VOTE OF CONFIDENCE

Survey: CFOs More Certain About Technology, Financial Reporting Today Versus Three Years Ago

 

MENLO PARK, CA -- How have businesses changed during the past three years?  In a recent survey, 40 percent of chief financial officers (CFOs) said they are more confident in their companies’ technology capabilities today.  More than one-third (34 percent) of respondents said they also are more optimistic about the accuracy of their companies’ financial reporting.

The survey was developed by Robert Half Management Resources, the world’s premier provider of senior-level accounting and finance professionals on a project and interim basis.  It was conducted by an independent research firm and includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees. 

CFOs were asked, “Thinking about your business today compared to three years ago, in which of the following areas are you more confident?”  Their responses*:

Technology capabilities   40%
Accuracy of financial reporting   34%
Loyalty of employees   28%
Level of internal controls and corporate governance   21%
Business growth opportunities   16%
None   4%
Don’t know/no answer   4%
     
*Multiple answers were allowed.    

Among public companies, 39 percent of CFOs polled feel most confident about the level of internal controls and corporate governance in their organizations, suggesting the impact of the Sarbanes-Oxley Act.

“Many companies have invested in technology over the past few years to update obsolete systems and improve operational efficiencies,” said Paul McDonald, executive director of Robert Half Management Resources.  “The Sarbanes-Oxley Act has prompted public and private companies to better align their technology and finance functions.  Replacing outdated business software with newer systems has enabled firms to capture essential data for more accurate financial reporting, and thus meet critical accounting mandates.”

McDonald pointed out that staff loyalty also ranks high on the list of areas in which CFOs feel confident about their businesses.  “A competitive employment market has prompted many executives to enhance their retention efforts in order to increase job satisfaction and reduce attrition rates,” he said.

Robert Half Management Resources has more than 120 offices throughout North America, Europe and Australia, and offers online job search services at www.roberthalfmr.com.

 

 

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