Financial Data Governance

The CFOs Survey

Effective finance automation governance and compliance are crucial in this evolving landscape, where AI tools and continuous monitoring play significant roles.

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Safebooks

July 1, 2024

2 min read

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In a recent CFO survey, labor quality and availability have become a significant concern for CFOs, ranking as the third most pressing issue. The accountants shortage is causing challenges in maintaining data integrity and financial accuracy. For more on this issue, explore our article on the accountants shortage.

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The Shift Towards Automation in Large Firms

To address these challenges, over 75% of large companies have implemented software and technology solutions in the past year. Automation is enhancing business processes and reallocating human resources to more complex tasks, efficiently addressing labor shortages. More than half of these firms view automation as a strategic priority, driven by the need to improve output quality and reduce costs. Looking ahead, over 75% plan to further automate tasks, optimizing operations in the evolving financial landscape. For strategies on implementation, see our article on finance automation.

The Role of Governance and Compliance

Incorporating effective finance automation governance is crucial for data integrity and compliance. With evolving regulations, understanding the impact of PCAOB's new requirements is vital. Companies must remain vigilant in managing financial data governance to navigate these challenges effectively.

Leveraging Technology for Continuous Improvement

Implementing continuous monitoring allows companies to detect and address potential issues proactively. Additionally, AI in finance plays an increasingly crucial role in mitigating risks and preventing material weaknesses. AI audit tools are transforming the financial landscape, providing insights and efficiencies that enhance decision-making and operational effectiveness.

As firms navigate these complexities, embracing automation and robust governance frameworks will be key to sustaining growth and maintaining a competitive advantage.

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