Many people dream of becoming entrepreneurs, and often the biggest...
Letting technology do the heavy lifting for certain monotonous tasks...
While small businesses must handle day-to-day tasks—like managing...
Benefits administration can be a game-changer for small...
August 27, 2020
As every business leader is aware, the effects of COVID-19 have left companies across the world facing new circumstances and challenges. From falling short of projected income to figuring out how to forecast what will happen in the future, firms are unfortunately having to view 2021 through a very foggy lens.
But even as companies look ahead to the future, those projections may be performed by a smaller group of forecasters on board to help. One area where most companies have most certainly faced issues this year has been in hiring. That’s the word from a new study, “The Hanover Research Enterprise Financial Decision-Making Report for 2020,” which was sponsored by OneStream Software. The report shares the results of the firm’s poll, which included responses from 212 North American financial decision makers.
Check out some of the most pressing findings, which may reflect your company’s experiences.
The impact of COVID-19 was “most acutely felt in hiring,” the study noted. About 57 percent of respondents said they have reduced hiring due to financial challenges resulting from the pandemic, while 41 percent have reduced contract/temporary staff and 34 percent started furloughs and layoffs.
Some departments, however, have been identified as integral to companies’ operations, and have been optimized rather than reduced. The departments that companies are prioritizing amid the pandemic are as follows.
Likewise, when asked where companies are making upskilling or training investments, IT and Cybersecurity also ranked at the top of the list, followed by Accounting and Finance.
The IT/Cybersecurity focus is partly due to a massive increase in the number of remote employees that companies have on staff, the report noted. This requires new technological equipment, as well as training events to ensure that everyone knows how to use the tools.
Looking ahead to 2021, about 45 percent of the companies polled say they expect their day-to-day expenses to fall next year. But not all of the business leaders who responded to the survey said they foresee an overall negative landscape in the future.
When asked about their outlooks in terms of the economic and regulatory landscape for next year, the finance leaders polled responded as follows:
These results demonstrate the fact that many finance leaders are having trouble seeing into the future. For an industry very dependent on forecasting, these professionals are having trouble getting a read on how things will play out due to the unpredictable nature of the virus. However, many are using predictive analytics tools to help make that easier.
Currently, about 61 percent of the companies polled say they use these platforms at least occasionally, with the most common reasons being planning, forecasting, reporting and analysis.
Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.
Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.
Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.
While small businesses must handle day-to-day tasks—like managing payroll or closing monthly books—long-term planning is the compass that keeps them...
Benefits administration can be a game-changer for small businesses aiming to attract and retain top talent. While salaries remain an...
Choosing the right accounting method can significantly impact how you track financial performance, manage taxes, and plan growth. Two common...
Bootstrapping—financing growth through internal cash flow—is a hallmark of many successful startups. But as businesses mature past their initial stage,...
In today’s business landscape, technology is more than a convenience—it’s a strategic asset that can supercharge growth. But as you...
The month-end close can feel like a perpetual scramble—collecting invoices, reconciling accounts, fixing last-minute errors. A drawn-out close not only...
Overhead costs—from utilities and rent to administrative staffing—can quietly swell until they erode profit margins and slow your ability to...
Growth triggers a tidal wave of financial complexity, multi-entity operations, new product lines, overseas expansion, or investor relations. If your...
Mergers and acquisitions (M&A) can dramatically alter a company’s trajectory—unlocking new markets, technologies, or customer bases. Yet, many deals stumble...