Melbourne CFO Academy event highlights budgeting and forecasting challenges for CFO's
Professional Advantage recently hosted over 55 CFO's for the CFO Academy 2012 held in Melbourne. Up on the 89th Floor of Eureka Towers, the morning provided an opportunity for finance professionals to network, share ideas and hear presentations on financial transformation and business improvement.
The keynote, Aubrey Joachim explored the ever changing role of a CFO and discussed the benefits of dynamic approaches to financial reporting while Jonathan Marcer examined the roadmap for a successful strategic planning and rolling forecast implementation. The stories of success shared were eye opening and thought provoking to those in the room.
Given the importance of dynamic financial reporting in the operating environments of today, we surveyed the attendees to find out more about their priorities and challenges relating to budgeting, planning and forecasting within their organisation. The results were revealing, with a majority 46% of respondents indicating that establishing an automated analytics, reporting and planning process was a priority over the next 12 months. A further 33% said they planned to improve their current platform. It was encouraging to see over 70% of respondents were motivated to improve the way they manage their reporting, planning and budgeting processes, either through the implementation of a tailored system or an improvement to their existing one.
Two areas highlighted as the main challenges were: relying on multiple spreadsheets, and the time taken to complete the budgeting process. 25% and 21% respectively, indicated these were their biggest challenges in the budgeting and reporting process. Eliminating these two areas of frustration will enable them to increasingly adopt a role of 'business partner' rather than 'number cruncher'.
Professional Advantage can help organisations remove these barriers to operational excellence by establishing Corporate Performance Management, Budgeting, Forecasting and Strategic Planning solutions to support the decision making and planning process.
The CFO Academy has been established for finance professionals seeking to achieve organisational and personal excellence. To stay connected with upcoming events, webinars, topics of interest and discussions join our online community here http://linkd.in/NKKDrx