More than 60 percent of San Francisco Bay Area CFOs have revenue growth targets of over 5 percent and 45 percent of finance executives predict revenue growth over 10 percent in 2010, according to a survey by CPA firm Armanino McKenna LLP.
Organic growth and more efficient operations are identified as the top priorities for companies seeking to achieve these growth targets. Seventy percent of the more than 150 Bay Area CFOs surveyed by Armanino McKenna are viewed as scorekeepers or gatekeepers by their companies, while 86 percent wish to be seen as business accelerators and analysts.
To manage anticipated 2010 business growth in the turbulent marketplace, CFOs are focusing on top issues such as managing cash and budget, improving operational business processes, and improving information provided to managers, the survey found. Most CFO organizations struggle with the accounting function. Even in this high-tech region, the top-ranked bottlenecks in the monthly close process are manual processes and systems that are not integrated.
The CFO organization is pivotal in enabling companies to access and analyze up-to-date information, yet companies have gaps in obtaining real-time data. Twenty-seven percent of CFOs state that they do not have the tools to obtain operational data and 22 percent do not have access to competitive intelligence in a timely manner.
Armanino McKenna will present the findings of the 2010 CFO Benchmark Survey Report during a free webinar on Thursday, Feb. 25, 2010, from 10-11 a.m. (PST). Attendees will earn one California CPE credit (non-technical) and will learn the best practices of successful finance organizations, as well as key 2010 initiatives for CFOs. To learn more and register, visit www.armaninomckenna.com/webinars.
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