The MacNair Travel Leadership Blog

6 Ways for Financial Executives to Prevent Security Breaches

Posted by Mike MacNair on Feb 25, 2016 12:00:00 PM

6 Ways for Financial Executives to Prevent Security BreachesIt’s a company’s worst nightmare: a data security breach. In a moment, confidential, client-specific and your organization’s financial data is compromised by someone hacking into your seemingly secure computer system. A security breach presents a challenge to all businesses; and while we hear about large businesses that are affected (Target, Home Depot, etc.) SME’s are at-risk as well.

Security breaches affect everyone, but no one feels the pain more than the company’s CFO. The Finance Executive’s role is changing, adding IT and further data management functions under their purview. In addition, security breaches take a direct hit to the bottom line. In the Ponemon Institute’s 2015 Cost of Data Breach Study (sponsored by IBM) the total average cost paid by organizations is $6.5 million, with an average cost for each lost or stolen record containing sensitive and confidential information being $217.

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Topics: Finance Executive, travel regulations, CFO

4 Tips for Finance Directors to Improve Margins

Posted by Mike MacNair on Feb 9, 2016 12:00:00 PM

Finance Directors are responsible for a myriad of tasks within an organization; from managing accounting functions, providing insight into IT decisions, hiring, firing and strategic planning. With all of these tasks, where should they start? According to results from the 2016 Finance Priorities Survey from the Financial Executives Research Foundation and Protiviti, of the more than 600 finance executives surveyed, 82% indicate that the top priority that will have significant impact within their business is managing margin and earnings performance.

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Topics: Corporate Travel, Finance Executive, CFO

5 Ways to Leverage Business Process Services to Achieve Company Goals

Posted by Mike MacNair on Feb 4, 2016 12:00:00 PM

Today’s successful CFO has a clear focus: how can our business do more, do it better and do it with less? It’s a challenge for large organizations; but especially for the small to medium-sized enterprise (SME) group who may not have the in-house expertise or financial resources to deliver results.

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Topics: CFO

6 Technology Must-Haves for the Finance Executive

Posted by Mike MacNair on Jan 28, 2016 12:00:00 PM

Technology is constantly evolving and sometimes it can be hard to keep up. However, new innovations improve your businesses operations and efficiently allow employees to focus on strategic priorities instead of the management of ongoing business functions.

What are the must-have technologies for finance executives? First, identify the challenges your organization is facing, the desired outcome and then identify a solution that will best benefit your business, allowing you to spend less time on process, and more time on increasing profits or reducing expenses. Below, we’ve gathered our top six technology picks.
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Topics: technology, Finance Executive, CFO

Financial, Strategic and Operations CFO: Where Will You Fit Tomorrow?

Posted by Mike MacNair on Jan 26, 2016 4:00:00 PM

The modern CFO is a far cry from the number crunching of days past. In today’s fast-paced, highly competitive business climate, CFO’s are expected to do much more than just manage the financial state of the company. Overseeing IT, strategic planning, hiring, training and even working directly with sales staff are just some of the “other duties as assigned” in their current job description.

A recent study from KPMG surveyed more than 500 chief executives, business owners and chairmen of large organizations asking them about their opinions and insights on the changing role of the CFO in today’s business. The results of the survey show that in addition to ensuring finances are aligned in an organization, CEO’s expect their CFO’s to leverage the latest technology, use data and analytics to drive strategy, increase their talent management skills, think globally and consider the increase in regulatory requirements as an opportunity, not a burden.

Let’s explore the traits for each type of CFO - financial, strategic and operational. Then ask yourself two questions: As the current CFO, knowing what the future holds for my business, where do I fit in? How can I ensure I’m relevant in 2016 and beyond?

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Topics: CFO, business process outsourcing