CFOs Seek to Overcome Staffing Shortfalls to Meet Goals, According to AAFCPAs Survey

Boston-based AAFCPAs (FY16 net revenue of $26.7 million) has announced the results of its inaugural CFO survey. The results are captured in the report, “Behind Every Thriving Organization is A High-Functioning CFO.”

The report, conducted in collaboration with the Boston chapter of financial executives international (FEI-Boston) includes analysis from AAFCPAs’ partners, and highlights how sophisticated CFOs and senior financial executives are evolving to have wide-reaching organizational influence.

The survey polled 250 senior financial executives across New England, with nearly 70% of respondents reporting more than a decade of experience at the director level and above.

Key findings include:

  • 70% of respondents felt their relationship with their CEO is strong, yet 60% report some level of difficulty meeting CEO expectations.
  • 50% of respondents report their CEO relies on them most heavily for clarifying financial situations, as they are expected to serve as the CEO’s “right hand.”
  • 35% of respondents cited a pressure to increase profitability as the main driver for reassessing IT systems and processes, with the goal of achieving greater ROI from technology investments.
  • 55% of respondents felt as though their strategic, forward-looking mindset contributed to their career growth.

“The role of the CFO and financial executive continually evolves, and today is a key position for effective leadership of any organization,” says Matthew Boyle, AAFCPAs partner. “In order to meet expectations, CFOs must be masters of managing multiple priorities, collaborative, adaptive to new technology, and have a high-functioning finance team behind them.”

View the full report here.