CFO Survey: Accounting, Business Systems Top List of Projects Companies Plan to Outsource to Financial Consultants in Next 12 Months

Finance

Finance (Photo credit: Tax Credits)

Chief financial officers (CFOs) were recently asked which projects they were likely to outsource to financial consultants and interim managers in the next 12 months. General accounting and finance projects, which include areas such as forecasts and budgets, financial reporting, and mergers and acquisitions, were cited most often, followed by business systems and performance upgrades.

 

Fifty-seven percent of CFOs who said they plan to bring in consultants expect them to be for finance and accounting projects. Forty-eight percent of CFOs plan to use project professionals for business systems and performance improvement. Taxation (42 percent) and risk, governance and compliance (40 percent) were also priorities.

The survey was conducted by an independent research firm and is based on interviews with more than 900 CFOs from a random sample of companies that work with financial consultants.

CFOs were asked, “Which of the following areas are businesses likely to bring in financial consultants or project professionals in the next 12 months? The top responses were*:

Finance and accounting 57%
Business systems and performance improvement (e.g., system implementation, conversion and integration) 48%
Taxation 42%
Risk, governance and compliance 40%
Finance optimization (e.g. finance remediation) 36%

*Survey participants were allowed multiple responses.

“CFOs are tapping consultants for projects such as finance optimization and process improvements, among others,” said Paul McDonald, senior executive director with Robert Half. “Interim managers are also being brought in for business systems and compliance initiatives as financial executives look to leverage data stored in their enterprise applications and keep pace with evolving regulations.”

McDonald added, “Whether a company is looking to merge operations from a business acquisition or implement an enterprise resource planning system, financial consultants can fill the gap by managing a project from start to finish or serving in an interim capacity.”

From: Robert Half

 

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