Thanks for stopping by this installment of “Being Planful,” our series recapping the latest CFO news for the Office of the CFO. We’ve scanned the headlines for trending topics relevant to the Office of the CFO and here’s what we found:
Sales are down, hiring is up. Workforces are being cut, hiring budgets are being raised. It’s a mad, mad, mad, mad world, and for most organizations, it’s up to the Office of the CFO to figure it out.
The Bottom Line: Uncertainty and volatility require agility and resilience, along with clear and timely financial data and insights to recognize what’s coming. Good thing we’re in the Golden Age of CFO Technology!
Our changing attitudes toward work simply add to the already shifting workplace caused by fast-moving technologies and fluid demographics. But the risks of a weak workforce strategy go well beyond limited capacity and output as 2023 continues to push the balance of power in favor of workers.
The Bottom Line: CFOs need tighter connections with HR to reframe workforce planning strategies beyond just recessionary cost cutting, but HR, too, should be proactive on “getting outside of its comfort zone to understand the needs of the business.”
M&A activity was bursting at the seams during a record 2021 and then fell by 37% in 2022. But all signs point to a once-again hot market in the coming year.
The Bottom Line: Rising interest rates have put a damper on some investments, but plummeting stock prices are making some deals more attractive: “The M&A market is not going to stop. It just doesn’t work that way,” said Christopher Auld, head of leveraged finance at Stifel Financial Corp.
How does ChatGPT help finance and accounting? I asked it this question, and it replied with: ChatGPT can help finance and accounting in a variety of ways, such as by assisting with financial analysis, budgeting and forecasting, and generating reports. It can also be used to automate and streamline various accounting tasks, such as data entry and invoice processing. Additionally, ChatGPT can be used to analyze large amounts of financial data and identify trends and patterns, which can assist with decision making and risk management. It can also be integrated with financial systems to provide real-time financial information to users. Overall, ChatGPT can be used to improve the efficiency, accuracy, and speed of financial and accounting processes.
The Bottom Line: Your job as a finance or accounting professional is likely safe for now. But, best to keep it on your radar: “Professors, programmers and journalists could all be out of a job in just a few years,” according to The Guardian.
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