Finance Content

How can Procurement best align with Finance right now? A CFO perspective

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Right now, as the COVID-19 pandemic takes its toll on jobs, consumer spending and the global economy, many businesses are scrambling to adjust to a new financial reality. They are also coming to terms with the fact that the path to recovery remains long, and mostly uncertain. Experts, including Deloitte, predict the U.S. economy won’t bounce back until the middle of 2021. And the Bank of England is anticipating slower recovery, as late as the end of that year, for the UK.

Within organizations, the CFO’s voice is one of the most critical during a crisis, but contributing directly to the firm’s financial resilience is the CPO, who has a strategic role in leading the business through the tough times ahead.

We spoke recently with one CFO who has many years of experience across corporate finance and public accounting and is now CFO of spend management firm Jaggaer. We asked Jeff Laborde how he sees Procurement and Finance best working together to drive benefits across the business, given their natural overlap in priorities and responsibilities.

The $1 trillion world of the B2B payments market, and what it means for procurement

If you are one of the many procurement people who find the world of B2B payments a bit of a mystery, worry not, for our payments specialists at Spend Matters are holding webinar discussions to clarify just how this space relates to procurement and to answer all your questions. One session will be held for North America and another for Europe. Register here.

Procurement and Finance: How to Close the Budget Loop

Budgeting is obviously one of the most effective ways to meet profit goals and avoid maverick spend. Budgeting and planning help organizations invest their resources to best benefit, based on cautious consideration rather than the urgency to make a short-term decision. They are essential to sustain your company's economic growth. But how do you close the loop between budget preparation, execution and forecast? This can be a challenge. Like William Feather said, “a budget tells us what we can't afford, but it doesn't keep us from buying it.”

When AP Meets Common Sense: Discounting and Payment Terms (Part 1) [PRO]

When I first came across “payment terms” outside of a classroom setting it was in Japan in the ‘90s. I must admit, from my vantage point in domestic (domestic Japanese, that is) sales engineering activities, I found it rather confusing. As I recall (translated of course), the terms given to us, a Tier 1 supplier to a leading Japanese manufacturer, went along these lines: “50% of the amount owed will be paid in cash two months after the end of the month following the month the invoice is presented and the balance will be paid 3 months after that.” Try telling that to a typical payables clerk in the US to have them explain to suppliers.

When Procurement Met Finance: Hollywood Ending or Costly Divorce? [PRO]

I’ll level with PRO subscribers: while we wanted an aspirational message for the general attending public, achieving the Hollywood ending is not easy – and in fact, few organizations truly succeed in joining finance and procurement at the hip. But there are some critical steps necessary that can help an arranged marriage of the two along, even if it’s not love at first site, and at the very least, to avoid a costly divorce. Note to the procurement executives reading this brief: 95% of the time, CPOs will not end up on the positive side of things when finance and procurement fail to collaborative effectively.

Free Webinar: When Procurement Met Finance

Join us for a free webinar tomorrow, March 7, from 10-11am Central When Procurement Met Finance: How to Achieve the Hollywood Ending Harry: There are […]

Procurement and Finance Webinar

Join Spend Matters for a webinar on Thursday, March 7 sponsored by Hubwoo, a leading global provider of B2B buying and selling solutions in the […]