Finance executives outline their top 7 priorities for 2016

CFOs and finance executives are placing more emphasis on an increasing number of finance functions in 2016.

The 2016 Finance Priorities Survey from Protiviti has found that CFOs and finance executives continue to focus on the strategic value of the finance function, rather than accounting operations.

Protiviti is a global consulting firm that helps companies solve problems in finance, technology, operations, governance, risk, and internal audit.

The survey collected responses from more than 600 CFOs, vice presidents of finance, corporate controllers, and other finance management professionals.

Among CFO and finance executive respondents, numerous areas of financial analysis appear to be more important than ever.

In 2014, three areas of financial analysis - strategic planning, budgeting, and profitability analysis - were ranked 7.0 or higher as a priority by finance executives.

For 2016, there are seven key areas that have reached a ranking of 7.0 or higher.

The main finance concerns of 2016 include: strategic planning (7.5), budgeting (7.3), performance management (7.2), business intelligence (7.1), periodic forecasting (7.1), profitability analysis (7.1), and risk management (7.0).

While CFO priorities have increased in many areas, those increases have aligned finance chiefs' goals more closely to their general finance departments.

According to the survey, the top priority for CFOs next year is margin and earnings performance. Among CFOs and vice president-level finance executives, that is followed by cybersecurity risks, strategic planning, periodic forecasting, and budgeting.

"With the modest economic recovery of the past few years, finance functions are preparing the enterprise for challenges that could materialize at any time by working to preserve margins and by sustaining a strong focus on working capital management," Ryan Senter, a Protiviti managing director, said in a press release.

In a growing trend, Protiviti says CFOs are reaching out to operational units to achieve company directives.

"Finance functions are working … to equip business partners throughout the organization with more precise and real-time information on performance, cash positions, and profitability drivers to strengthen strategic decision-making," the report says.