2013 finance benchmarking report released.

Author:Westfall, Christopher
Position::FERF UPDATE
 
FREE EXCERPT

A company's accounting and finance departments have traditionally made sure of the precision, accuracy and integrity of transactional processing, consolidation, reconciliation and financial statement reporting. These critical responsibilities are still the chief function of the finance team, but increasingly, accounting and finance professionals also are serving as full-fledged, strategic business partners to managers throughout the enterprise.

Becoming a strategic business partner requires a solid understanding of existing capabilities and challenges as well as having a point of reference.

Benchmarks and standards make it possible for departments to judge whether a) they have sufficient staff to meet goals, b) their processes are friction-free and c) they are observing industry best practices.

To provide industry professionals with these important yardsticks, Financial Executives Research Foundation (FERF) and Robert Half International are pleased to provide the fourth annual: Benchmarking the Finance Function: 2013 Report.

KEY FINDINGS AND ANALYSIS

* U.S. accounting and finance management-level employees work an average of 48 hours in a standard week; non-management staff work an average of 42 hours.

* In Canada, the weekly hours worked by managers and staff are 44 and 39 hours, respectively. Where these' hours regularly exceed the standard workweek, they are being supplemented--especially during peak workload periods--with the use of skilled temporary...

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