the cfo's agenda for 2013

The CFO’s Agenda for 2013

These variables have become certainties for CFOs this year.

Agenda Item

Address and Mitigate Healthcare Costs & Concerns

Agenda item #1

% 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

CFOs are familiar with the‘pay or play’ decision they must make. It may seem obvious but…

Agenda item #1

The costs of healthcare insurance are much higher than the penalty figure.

Agenda item #1

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

CFOs must decide...

Pay play?

Agenda item #1

Now what?

? ? ? ??

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

Agenda Item

Better Industry Regulation & Legislation Monitoring

Agenda item #2

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

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:

Agenda item #2

And then there’s:

XBRL IFRSIFRS

Agenda item #2

Scouring the SEC, IASB and FASB websites regularly requires unnecessary resources, particularly with the inception of automation.

Agenda item #2

So what’s next?

? ? ? ??

Agenda item #2

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

Agenda Item

Significant Technology Investments

Agenda item #3

CFOs say their companies will increase spending in technology by nearly 8% this year.

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

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

Automate data mining and analysis

Continue R&D initiatives

CFOs will invest in technology to:

To do this, CFOs must take note of…

Agenda item #3

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

Agenda Item

Hiring in Finance

Agenda item #4

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

Why are CFOs hiring in finance?

Agenda item #4

Because they need resources for…

Agenda item #4

Reporting adjustments for ongoing compliance...

Agenda item #4

...and leveraging implemented software for better financial reporting.

Agenda item #4

How will CFOs achieve this?

Agenda item #4

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

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

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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