Top CFO Issues of 2013 (source: )
Some top issues facing CFO's today as per a survey conducted by www.cpa2biz.com are as follows:
- Expanding the business without increasing risk. This is the age-old dilemma of all successful companies. Expansion could boost revenue and profit. But it also could lead to higher expenses, great forecasting uncertainty, and other risks.
- Choosing IT solutions that make, or save, money. We all have heard the horror stories of the incredibly expensive, but nonfunctional , hardware upgrade, or the horrific cost overruns in software conversion projects. But we also have seen once-prosperous, cutting-edge companies lose huge chunks of their business when they fall behind technologically. Making decisions on when, and how, to upgrade can give a CFO plenty of sleepless nights.
- Instituting fraud prevention systems and internal controls. Dealing with these issues today entails a lot more than protecting cash drawers and securing bank account statements. Today there are threats from cyber thieves of every ilk, creating previously unheard-of risks such as rerouting of goods en route, raiding online bank accounts, and wholesale identity fraud.
- Reducing costs without decreasing output. This could be the ultimate, oversimplified job description for a CFO. Even if it were the only task a CFO had on his or her plate, it still would be an extremely challenging job.
- Raising new capital for the business. Raising any kind of new capital, including bank loans, has been brutally difficult for the past several years. While things are loosening up, the longest distance in the world continues to be the space between an investor’s pen and his or her checkbook.
It's a daunting task being a CFO. There
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