CFOs too busy to take on more despite expectations, survey finds

Source: https://tinyurl.com/y4dms5hc

Dive Brief:

• Almost 40% of CFOs say they're juggling too many tasks — 12 a day, on average — to worry about digitally transforming their operations or giving cybersecurity the attention it deserves, a survey released Monday found.

• Cash flow management, data analysis, hiring and other traditional duties are among the biggest concerns of financial leaders, far more than implementing the latest tech or security innovations, the survey of 166 CFOs across 23 industries showed. The survey was conducted by NetSuite research affiliate Brainyard.

• "We have to compartmentalize," Drew Cook, CFO of Pact, a fair-trade apparel company, told CFO Dive. "Whether we like it or not, we have to always be thinking about cash flow and the need for capital. Cybersecurity and [other digital priorities] keep us up at night, but these things aren't what drive long-term value."

Dive Insight:

The Brainyard survey found most CFOs — almost half — have not yet invested in cutting-edge technologies such as blockchain, artificial intelligence, cryptocurrency or the Internet of Things (IoS).

CFOs think their corporate culture isn't ready for these changes or they're not sure the investment, at this point, is worth it, the report said. They're also not sure their legacy systems can adapt to the newer technologies.

In contrast, most say their priorities over the next two years involve improving performance of their traditional duties. 55% say they want better and faster reporting, and 50% say they want to speed revenue growth. Only about one-third say implementing new technology is a priority.

Cybersecurity is also not a priority. Almost 55% of CFOs say their company has no full-time cybersecurity staff, and another 7% say they don't have staff but plan to change that soon.

Cook's company has basic protections in place, he told CFO Dive. But beyond that, he relies on third-party vendors.

"You have to get security right," he said. "Part of doing that is having dependable partners."

He said it's reassuring to work with a specialist who is able to keep up on the latest developments in cybersecurity in a way a CFO can't. "It helps knowing they're doing it with other companies across the country," he said. "It helps to ensure you're state of the art, cutting edge."

Cook said the trend of CFOs being asked to take on more tasks stems from a growing realization among CEOs and boards that the analytical approach finance people take to management is useful across the enterprise.

"Whether it's marketing or HR or legal, the analytical mindset can be beneficial across the board," he said. "So the CFO is being asked to play a larger role in the organization."

The downside of that, though, as the survey results show, is that CFOs are finding it hard to combine the new tasks with the old. But Cook said the solution is to work with third-party vendors, rather than to push the new tasks to the bottom of the pile — not just for security but for other functions.

"Outsourcing is one way to do more with fewer resources," he said. "We outsource a lot of things, including fulfillment. We're all being encouraged to do more with less."

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Consulting background prepares CFO for any industry

Source: https://tinyurl.com/yyqo72va

By working with multinational companies, a CFO was able to increase cash flow and improve forecasting at a tech company despite never working in that sector before.

After working for a waste treatment company and a Chilean multinational winery, Horacio Yenaropulos moved into technology in 2017 when he became CFO of Argentina-based Belatrix Software, which develops digital applications for companies. The 25-year veteran in finance said his move into the tech sector was relatively seamless thanks to the training he received during his 14 years consulting at PricewaterhouseCoopers.

"When you work after many years in a consulting firm, you can work in any type of industry," Yenaropulos said last week in a CFO Thought Leader podcast. "At PwC, I worked with several types of industries, and then I moved to a winery, and then I came back to Argentina and I had a chance to join Belatrix. It's the first time I had the chance to work directly in a technological environment, and with a highly regarded, high-growth Latin American software company."

Yenaropulos received his bachelor's degree in accounting in Argentina and his MBA from the University of Pittsburgh. While still an undergraduate, he joined the auditing division of PwC in Mendoza. After obtaining his MBA, he returned to PwC, this time to its Buenos Aires office to work on the advisory side with multinational companies.

"I was in charge of valuing firms, doing due diligence, [mergers and acquisitions] practice, so it was a different type of work, and much more challenging," he said.
Strategic approach

Yenaropulos said it's crucial for CFOs today not to rely entirely on their finance and accounting training, but instead to think creatively, and be prepared to adapt because of the pace of change in business. "Creativity and resilience are the new values of the modern CFO," he said.

At Belatrix, his first task was to unify the company's five accounting systems — each a legacy product of its operations in Argentina, Peru, Colombia, the U.S. and Spain — into a single tool. He brought the systems together over the course of two years using SAP Business One. When the conversion was complete, the finance team was able to give company executives a monthly financial package in addition to a quarterly report, helping them in their decision-making.

"It was clear from the outset I needed to help the owners with the transformation from being a family-owned company into a world-class, multinational one," he said. "It was really world class on the delivery side of products and services, but there was a lot of room to improve the finance side.

"The other challenge was that my team was based in several locations, which, based on distance and cultural challenges, was a decision that also needed to be addressed," he added.

At Hidronor Chile, a water treatment company for which he was hired as CFO in his first non-consulting job, he replaced the company's manual revenue recognition processes with software-assisted processes that cut in half the time it took to settle accounts receivable.

"By implementing a sizable reduction, in days, of our accounts receivable, we were able to generate impressive positive cash flow for the company," he said. "Imagine if a company was not able to invoice for services to the client until it had finished the identification of the waste and its subsequent treatment. So, what we did is, we created a team with the operations people, commercial people and the technology department. We proposed and successfully implemented a plan that reduced the days of account receivables from over 200 days to just 90 days in only one year. This was achieved due to changes in the processes from the client side, from the operations side, and by adding new software abilities to the process."

For Yenaropulos, the main takeaway is to stay flexible and to respond to new situations, just as you would as a business consultant.

"The challenges today are dealing with limited resources and a very risky and competitive environment," he said. "We must realize the requirements change on a daily basis, and each day will bring new challenges. We will need to constantly improve our creative ability to be able to provide answers at the same pace that constant change requires."

That's especially important for CFOs of companies in parts of the world not used to competing head-to-head with giant, well-established global companies. "When you come from Latin American countries ... change and the ability to adapt is a key requirement for a local company to survive," he said. "I can really confirm that these attributes provide a huge competitive advantage for us as CFOs."

CEOs Are Redefining the Role of Business in the World

Source: https://tinyurl.com/yy5t256l

By Arianna Huffington, Thrive Global Founder & CEO

From left to right: Jamie Dimon, JPMorgan Chase Chairman & CEO; Ginni Rometty, IBM Chairman, President & CEO; Alex Gorsky, Johnson & Johnson Chairman & CEO (Photography: Getty Images)

Because capitalism has to work for everyone — not just shareholders.

This week marked a milestone for business. The Business Roundtable, an association of nearly 200 American CEOs, issued its “Statement on the Purpose of a Corporation,” a pledge to deliver value not just to shareholders, but to all stakeholders — and in doing so, to fundamentally shift the role of business in the world.

This isn’t some small-ball, better business initiative. It’s the chiefs of JPMorgan Chase, Johnson & Johnson, IBM, General Motors and many more creating a new blueprint for the future of capitalism. It’s a collective rejection of one model — Milton Friedman’s declaration of profit as the only responsibility of business — and the embrace of another. As Jamie Dimon, the Roundtable’s chairman, put it, “The American Dream is alive, but fraying. Major employers are investing in their workers and communities because they know it is the only way to be successful over the long-term.”

This new model gives us a glimpse of a future where businesses can be the greatest platform for social change — while still continuing to grow, innovate and compete. It includes:

*Delivering value to our customers.

*Investing in our employees.

*Dealing fairly and ethically with our suppliers.

*Supporting the communities in which we work.

*Generating long-term value for shareholders.

It’s the culmination of a movement that has been gaining steam for some time. In 2013, Richard Branson launched The B Team with the mission to change the values that drive businesses and to move beyond the obsession with quarterly earnings and short-term growth. I’ve learned a lot by being on the B Team’s board since the beginning, and by joining the board of JUST Capital, which Paul Tudor Jones founded to build a more just marketplace that reflects people’s true priorities.

And now, at a time of wavering trust in capitalism, when 64 percent of Americans say a company’s primary purpose should include “making the world better,” our leaders have understood the need to act. JUST Capital reports that “over the last five years our polling has showed that regardless of age, political affiliation, income, ethnicity, or gender, people want companies to stop prioritizing shareholders and start sharing success with all stakeholders.” The Roundtable’s commitment is the culmination of Alan Murray’s observation that “in the past few years, it has become clear that something fundamental and profound has changed in the way CEOs approach their jobs.”

For far too long, we’ve operated on the belief that businesses must single-mindedly pursue profit, consequences be damned. We’ve watched as this approach has left individuals and communities behind, turned a blind eye to unfair and unethical practices, harmed the planet and created a global epidemic of stress and burnout.

This week’s news puts us on a new and better path. It acknowledges the reality that profit and purpose are not in opposition, but rise together. The CEOs have spoken. Now, it’s on them to turn those words into action.

Subscribe here for my Weekly Thoughts Newsletter, where you’ll find my take on the week’s news, my favorite pieces on how we can thrive even in our stressful world, and some fun and inspiring extras

.— Published on August 23, 2019

Minority, women business owners in Houston face lack of access to capital, city task force finds

Source: https://tinyurl.com/y5nmov2q

By Chris Mathews – Reporter, Houston Business Journal

Aug 19, 2019, 

In a city where over half of all businesses are minority-owned, minority and women business owners still face a lack of access to capital, according to a city task force.

The city of Houston’s Women- and Minority-Owned Business Task Force, led by city council member Amanda Edwards, presented findings Aug. 16 on how to better increase access to capital and other business resources for women and minority business owners in the Houston area. Among the recommendations was increasing funding to local business service organizations, or BSOs, like SCORE. The task force also recommended funding and “implementation alliance,” which would be responsible for overseeing a network of BSOs and capital providers, developing partnerships, tracking impact and more.

Edwards, who kicked off her election campaign for the U.S. Senate in July, said that there’s a role for everyone to play in overcoming the challenges facing Houston’s diverse community. But the task force acknowledged that many women and minority business owners face difficulty in access to capital from traditional lenders — especially when pursuing loans of less than $100,000. Edwards said that large banks, community banks and community development financial institution (CDFI) lenders alike need to increase loans to women- and minority-owned businesses.

“When everybody is committed to making sure that they’re going to do what they can and what can be possible in order to facilitate increases in lending to women- and minority-owned businesses, then you will see progress made,” Edwards said.

Houston’s opportunity zones were also a topic of discussion in the presentation. The provision of the GOP-backed tax bill that went into effect last year promised to drive trillions of dollars of investment into struggling communities across the country. Edwards said that she welcomes new investments coming into local opportunity zones — of which there are 105 in Harris County alone. But she also wants to see investments being made in existing businesses operating in those areas. The task force has recommended establishing a portal by which investors could fund small businesses already operating within an opportunity zone.

“Opportunity zones are an interesting situation because nothing in the statute requires you to be investing in these zones that benefits the existing residents or existing businesses,” Edwards said.

Houston Mayor Sylvester Turner, who attended the Aug. 16 presentation, lauded the task force for its efforts and agreed that Houston needs to set a comprehensive plan to level the playing field for women and minority business owners.

“I do think it would be very, very beneficial for the city of Houston — and now we get to the implementation phase,” Turner said.

Long-term recommendations include developing small business grants and forgivable loan programs, building out the existing capacity of CDFI lenders and launching a linked deposit program to encourage lending to underserved businesses.

Women on the Move® Luncheon

October 28 @ 11:30 am - 2:00 pm

Texas Executive Women will host its 34th Annual Women on the Move Luncheon at the Hilton Americas-Houston on October 28, 2019 at 11:30 AM, chaired by Paula Mendoza and Ileana Trevino, and honoring ten Women on the Move and one Rising Star, all who have made a significant impact on the Houston community.

Sponsorship

Platinum Sponsor-One Premier Table of Ten	$10,000
Gold Sponsors-One Premium Table of Ten	$5,000
Silver Sponsor-One Table of Ten	$2,500
Bronze Sponsor-Two Premium Seats	$1,000
Patron Ticket	$250

REGISTER TODAY!

Donations are welcome in honor of the recipients if you are unable to attend the Luncheon.  All proceeds from the Luncheon fund our mentoring and scholarship programs and given that it is TEW’s sole fundraising effort, we are counting on your support.

Texas Executive Women is a 501(c)(3) nonprofit organization (Federal #76-0270254).  The fair market value of this event is $100.00 per person.  Please consult your tax advisor regarding deductibility.

2019 Women on the Move Honorees

Jenny Dial Creech, Sports Columnist, Houston Chronicle: Writes for the Houston Chronicle’s print and web publications, analyzing and opining on everything under the sports umbrella from specific teams and sports events to scandals happening in sports.  Also serves as a speaker, instructor and judge for the Columbia University Scholastic Press Association, speaking with several high school and college journalism programs nationally each year.

Paula McCann Harris, Director Global Stewardship, Schlumberger: A 31-year career veteran in the energy industry, having worked as a Field Engineer, Sales Engineer, Global Sales Training Manager, Global Project Manager and now in Global Stewardship. Traveling globally to develop business opportunities, she stays committed to decreasing the environmental impact in the communities in which they work while increasing value and revenues through service and technology.

Dr. Brenda Lang Hellyer, Chancellor of San Jacinto College District:  After working as a Certified Public Accountant, Dr. Hellyer became engaged at SJCD as the inaugural director for the San Jacinto College Foundation in 1996, then continued to advance by serving in several roles, including vice chancellor of fiscal affairs, and in 2009, she was selected by the SJC Board of Trustees to serve as Chancellor. Her passion for service and philanthropy has led to countless hours volunteering to advance education, a mission she follows daily in her role as Chancellor.

Rebeca Aizpuru Huddle, Partner in Charge, Baker Botts LLP: Following her service as a Justice on the Texas Court of Appeals for the First District, appointed by Governor Rick Perry in 2011 and elected in 2012, Rebeca returned to Baker Botts as the Partner in Charge of the Houston office and continued her practice in the areas of commercial litigation and appeals.  During her service on the bench, she authored over 400 reasoned majority opinions and adjudicated the merits of more than 1,000 appeals and original proceedings.

Charlene Jackson, Director Affiliate Services, Girls Inc.: After a career on Wall Street followed by several Executive Roles in the financial services industry, Jackson now serves as a member of the executive team for Girls, Inc. based in New York, where she focuses on growing the number of girls served and develops strong affiliates while fostering an open, positive and mutually supportive relationship between the national organization and the affiliates. Not only is she focusing on the growth of the organization, she also has a hand in the overall operations, development of organization infrastructure, and quality assurance.

Jennifer Kirk, Vice President, Controller and Principal Accounting Officer of Occidental Petroleum Corporation:  Joined Occidental in 1999 and has served in several financial roles of increasing responsibility and leadership.  Prior to Occidental, she was with Arthur Anderson LLP.  Kirk serves on the Board of Directors, Sustainability & Corporate Responsibility Committee and Chairs the Audit Committee for Republic Services, Inc., a Fortune 500 company publicly traded on the NYSE.

Kathryn McNiel, CEO, Theater District Houston:Leads the efforts of the Theater District to promote the arts and culture organizations, performance venues, events, individuals, and businesses. Using experience gained from her career as a campaign consultant, manager and fundraiser in the political arena, McNiel advances and advocates for a premier arts organization in Houston. She is also very active in policy advocacy and change, organizing and leading political efforts to drive such change.

Pamela Quiroz, PhD., Executive Director, Inter University Program on Latino Research, Director, Center for Mexican American Studies & Professor of Sociology, Interim Director, Center for Immigration Research, University of Houston: Secured $3.1 million in funds to support the Center for Mexican American Studies and its initiatives and advocated successfully for UH to be the Headquarters for the national research consortium IUPLR until 2022. Her research interest focus on children, youth and family; race and inequality; education; identity; and qualitative methods for academic appointments.

Rhonda Scott Smith, CFO and Deputy Director, Houston Police Department:  Serves as the Chief Financial Officer for HPD, the fifth largest Police Department in the United States.  She leads the Office of Budget and Finance and manages the complex $870+ million budget, approximately 40% of the City of Houston’s total General Fund budget in addition to $50 million in Grants and Special Funds. A member of the Senior Executive and Command Staff, Smith has oversight of all HPD procurement services and is the HPD liaison with City Council and special projects. 

Soledad Tanner, Founder and CEO, Soledad Tanner Consulting:  Founded a business and financial management firm, which helps improve profit and productivity of businesses, following 26 years of extensive international experience in finance and controlling; strategy and consulting; and performance and metrics in the global logistics and banking industries, mostly with Danzas, DHL Global Forwarding, and Deutsche Post DHL Supply Chain. Serving as DHL’s Global Director of Strategy, Performance and Metrics and formerly as Director Controlling of Human Resources for all of the Americas laid the foundation for her to launch a successful global consulting firm.

2019 Rising Star Honoree

Victoria Chen, Co-Founder & Executive Director, BRIDGEYEAR:   As a Teach for America Corp Member teaching biology at Sharpstown High School, Chen realized that students who do not wish to attend a four-year college need a different type of counseling experience to identify their path after high school.  Traditional methods of career exploration often fail to engage students and many post-high school pathways are omitted from the conversation. This inspired Chen and her co-founder to create BridgeYear in 2016 as the missing link by connecting Houston students to viable and accessible career opportunities.

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Details

Date:

October 28

Time:

11:30 am - 2:00 pm

Event Category:

Women on The Move

Venue

Hilton Americas

1600 Lamar St 
Houston,TX77010 United States+ Google Map

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