S&P forecasts that Asia-Pacific will achieve real growth of 3.5% in 2023 while Europe and the U.S. will likely face recession. But Asia, being a supplier to the world, will likely not be totally out of the woods.
Technology has made financial reporting easy for everyone involved in the process, from the finance and accounts team preparing reports to the regulators, investors, and others who use those reports. That said, technology is only one aspect of the reporting process.
With reporting regulations continuing to evolve, and market certainty remaining unpredictable in 2023, how should the CFO, finance leaders and, indeed the entire, finance department work to ensure the team is able to meet expectations?
With us today on PodChats for FutureCFO is Ryan Gan, global reporting & statutory leader, Baker Hughes, to talk to us about the continuing transformation of finance reporting.
1. What is Baker Hughes and your role as global reporting & statutory leader for the company?
2. Finance reporting – can you describe the work conditions for the finance controller and his/her team?
a. In your view, what have been the most significant changes to the function since the pandemic started?
3. Gartner says there is mounting pressure to digitize finance. Given the many other priorities on the finance’s plate (for example, accelerating digital business), is digitizing finance (some say transforming finance) still high on the agenda? Why?
4. Of the many technologies being introduced – AI, data analytics, automation, etc – which do you see are the ones finance will prioritize on in the short-term, mid-term and long-term?
5. Hybrid/remote work is said to continue in 2023. Given all the learnings of the past 3 years, do you think hybrid work will impact the productivity/efficiency of the finance function?
6. Moving into 2023, what do you see are the top challenges for controllers/finance?
7. Drawing from your experience, what would you recommend are top action items in 2023?