Only 14 percent of companies have a mature financial function, and even leaders among the companies covered by the study have a gap to fill in areas such as business partnership, management reporting, planning, budgeting and forecasting, IT development strategy, automation, and development of digital skills – according to the PwC CFO Compass Survey 2021, conducted among financial directors (CFO) of Polish companies, whose partner is AICPA & CIMA.
While processes such as management reporting or planning and budgeting have been implemented and function in most respondents, the relatively low level of automation of these processes means that the maturity of the functions is still incomplete.
“When analyzing the results of the research on the support that the area of finance is able to offer to business, most of the respondents clearly show that it is based on an analysis of historical data. Finance continues to focus on reporting what was instead of what will be. Only every fifth respondent is able to provide reports for the purpose of signaling opportunities and risks. In addition, the prevailing model is the preparation of standard reports and forecasts. And today business expects much more from a CFO,” Mariusz Dziurdzia, PwC Partner, leader of the CFO Compass program, said.