Robert Half, FEI Release Annual Finance-Function Benchmarking Report
May 9 Webinar Highlights Best Practices, Strategies for Maximizing Business
MENLO PARK, Calif. and MORRISTOWN, N.J., April 24, 2013
MENLO PARK, Calif. and MORRISTOWN, N.J., April 24, 2013 /PRNewswire/ -- A new
study from Robert Half and Financial Executives Research Foundation (FERF),
the research affiliate of Financial Executives International (FEI), provides
insight into professional standards across the finance function, including the
average size of finance departments, hours worked and technologies used. The
fourth annual report, Benchmarking the Finance Function 2013: The Inner
Workings of Accounting and Finance, focuses on six key areas: workforce
management, accounting operations, financial systems, sourcing, internal
controls and compliance. The results are based on a survey of the finance
departments of nearly 200 public and private companies in the United States
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oU.S. management-level accounting and finance employees work an average of
48 hours in a standard week; non-management staff work an average of 42
hours. In Canada, the average workweeks for managers and staff are 44 and
39 hours, respectively. When hours regularly exceed their standard
workweek, especially during peak workload periods, staff are supplemented
with the use of interim professionals.
oThe median number of internal staff in U.S. finance departments is 11, and
the median in Canada is 16.
oDespite growth in the number of general ledger accounts, nearly two-thirds
(65 percent) of U.S. companies still reconcile accounts manually, placing
a strain on staff and resources. Many companies are seeking solutions for
automating the process of closing the books.
oEighty percent of U.S. companies and 86 percent of companies in Canada use
an enterprise resource planning (ERP) system. The use of on-demand
software is increasing.
oPayroll is the single most outsourced function for all respondent
companies, followed by tax. Accounts payable is emerging as a possible
candidate for additional outsourcing.
oLarger companies are more likely to have an internal audit function
responsible for compliance activities. At smaller firms, the compliance
function most often resides with the financial reporting or general
"Financial leaders are taking a fresh look at how their departments can commit
assets to achieve the most value for the company," said Paul McDonald, Robert
Half senior executive director. "Shared services centers, new technologies and
the increased use of interim financial professionals are among the many
tactics being employed to allow executives to apply resources where and when
they are needed most."
"The finance function is undergoing a transformation amid a competitive
business landscape and new regulations," added Marie N. Hollein, president and
CEO of FEI. "To operate with precision and achieve optimal productivity,
companies need to identify areas of improvement, measure themselves against
peers and competitors, and address fluctuating needs and priorities."
Robert Half and FEI will host a webinar May 9, 10 to 11 a.m. PDT/1 to 2 p.m.
EDT, based on the report findings. The presenters include McDonald and Thomas
Thompson, Jr., senior associate, research, with FERF. This webinar will allow
accounting and finance executives to more easily measure their own operations
and gain insights into enhancements that can help improve department
For more information or to register, visit www.roberthalf.us/benchmarking. The
complimentary session qualifies for one unit of continuing professional
education (CPE) credit in the United States.
About Financial Executives International
Founded in 1931, Morristown, N.J.-based 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 at companies
from every major industry. FEI enhances member professional development
through peer networking, career management services, conferences,
teleconferences and publications. Members participate in the activities of 86
chapters, 74 in the U.S., 11 in Canada and one in Japan. FEI has additional
offices in Washington, D.C., and Toronto. For more information, visit
About Robert Half
Founded in 1948, Menlo Park, Calif.-based Robert Half, the world's first and
largest specialized staffing firm, is a recognized leader in professional
consulting and staffing services, and is the parent company of Protiviti^®, a
global consulting firm that helps companies solve problems in finance,
technology, operations, governance, risk and internal audit. Robert Half's
financial staffing divisions include Accountemps^®, Robert Half^® Finance &
Accounting and Robert Half^® Management Resources, for temporary, full-time
and senior-level project professionals, respectively, in the fields of
accounting and finance. Robert Half has staffing and consulting operations
worldwide and offers online job search services on its divisional websites,
all of which can be accessed at www.roberthalf.com.
SOURCE Robert Half International
Contact: Joel Dibble, (650) 243-6288, firstname.lastname@example.org; Liliana DeVita,
(973) 765-1021, email@example.com
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