Chief financial officers (CFOs) should be given more influence at board level, a new study has suggested.
In an article on the CIMA website, a survey conducted by CFO Research Services on behalf of KPMG found that 80 per cent of firms think that the finance function should be given a greater say in strategic decision making.
It also revealed that 83 per cent of CFOs think the best way they can improve their standing with other executives is by improving planning, forecasting and budgeting.
Rodger Hill, head of financial management at KPMG in the UK, stated that he was pleased that so many firms recognise there is a need for change.
However, he also pointed out that the majority of businesses held the same opinion when the survey was last conducted three years ago.
Mr Hill said: “This tells you that plenty more companies have since realised where their shortcomings lie - but also that those who realised this three years ago appear not to have done anything about it.
“What a shame that it has taken a crisis of this magnitude to finally shake people into life.”