Read Part One Here.
Read Part Two Here.
In our ongoing blog series, “The Top Trends for CFO’s in a Post Pandemic World,” we have discussed a variety of topics including harnessing real-time data to drive strategy and the importance of breaking down enterprise platform silos.
These two trends have given a glimpse into the challenges that CFOs are facing and the strategies they are implementing to overcome operational challenges.
The third trend facing CFOs in a Post-Pandemic World is:
Digitizing processes to keep pace with new regulations
In many cases, new regulations and requirements require the use of digitization. By July 2024, Europe will implement a reform to simplify the relationship between the supplier and buyer. Digitizing the billing process will allow better cash flow management and control over payment deadlines.
Ultimately, the state hopes to limit VAT fraud and better identify it when it happens. This will also allow standardization of invoicing between companies, which will naturally simplify and speed up the invoicing process.
By 2024, companies will have to comply with green ESG regulations which aim to integrate CSR criteria into their performance indicators. When measuring overall company performance, the addition of the CSR criterion allows financial teams to make more strategic investments by taking into account these new guidelines which will be regulated and eventually standardized long-term.
The next (and fourth!) trend will be released tomorrow. Please keep a lookout on our LinkedIn page as we announce the next installment in the series.