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With 2013 well under way, CFOs look to the future with guarded optimism and a concrete action plan. View this presentation for a quick digest on the priority CFOs rank at the top of their agenda this year. Interested in learning more on this topic? Read the whitepaper too!
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The CFO’s Agenda for 2013
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These variables have become certainties for CFOs this year.
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Agenda Item
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Address and Mitigate Healthcare Costs & Concerns
Agenda item #1
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% of CFOs cite healthcare costs as a key company financial concern for the third consecutive year.
Source: Bank of America. 2013 CFO Outlook – Annual Survey of U.S. Senior Financial Executives. United States: 2013. https://corp.bankofamerica.com/documents/16303/307298/CFO_Outlook_2013_Report.pdf
Agenda item #1
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CFOs are familiar with the‘pay or play’ decision they must make. It may seem obvious but…
Agenda item #1
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The costs of healthcare insurance are much higher than the penalty figure.
Agenda item #1
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Potentially reevaluating employees total compensation packages
Penalty fee is subject to a nondeductible excise tax by the IRS
Business is less marketable to attractive talent
Okay. But dropping healthcare coverage means:
Agenda item #1
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or
CFOs must decide...
Pay play?
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Agenda item #1
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Now what?
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Determine company’s healthcare reform strategy
Align with HR & medical executives
Prepare for the January 1st, 2014 ‘pay or play’ implementation date
Evaluate ‘pay or ‘play’ costs and benefits
Action Items:
Agenda item #1
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Agenda Item
2#
Better Industry Regulation & Legislation Monitoring
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Agenda item #2
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More than 50%of CFOs say that industry regulation & legislation are in their top three concerns.
#1 #2#3
Source: The Wall Street Journal. Health Care Cost Management: Ways CFOs Can Get Ahead of the Curve. New York: 2012. http://deloitte.wsj.com/cfo/2012/11/16/health-care-cost-management-ways-cfos-can-get-ahead-of-the-curve/
Agenda item #2
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With the ever-evolving nature of regulations and legislation, it’s no surprise that CFOs cite government policies as a top priority and concern.
Agenda item #2
Sarbanes-Oxley Act
Dodd-Frank Act
JOBS Act
There’s:
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Agenda item #2
And then there’s:
XBRL IFRSIFRS
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Agenda item #2
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Scouring the SEC, IASB and FASB websites regularly requires unnecessary resources, particularly with the inception of automation.
Agenda item #2
So what’s next?
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Agenda item #2
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Automate manual procedures for staying on top of regulation and legislation changes
Determine which technology / labor resources are needed to ensure proper legislation monitoring
Evaluate which regulations require substantial monitoring
Action Items:
Agenda item #2
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Agenda Item
3#
Significant Technology Investments
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Agenda item #3
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CFOs say their companies will increase spending in technology by nearly 8% this year.
$ $8%
Agenda item #3
Source: PWC. CFO Optimism Blooms. New York: 2013. http://www.pwc.com/us/en/cfodirect/issues/strategyoperations/other-sources/cfo-cfo-optimism-blooms.jhtml?display=/us/en/cfodirect/issues/strategy-operations
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Manual processes will not su!ce when it comes to complying with new legislation, keeping pace and ultimately di"erentiating the business from competitors.
Agenda item #3
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Automate data mining and analysis
Continue R&D initiatives
CFOs will invest in technology to:
To do this, CFOs must take note of…
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Agenda item #3
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Research and compare di!erent SaaS solutions
Purchase and implement solutions
Determine where workflow would benefit from automation
Determine budget figure for technology spend
Action Items:
Agenda item #3
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Agenda Item
4#
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Hiring in Finance
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Agenda item #4
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of CFOs anticipate more hiring in 2013.
Agenda item #4
Source: Bank of America. 2013 CFO Outlook – Annual Survey of U.S. Senior Financial Executives. United States: 2013. https://corp.bankofamerica.com/documents/16303/307298/CFO_Outlook_2013_Report.pdf
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Why are CFOs hiring in finance?
Agenda item #4
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Because they need resources for…
Agenda item #4
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Reporting adjustments for ongoing compliance...
Agenda item #4
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...and leveraging implemented software for better financial reporting.
Agenda item #4
How will CFOs achieve this?
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Agenda item #4
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Hire: Compliance Manager, Government & Regulatory A!airs O"cer, Chief Risk O"cer, Asset Management Professional, Wealth Management Professional, Emerging Payments O"cer and Payments Executive
Ensure budget’s flexibility for new hires
Action Items:
Agenda item #4
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ResourcesPrint this: Use a SEC filings Calendar to keep on top of deadlines
Read this: Understand the truths about XBRL tagging
Know this: A Guide to Common Filing Errors and How to Avoid Them
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Would you like to learn more about how to automate your regulation monitoring process to keep your disclosures on the leading edge of financial reporting?
Contact us.
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