In early 2022, we surveyed* 154 mid-market finance leaders in the US to understand their priorities, concerns, focus areas, and technology investment plans.
In this article, we look at the CFO concerns that we identified from this survey. The concerns of CFOs cover a wide range of areas, including rising costs, market shutdowns, talent crunches, and technology risks.
Being aware of the market and technological changes happening around you is key to tackling challenges. Stay on top of the latest market and tech trends by following blogs and reports. Look out for webinars and events on trends in your industry and network with your peers and industry leaders to know their thoughts.
Here are some resources on our website that will help you stay abreast of what’s happening in the finance and fintech space, especially around accounts receivable management, treasury management, and record-to-report.
Join our community of finance leaders: CFO Circle
Follow our LinkedIn page: HighRadius, RadiusOne for Mid-Market Businesses
Some blogs, eBooks, and templates that may interest you:
Check out our resources section for more.
If you’d like to talk to us about your AR challenges and check whether we’d be able to help you, do not hesitate to fill out this form and block a time with us. We are always eager to address CFO concerns and help tackle them.
Risk mitigation is a top priority for 75% of the mid-market CFOs that we surveyed earlier in the year. CFOs need to consider all the risk factors, such as liquidity risk, compliance risk, cybersecurity risk, and other operational risks while making decisions. For example, when going ahead with an M&A decision, the CFO needs to consider the debt risk, compliance risks, and personnel risks, among others.
The goals of a CFO include cost optimization, accessing sources of funding, liquidity management, shortening the cash conversion cycle, and growth through acquisitions. In addition to these, modern CFOs also aim for finance team restructuring, data-driven decision making, investment in the right digital technologies, and talent retention.
CFOs care about a wide range of topics such as financial accounting, financial analysis, cash management, budgeting, reporting, revenue forecasting, receivables management, and expenditure planning. New-age CFOs also care about customer experience, talent management, technology adoption, and digital transformation.
CFOs need to be aware of the latest market and tech trends. They should also stay abreast of regulatory and compliance changes and ensure that financial fraud and reporting errors are eliminated. Today, CFOs also need to take on client and media-facing roles to build a strong brand image for the business.
*About the survey: HighRadius and Industry Dive, a leading finance research organization, surveyed 154 finance leaders (CFOs: 44%, VP Finance: 15%, Director of Finance: 29%, and Chief Accounting Officers: 12%) from small and mid-market businesses (with revenue less than $1 billion in the most recent financial year) in the US to understand their priorities, challenges, market outlook, and views on the accounts receivable function and technology at large. This survey was conducted between 10 Dec 2021 and 14-Jan-2022 by CFO Dive.
For a complete copy of the survey report: “The State of CFO’s Office – A MidMarket Perspective 2022” download here. To view our webcast on this topic, click here
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