A new study of 1,900 finance leaders by Sage (FTSE: SGE), the
leader in accounting, financial, HR, and payroll technology for
small and medium-sized businesses (SMBs), has found that over
four-fifths (83%) of finance leaders believe the industry needs a
new breed of CFO.
“The Redefined CFO” study investigates how finance
leaders today take a more holistic approach with a reliance on data
to engage with the wider strategic priorities of organizations.
Stepping out from the shadow of the CEO, the CFO has become a hub
of business information – diversifying their expertise, recruiting
the right talent, and ensuring they implement emerging technologies
and purpose-driven programs to remove friction and deliver
insights. The Chief Facilitative, Fairness, and Focus Officers
represent this new breed of CFO.
“Finance leaders in the U.S. are redefining what it
means to be a CFO,” said Judy Romano, VP and CFO, Sage
North America. “Through their purpose-driven approach to
the role, their adoption of breakthrough technologies, and work
across a range of business units, finance leaders are taking their
place as forward-facing guides for organizations.”
See below for highlighted findings from the report.
Click here to download a copy of the full U.S. report.
Cryptocurrency and the metaverse embraced
by SMBsThe research found that finance officers within
SMBs are increasingly embracing cryptocurrencies and the metaverse
as digital payments technology forces an evolution.
While only 17% of global finance teams reported
currently accepting cryptocurrency transactions, one-third (33%)
plan to accept decentralized currencies within the next 12 months.
Just over half (52%) believe these currencies will prove
‘extremely’ viable as a long-term payment solution. The biggest
hurdles surrounding adoption of cryptocurrencies were internal
environmental, social, and governance (ESG) policies (22%) and
finding the right talent to manage it (22%).
The research also revealed that over two-fifths
(44%) of finance leaders have used cryptocurrency as payment for
personal transactions, whilst nearly half (48%) have personally
invested in cryptocurrency. Another half (49%) plan to invest in
it.
When it came to the metaverse, SMBs may be further
ahead in embracing the new technology than many anticipate. Over
one-third (36%) of finance teams say their company has already
entered the metaverse, while half (52%) say they plan to increase
their presence over the coming year. Over half (54%) of respondents
are planning learning programs in the metaverse, and almost half
(42%) are purchasing virtual real estate (via NFTs).
Global findings breakdownSMBs are
accessing new capabilities all the time, supported by artificial
intelligence (AI), machine learning, and blockchain, to better
manage their finances and run their businesses more
effectively.
Finance leaders in the U.S. were the most bullish:
almost half (46%) of U.S. SMBs have already entered the metaverse,
compared with only 30% of UK and 32% of Canadian businesses.
U.S. finance teams were also amongst the most
likely to already be accepting cryptocurrency transactions, with a
fifth (21%) already accepting these payments. The U.S. trails only
Australia – where 29% of businesses already accept decentralized
payments. These figures were substantially higher than those seen
in the UK (13%) and Canada (12%) which are lagging.
In terms of the long-term viability of
cryptocurrency as a payment source for SMBs, 60% of U.S. finance
teams believe it to be extremely viable. This compares with 44% of
UK and half (49%) of Canadian finance executives.
Aaron Harris, Chief Technology Officer,
Sage commented:“I’m passionate about elevating the work of
humans. By this, I mean letting the machines take the admin burden,
spot anomalies, and automate repetitive tasks – freeing up humans
to focus on what they do best. The metaverse is a great example of
the convergence of our digital and physical lives – integrating
human touchpoints through digital means to knock down barriers. And
while it’s still early days for most, the metaverse is normalizing
some emerging technologies like cryptocurrencies for SMBs which, in
turn, removes friction and delivers insights.”
“Yet despite the appetite for new technologies and
business models, the availability of skills remains an
industry-wide issue that, as a community, we need to solve.
Offering more than the traditional finance roles, I hope this will
help our profession appeal to an increasingly wider
demographic."
Purpose and people ahead of
profitFinance teams are now prioritizing technology skills
over financial experience in recruitment, and it is impacting the
hunt for new skills. One-third (32%) of finance teams say they are
now looking for candidates with either coding, developer, or AI
algorithmic building experience. In fact, candidates with a strong
AI pedigree were even more appealing than strong finance candidates
willing to train and develop AI skills (38% compared to 34%,
respectively). However, both are more attractive candidates than
professionals without any technical skillset at all.
Organizations are also prioritizing people and
empathy in business decisions. Three-quarters of financial decision
makers are encouraged by their organization to prioritize people
(77%), account for empathy and understanding when making business
decisions (75%) and put purpose over profits (74%).
Study methodologyThis study is
based on 1,900 responses from finance leaders in the Healthcare,
Nonprofit, Financial Services, Professional Services, Hospitality,
SaaS / Tech, E-commerce / Retail industries at organizations with
less than 1000 employees and annual revenue of at least $50M for
the US, UK, Australia, and South Africa and at least $5M for
Canada. Survey respondents were provided by Torfac, a global market
research leader with expertise in reaching niche audiences, and
Op4G, a global market research panel built to support data
collection while simultaneously benefitting non-profits. Field
dates: January 7 to 28, 2022.
Press Contact:Peter
Olsonpeter.olson@sage.com408-878-0951
About SageSage exists to knock
down barriers so everyone can thrive, starting with the millions of
small- and mid-sized businesses served by us, our partners, and
accountants. Customers trust our finance, HR, and payroll software
to make work and money flow. By digitizing business processes and
relationships with customers, suppliers, employees, banks, and
governments, our digital network connects SMBs, removing friction
and delivering insights. Knocking down barriers also means we use
our time, technology, and experience to tackle digital inequality,
economic inequality, and the climate crisis. Learn more at
www.sage.com and www.sageintacct.com.
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