MENLO PARK, Calif., Dec. 22, 2010 /PRNewswire/ -- The annual benchmarking study of the finance function, developed jointly by Financial Executives International (FEI) and Robert Half Management Resources, has just been released. The 2011 report (http://www.roberthalfmr.com/benchmarking) gives accounting and finance executives a tool for evaluating how their organizations are performing relative to peers.
Benchmarking the Finance Function reveals how public and private firms of all sizes are currently managing their financial departments in six vital areas: staffing, accounting operations, financial systems, sourcing, internal controls and compliance. Key survey results from the study include:
- Almost three-quarters (71 percent) of financial executives surveyed expect compliance regulations to increase.
- Four in 10 respondents (43 percent) use temporary, interim or contract professionals in their accounting and finance departments.
- Eleven percent of this year's respondents are using International Financial Reporting Standards (IFRS), up from 5 percent in the prior year.
- On average, it takes companies surveyed 22 business days to produce annual draft financial statements.
"Now more than ever, we are seeing an increasing number of companies operating with reduced staff, driving the need to seek greater efficiencies within the financial function," said Marie N. Hollein, CTP, president and CEO of FEI. "This report allows accounting and finance executives to more easily compare their own operations with those of peer companies of comparable size and gain insights into new and innovative enhancements that can help to improve performance."
Paul McDonald, senior executive director of Robert Half Management Resources, added, "In this transitional economic environment, effectively managing staffing resources is especially critical. Up-to-date benchmarking data can help managers maintain the right staff levels to keep productivity and service levels high and personnel costs in check."
About the Survey
Benchmarking the Finance Function examines the results of a new benchmarking survey of staffing, compliance, internal control and other practices within the finance function. It was conducted by Financial Executives Research Foundation (FERF). Results and analysis in the report are based on data collected using a 46-question online survey of more than 200 financial executives from both public and private companies conducted throughout June and July 2010. To download the report, visit www.roberthalfmr.com/benchmarking.
About Financial Executives International, Financial Executives Research Foundation
FEI is the leading advocate for the views of corporate financial management. Its 15,000 members hold policy-making positions as chief financial officers, treasurers and controllers. FEI enhances member professional development through peer networking, career planning services, conferences, publications, and special reports and research. Members participate in the activities of 84 chapters, 73 of which are in the United States and 11 in Canada. For more information on FEI, visit www.financialexecutives.org.
FERF is the nonprofit 501(c)(3) research affiliate of FEI. FERF researchers identify key financial issues and develop impartial, timely research reports for FEI members and nonmembers alike in a variety of publication formats. The foundation relies primarily on voluntary tax-deductible contributions from corporations and individuals. For more information, visit www.ferf.org.
About Robert Half Management Resources
Robert Half Management Resources is the premier provider of senior-level accounting and finance professionals to supplement companies' project and interim staffing needs. The company has more than 145 locations worldwide and offers online job search services at www.roberthalfmr.com. Follow Robert Half Management Resources at twitter.com/roberthalfmr for workplace research.
SOURCE Robert Half Management Resources