that women occupying senior positions in finance are largely represented in support functions, rather than fee-generating roles. This suggests that gender diversity remains an issue and that there is still a lot of work to do to entice women to finance roles. Tracey Barnes, Business Manager at Commercial Expert, is just one advocate for more women being welcomed into the sector. Tracey began her finance career at Barclays Bank after leaving school at 16. During her 18-year stint at the bank, she held various positions and finished working in corporate banking, before leaving to start a family. She later re-trained as a teaching assistant, and after 12 years working in primary school teaching, she decided to return to the finance sector, joining Commercial Expert over three years ago. Read the full article at: www.globalbankingandfinance.com
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Shifting priorities during the global pandemic provide new job opportunities for finance professionals equipped to adapt to change.
We’re living through a period of immense economic uncertainty as the effects of the COVID-19 pandemic continue to play out. In times like these, it might seem cavalier for finance professionals to think about making career moves, especially when many people have lost or are at risk of losing their jobs. And yet, in many ways, this is an opportune time to consider a change.
Businesses are rethinking how they work and are reorganizing, so they’re eager to bring in people with new ideas. If you have the right skills—and the confidence to market them—there’s no reason why you shouldn’t position yourself to move up the ladder. Read the full article at: sfmagazine.com
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The post-COVID-19 workplace will not look the same in every country or industry, but for many managers, the pandemic presents both challenges and opportunities. Managers will have to adjust their skillsets accordingly. Many of the traits that have always been important for managers — empathy, clarity, authenticity, and agility — are even more crucial during this time of uncertainty and upheaval. Leaders have been challenged to maintain connection and a sense of belonging within their teams even when they cannot be in the same room together. As leaders begin to stage the return to work, they have an opportunity to leverage new insights and advancements developed during the past several months to reimagine the workplace, rather than attempting a return to business as usual. “We certainly don’t want to just snap back to the way we were before,” said Karen O’Duil, FCMA, CGMA, financial controller at Walter and Eliza Hall Institute of Medical Research in Melbourne. “We want to build on this level of flexibility that accommodates everybody.” Read the full article at: www.fm-magazine.com
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It’s no secret that the pace of digitalisation in the mortgage sector has been slow compared to other financial services sectors like banking or insurance. By and large, our sector has been reliant on pen and paper for far too long. However, Covid-19 lockdowns have forced the hands for many in the mortgage industry to integrate technology into their businesses. What was an evolution now shifted into a full technology revolution and transformation out of necessity. At the beginning of the March lockdown, the industry adapted well to remote working. In just a few short weeks, the mortgage market quickly moved to equip their workforces to operate from home. Read the full article at: www.mortgagefinancegazette.com
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