The cost of finance as a proportion of revenue for most companies may have fallen in the last decade, but the recent surge in compliance and reporting demands can temporarily halt the trend. As a result, finance functions are seeking innovative ways to ensure process and organisational efficiency. In addition, top finance managers now see the opportunity to move the finance function from score-keeper to business partner, by using the value drivers behind the figures to improve business performance.
A critical element of a well managed business is having the right controls in place. This is dependent on understanding the risk appetite of the company and having a strong culture of control consciousness amongst its people (i.e. the right controls at the right cost).
So how does a high-performing finance function balance its objectives?
The answer is different for different organisations. But the message from the CEO is clear: release time and people from transactional work to perform value-adding activities while maintaining an optimised control environment.
At PwC, we help CFOs assess and balance their priorities and deal with challenges related to growth, profitability and risk by focussing on key finance dimensions.