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FSN's Future of Financial Reporting shows CFOs are not ready for an era of self-service reporting

16th March 2017

FSN's Future of Financial Reporting shows CFOs are not ready for an era of self-service reporting

CFOs are not ready for an era of “self-service reporting” as new research from FSN, The Future of Financial Reporting 2017 shows that a litany of problems is keeping finance professionals awake at night.

Financial reporting, whether for internal or public consumption forms the bedrock of the finance function and is often the primary and most visible measure of the finance function’s professional competence and standing. But new research “The Future of Financial Reporting Survey 2017” released today by the FSN Modern Finance Forum suggests that the financial reporting process is teetering under the strain of new information demands, a spreadsheet-spiral™, a fragile reporting ecosystem and consequent problems in boardroom.

The research was conducted amongst the 49,000 members of the FSN Modern Finance Forum on Linkedin globally and represents one of the largest and most authoritative global surveys of its kind.

“Understandably, many CFOs view self-service reporting as a panacea and way to offset the constant pressure on finance resources, but our research identifies that with so many fault lines in their regular reporting many enterprises are simply not ready to allow users to help themselves.  One quarter of organisations have reduced their finance headcount in the last three years, and 40% have kept headcount flat in the same period.  In these circumstances self-service reporting would simply make matters much worse,” says Gary Simon, FSN’s Chief Executive Officer and the leader of the Modern Finance Forum.

 

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