Accounting and finance functions are constantly changing—from new regulations to tax reform to advancements in technology.
Because of this change, CFOs are forced to take on broader responsibilities beyond traditional number crunching. Although the expanded role of the modern CFO is not a new concept, it’s clear that it’s still something that CFOs are struggling to keep up with.
Brainyard’s recent survey of 166 CFOs across 23 different industries revealed that 38% of CFOs say that managing too many responsibilities is their biggest challenge. CFOs also mentioned concerns of maintaining cash flow, a familiar problem in finance. Meanwhile new challenges in cybersecurity are emerging. On the technology front, analysts and major publications are all about the buzz of Artificial Intelligence, Internet of Things, Blockchain, Cryptocurrency, etc., but CFOs are not yet jumping at the opportunity to implement these futuristic technologies. In fact, 47% of CFOs haven’t implemented these technologies today, nor do they plan on implementing them in the next three years. Instead, CFOs remain laser focused on laying a solid foundation of financial processes and systems. Better reporting, increased data visibility and implementing new financial software are among the top priorities for CFOs in the next two years.
Major Challenges
How can MSC R&D help?
Business is only going to get more challenging post-Covid. The need to get growth back on track, access finance to enable this growth, and manage cashflow is going to increase the pressure on CFOs.
For tech businesses, their R&D expenditure can be significant and how it is managed can have a significant impact on all the above.
Optimising R&D tax credits, implementing best practice R&D processes, developing a robust R&D and commercialisation funding roadmap, and identifying and accessing the optimum sources of finance, will all help to make a tech CFO’s life a little easier.
MSC R&D are not just a R&D tax credits company – we support tech businesses throughout the innovation life cycle.
Why not give us a call on 0114 230 8401
