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Flush with cash, startups move to hire CFOs earlier

From WSJ: Startups are beefing up finance departments as balance sheets swell and SPACs offer a new route to public markets. As startups raise record amounts of venture capital, one role is in particularly high demand: the chief financial officer. Historically, startups, many with just a couple dozen employees, have sought to stay nimble and keep payrolls light in early years. Many put off hiring senior finance executives until they matured into more complex operations or were preparing for a ...

EU rules for VAT on insurance and financial services are adequate – CFE

CFE has issued an Opinion Statement responding to the European Commission’s public consultation on current VAT rules for insurance and financial services. “CFE are of the view that current exemption works well in general in the sector. However it is unfortunate the CJEU case law precludes the application of the cost sharing exemption and, particularly on transactions between Member States, there are problems with VAT-grouping. The exemptions have the benefit of avoiding problems which will otherwise arise when determining how to charge VAT ...

The CFO at a crossroads: How to be a catalyst for transformation

From Gartner: CFOs find themselves at a pivotal moment as multiple sources of rapid transformation unfold all around them. The very nature of work is transforming, along with where work gets done and how it gets done. Additionally, the accelerating pace of investments to enable digital transformation across functions is another key cause for CFOs being at crossroads. However, CFOs are often brought in at the last minute to write checks rather than being key partners in guiding meaningful transformative ...

3 next-level time management strategies for CFOs

From CFO Daily News: No matter how many hours you put in, a CFO’s to-do list can feel never-ending. That makes time management an essential skill. And you know the solution isn’t working more hours. It’s working more efficiently in the hours you have each day. When you do that, not only do you avoid burnout yourself, you set a good example of productivity and work-life balance for your staff. So, how can you boost your time management skills? Check out some clever ideas other business professionals ...

CFOs rethinking cost savings of just-in-time supply chains

From CFO Dive: Covid-related disruptions made it clear a broader strategic approach is needed even once a supply and demand equilibrium is restored. CFOs are reexamining just-in-time production after the pandemic left many businesses unable to meet customer demand because of supply shortages. Until some form of equilibrium is once again reached, CFOs should rethink how just-in-time is used, says Debbie Fogel-Monnissen, CFO of the Institute for Supply Management. The pandemic made clear the total cost of the supply chain, ...

Women in finance say ‘mediocre’ male managers block progress

From Consumers Advisory: Careers for some women in finance are being held back by “mediocre” male middle managers adept at playing internal politics, according to a report backed by some of the City of London’s largest financial institutions. Research by Women In Banking and Finance and the London School of Economics — which has been supported by groups such as Goldman Sachs, Barclays and Citi, as well as the Financial Conduct Authority — also found a tendency among such managers to ...

Working capital scorecard: A tumultuous year for CFOs

From Many CFOs faced challenges collecting cash and keeping a lid on inventories as the pandemic raged and then subsided. Shortfalls in revenues, curtailed or redirected customer demand, liquidity pressures, receivables collection headaches  — on the working capital front, 2020 put finance departments to the test.  How did the largest U.S. companies perform overall? Many, especially those with market clout, improved their working capital performance and stayed plenty liquid. Still, for others, a pandemic-disrupted economy meant too much capital tied up ...

How your company could benefit from a reverse audit

From CFO Daily News: When your finance team thinks “sales tax audit,” they probably think “big headache.” But a reverse audit could spur a different result. As CFOs know, a reverse audit aims to identify and recover tax overpayments that have either been remitted to vendors or filed directly as a self-assessment of use tax, explain the pros at Journal of Accountancy. There’s no denying that audits can be expensive, stressful and time-consuming for your company. But with a reverse audit, the time ...

PwC supports GRI Global Standards Fund

An initiative to safeguard the continued development of the GRI Standards has secured a new supporter. Multinational professional services network PwC has joined the GRI Global Standards Fund. The Fund enables the continued independent and multi-stakeholder development of the world’s most widely used sustainability reporting standards, and their access as a free public good. It also ensures the GRI Standards reflect ever-increasing stakeholder and societal expectations for responsible business conduct, including the creation of new Sector Standards. The Global Standards Fund ...

Time for CFOs to influence the SEC’s climate effort

Companies should seize the opportunity to engage with the SEC to help craft efficient and responsive climate change disclosure rules. From Corporate sustainability is an increasingly big tent containing a broad spectrum of views and practices. In recent years, talk of “corporate purpose” and “stakeholder capitalism” has grown in importance and garnered the most attention. Ironically, however, behind the headlines, the most meaningful evolution has been a growing focus on what sustainability means for investors and other providers of ...

Five key elements of a successful investor pitch by the CFO

From Creating a message that resonates with private equity investors or other suppliers of private capital requires more than a nice-looking PowerPoint. It means understanding the investor’s mindset. Investores are primarily focused on getting their original investment back (plus a return, naturally) after it’s been used to make improvements in the business. But there’s an all-too-common disconnect between CEOs absorbed by their big ideas and investors who find it frustrating that they’re expected to bet blindly on the future. The ...

Four reasons that lease accounting distorted reality… have now become five

From The Uniform Accounting Monthly Report April 2021: I recently had a wonderful conversation with Ralph Nach. Ralph is a former co-author of the Wiley GAAP Guide. He teaches continuing professional education courses for practicing CPAs on many of the most difficult and complex accounting topics. Ralph was also one of the very first members of the UAFRS Advisory Council for Uniform Accounting. To cover the new accounting rules for lease capitalization, Ralph has a remarkable four-hour module on just ...

Audit watchdog proposes framework to help implement new trading ban

From WSJ: The U.S. audit watchdog has proposed a new framework that would help it implement a law that bans foreign companies from the country’s exchanges if their audits haven’t been inspected by American regulators. The Public Company Accounting Oversight Board’s framework would help it decide whether it can review or investigate a public audit firm in certain jurisdictions, such as China or Hong Kong. The law banning certain foreign businesses from U.S. exchanges—known as the Holding Foreign Companies Accountable Act—was ...

OECD to introduce cryptocurrency reporting by end 2021 – Tax Advisers Europe

From Tax Advisers Europe: During the CFE’s 2021 Forum, held virtually on 6 May 2021, Director of the Centre for Tax Policy at the OECD, Pascal Saint-Amans, gave a keynote speech on the panel discussion topic of cross-border exchange of information. Mr Saint-Amans confirmed that the OECD aims to update reporting standards for exchange of information to include cryptocurrencies and e-assets by the end 2021, noting that the US is particularly interested in the expansion of the reporting standards to include ...

What CFOs and CEOs are saying about bitcoin

From On first-quarter earnings calls, CFOs and CEOs revealed their attitudes about and approaches to cryptocurrencies. What is your thinking on Bitcoin and cryptocurrencies? Many “experts” claim to know what CFOs and CEOs think about the development of digital assets, the use of Bitcoin on balance sheets, and the business opportunities crypto presents. But rarely do they examine the public statements by members of the C-suite. To gauge the prevailing sentiments about Bitcoin, we combed through the earnings calls ...

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