CFOs Look Ahead With Assured (Self-)confidence

According to a recent study conducted by the market research institute Censuswide in August 2023 on behalf of Blackline, 58 percent of companies worldwide have full confidence in their financial data. In terms of German companies, trust has even increased by 7 percent compared to the previous year and now stands at 64 percent, which is significantly above the international average. The different assessments of the C-suite and F&A professionals are particularly interesting: while 69 percent of managers still had full confidence in their figures last year, the figure was only 67 percent in 2023. The figures for F&A professionals are the opposite. In 2022, their confidence was only 46 percent. Today, 61percent are convinced of the validity of their company figures. 

Because they know what they are doing

Could it be that today those who work with financial data on a daily basis are more likely to trust it? And if so, what has changed? It stands to reason that the positive effects of the digitalization of accounting processes are gradually being observed. Continuous accounting workflows are increasingly gaining ground and replacing manual accounting processes. Even if this change has not yet taken place everywhere and digital patchworks are emerging in many cases, its positive effects are already noticeable - at least for F&A professionals. This in turn ensures that their confidence in the figures is increasing.

There is no general answer as to whether this is a global phenomenon or rather an isolated one. In the USA, two thirds of C-suite and F&A professionals currently trust their results. In contrast, skepticism prevails among our European neighbors. In the UK, trust is comparatively low at 44 percent and in France, too, only 49 percent are convinced of the accuracy of their financial data. The answer is to rely on real-time analyses and prepare for the future. Real-time data and information can boost confidence. Why?

Stay save

Because they give those responsible an earlier insight into the current company situation than usual. This in turn gives them more opportunity to make adjustments or course corrections. So it's no wonder that every second company worldwide is convinced that real-time data enables them to react better to an unexpected event. In the USA, as many as 58 percent believe this to be the case - in Germany, however, only 40 percent. This may be due to the fact that companies in the USA are more experienced in dealing with real-time data than in Europe, where France is one of the frontrunners with 45 percent.

However, real-time analyses alone are not enough to prepare for the future. Rather, it seems to be the ability to think strategically - at least that's the view of more than a third of responsible F&A professionals and executives. They also believe that the ability to communicate complex financial information to various stakeholders plays an important role in future-proofing an organization.

Eyes open and through

These findings, coupled with the numerous impressions from daily practice in the finance and accounting departments of companies, give us confidence about the future viability of the global economy. Regardless of the crises and challenges of our time, an important course has been set and the conditions created for companies to adapt to changing conditions in an agile manner.