CAO pivot: Time to step up
The economic downturn means strategically minded chief accounting officers must first help tackle today’s financial challenges
Less than three years after the COVID-19 pandemic, CAOs again face a deteriorating macroeconomic environment. They know that this means they need to shift focus from partnership efforts with business-unit leaders to the nuts-and-bolts task of keeping their companies on a sound financial footing. However, CAOs remain keen to expand their role beyond traditional accounting and finance.
In a new KPMG report, CAO pivot: Time to step up, we assess how much progress CAOs have made in their quest to become more strategic players in the C-suite, discuss how they are pivoting to tackle the challenges of today’s faltering economy, and explore how they can seize the moment to propel themselves forward in their pursuit to raise their leadership profile. By adapting quickly to a tough new reality, CAOs can not only help their company to continue to thrive when the economy stabilizes but also expedite their own goal of becoming more valued partners to the business.
Click on the links below to view the highlights from the 2023 KPMG CAO survey, included within our thought leadership:
Automation
Many executives want CAOs to reduce manual activities and ramp up automation
Q. What are the challenges in the finance/accounting function that are foremost on your thoughts?
Economy
Inflation
High inflation has prompted CAOs to reassess earnings expectations
Q. As a CAO, have you been involved in any of the following areas to identify ways to mitigate business impacts due to inflation?
ESG
A majority of executives believe CAOs should lead on ESG reporting
Q. Is the CAO best positioned to drive the data collection and reporting of ESG or sustainability information?
Data Analytics
A majority of executives still lack confidence in CAOs’ data analytics vision
Q. Is the CAO best positioned to drive the data analytics vision for the company?
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