Florida CFO Group’s Post

A #CFO's job is evolving and its mission impossible. What will it take to survive as a modern CFO as isolated decision-making isn't a part of the future? No longer just the financial gatekeepers, today's CFOs are thrust into an unforgiving landscape where the stakes couldn’t be higher. With the entire fiscal health of their organization resting on their shoulders, they must make critical decisions in the face of economic turmoil, shrinking #margins, and escalating #laborcosts. In this high-stakes environment, where every misstep can be costly, is the modern CFO’s role becoming unmanageable? Our finance editor Marie DeFreitas found out in our October #coverstory, where you can hear from several executives, including Pat Keel, CFO at St. Jude Children's Research Hospital, Brandon Williams MBA, ACHE, CFO at Providence, Doug Watson, CFO at Allina Health, Kurt Barwis, CEO at Bristol Hospital and Health Care Group, Inc., Tom Quinn (He/Him), senior partner at WittKieffer, Kyle M. Wilcox, VP, finance, at MercyOne, and Rick Gundling, senior VP for content and professional practice, and Healthcare Financial Management Association (HFMA). Read the story here: https://lnkd.in/gn2uzZZx

Fri. the 13th and an impending extension deadline?!?! While you’re waiting on efile transmissions and acceptances today, checkout the agenda and register to join us! Nov. and Dec. are prime for making sure next tax season is even better than the last! Let’s prepare together with some of the best, most experienced and genuine firm leaders you’ll find in accounting. https://lnkd.in/gf844eGW #cpe #cpa #leadership #accountingandaccountants #firmgrowth #event #register

Hello and welcome to Wednesday. McDonald’s is extending its $5 meal deal after 93% of its restaurants voted in favor of it. Take that, greedflation. Future Forward This year, more CFOs are setting their sights on the future. At least, that’s according to McKinsey’s latest CFO pulse survey, which showed that far more CFOs are prioritizing long-term and strategic planning this year than in 2023. More than half (55%) of the 126 global CFOs polled said that long-term planning was top of mind for their finance functions, up from 30% last year. And 6 in 10 said strategic planning was a priority, versus 38% a year ago. This year, CFOs are taking a more measured stance toward investment. Nearly half (46%) said their companies’ level of investment would remain “unchanged” over the next 12 months, twice the percentage (23%) who said so last year. Only 4 in 10 said they’d be investing more, versus 57% who did last year. Supply chain issues have come to the fore as a key risk. Nearly half of the CFOs surveyed (49%) chose supply chain disruptions as a pressing risk, more than twice the percentage who did so last year (20%). Respondents also viewed economic volatility as an important risk. AI’s still in its infancy: Only a fifth of respondents said they were using generative AI, and of that group, about half (49%) said their AI projects were in the pilot or experimental phase. What comes around... Imagine laying off thousands of employees, only to turn around and have to hire nearly as many back… Well, Sasan Goodarzi, CEO of financial software company Intuit, announced performance-related layoffs affecting roughly 1,800 employees in a company-wide email last week—but plans to hire nearly the same number of employees, many for AI roles, Business Insider reported. Meanwhile, Tesla, just a few months after announcing layoffs affecting 10% of its staff, recently posted nearly 800 job listings, many also for AI jobs. Today’s top finance reads. Stat: $1.8 billion. That, reportedly, is how much Amazon’s willing to pay for the media rights to a package of NBA games. Warner Bros. Discovery, whose contract with the NBA ends next season, has offered to match the deal.   (CNBC) Quote: “If you’re a lawyer for CrowdStrike, you’re probably not going to enjoy the rest of your summer.”—Dan Ives, tech analyst for Wedbush Securities, on what may prove “the largest IT outage in history.” (CNN)

UH Chief Financial Officer Bradley Bond, CFA, CPA, MBA, was named one of Becker's Healthcare's 160 CFOs to Know for 2024. According to Becker’s, the chief financial officers featured on this list are helming financial functions for health systems and hospitals throughout the U.S. and are instrumental in strategic financial planning, expansions and joint ventures for their organizations. In selecting Brad for the list, Becker’s noted that “Mr. Bond plays a pivotal role in implementing the organization's mission investment strategy, which is focused on community health initiatives and addressing inequities. Amidst challenging economic landscapes, Mr. Bond's leadership has steered UH through financial crises, including navigating the recession and addressing post-pandemic challenges like supply chain disruptions and workforce shortages. Under his guidance, UH has exceeded financial targets, with ongoing initiatives to deliver care at lower costs and maintain credit ratings. With over 30 years of finance executive experience, Mr. Bond's tenure has seen successful debt restructuring, bond issuances and strategic acquisitions.” Brad assumed the role of CFO at University Hospitals in February 2024 and was recognized as a "Notable Leader in Finance" by Crain's Cleveland Business earlier this year. Read more: https://lnkd.in/gFj9JgEG Congratulations, Brad! #UHProud #healthcareleadership #leadership #financialsustainability #strategicplanning #financialplanning #missioninvestment 

The Accounting Profession is witnessing a Changing of the Guard 💂♂️ ♻ 💂♀️ Barry Melancon, the CEO of the AICPA, is retiring after ~30 years of leading the governing body of the accounting profession. 3 decades of servitude is a long time and should be applauded. Barry was 37 when he became CEO, maybe it's time for another 30 something to take the reigns? ------------------- Facts: 👉 Millennials make up the majority of the workforce 👉 Senior citizens make up the majority of CPA’s ------------------- Torches are being passed in all corners of the accounting profession. We're in the midst of a modern makeover. 💂♂️ I welcome the Changing of the Guard. 🤔 Anyone else excited for the new era of leadership? #Accounting #Finance #AccountingandAccountants  —------------------------------------------------------------------------------ 🚀Check the No Flux Given playbook and Sketchy Business Practices course at MikeFromAccounting🚀

Finance chiefs are on the move. In just the first quarter, a total of 82 new CFOs were appointed at public companies—matching the record turnover seen in Q1 2021, according to executive search firm Russell Reynolds Associates’ quarterly index. Taking a look at the S&P 500, for example, 4.8% of CFOs left in the first quarter, compared with 2.8% who did so at the same time last year, meanwhile the incoming figure of 5.8% was markedly higher than last year’s 3.8%. However, when a CFO eventually ascends to the CEO seat, there is usually an interim step between CFO and chief executive, such as being the COO, president, or the general manager of a division. Read more in the #CFODaily newsletter:

❗ Big Changes at EY: Simplification Over Split Janet Truncale, EY's new Global Chief Executive, has announced a significant shift in strategy for the Big Four firm, opting to simplify operations instead of reviving the previously proposed split. In a recent memo to EY’s 400,000 staff, Truncale emphasized the need to "recommit to working together as one organization," aiming to reduce bureaucracy and streamline the global operation. This approach, dubbed "All in," contrasts sharply with the collapsed Project Everest, which sought to divide the firm into separate entities for audit and consulting services. However, the new strategy has faced some criticism for its lack of detail and clear direction. While Truncale has ruled out an immediate revival of the split, she acknowledged the underlying issues that led to Project Everest and hinted at potential future changes. EY partners and staff are watching closely, as are rival firms, to see if Truncale’s leadership can restore clarity and momentum. As the firm navigates these changes, the focus will be on retaining top talent and ensuring the new strategy addresses the evolving market needs. Key Takeaways: 🔹 Simplification Over Split: Truncale rejects the immediate revival of splitting EY, focusing instead on reducing bureaucracy and fostering unity. 🔹 New Strategy: "All in" aims to streamline operations, with investments in business transformation, managed services, and sustainability. 🔹 Market Reaction: Some partners express concerns over the lack of detailed plans, while others hold out hope for future changes akin to Everest. Let's see how this new strategy transforms the business over the coming years. #EY #Leadership #Strategy #BigFour #Consulting

We’re excited to welcome Scott Wooten, MBA, FACHE as our new CFO! Scott sat down with HealthLeaders to discuss his priorities in the new role, including building relationships with his team, and a focus on strategic investments, growth opportunities and stewardship. “What I’ve learned is every market is different, and every culture is different, so what we're going to focus on is long-term success and long-term stewardship here at Sanford… And to do that, a person needs to focus on what their balance sheet will look like in the future and then strategize on how to get there from a strength perspective.” Check out the full conversation below: https://san.fo/3uDUBXL

For CFOs interested in ascending to the CEO office, what does it take to get there? See my latest article contributed to Forbes CFO Network, "Says One Who Has Traversed The CFO-To-CEO Ascent: It Starts With Strategic Thinking." See https://lnkd.in/gTF6bDQV. #cfo #ceo #strategicthinking

What North America’s top finance executives are thinking—and doing 2nd quarter 2024 results with a focus on CFO succession planning & board roles #SidetradeALeader #SidetradeDataLake