SAN RAMON, Calif., Dec. 19, 2016 (GLOBE NEWSWIRE) -- Armanino LLP, the largest independent accounting and business consulting firm based in California, released the findings of its most recent CFO Evolution Survey, which predicts more efficient use of big data and changing trends in the geographic growth of companies. The annual report is generated from more than 230 respondents, including CFOs, CEOs and other executive leaders.
Nearly half of this year’s respondents agree that investing in the right technology would simplify software management (46 percent) and reduce operating costs (45 percent), while almost a third agree that the right technology can improve service level (32 percent) and empower employees to focus on core competencies (30 percent).
“Between the time savings of automation and the strategic advantage of real-time analytics, we advise companies to consider investing in systems integration. The importance of accurate and easily accessible financial information is especially important for companies preparing for M&A activity,” said Matt Armanino, COO of Armanino. “We have found that one of the biggest barriers to system integration is current system architecture challenges, but the benefits of integration can often save headaches down the road.”
Although benefits of an integrated company-wide technology system are understood, less than half of respondents (45 percent) have integrated any systems. In that group, 71 percent have integrated more than half of their systems, showing that companies who integrate their systems see immediate benefit.
The survey also found 60 percent of best in class CFOs support growth and expansion, with a specific focus on domestic expansion as less companies report interest in international expansion to Asia (down 10 percent from 2015) and South America (down 10 percent form 2015). Respondents reported a seven percent increase in expansion plans in five or more states over last year.
The geographic swing can be attributed to a number of factors including more sophisticated international tax compliance and reporting requirements catching up with the global economy. Domestic expansion is on the rise as many states create competitive business environments and the internet helps companies create connections with client bases across state lines.
To learn more about the 2016 CFO Evolution Survey’s six key findings that drive best in class organizational improvement and set the standard to move to business leadership visit: http://armaninollp.com/ cfo-evolution
About ArmaninoLLP
Armanino LLP (www.armaninollp.com) is the largest independent accounting and business consulting firm based in California and one of the largest in the United States. Armanino provides an integrated set of audit, tax, business management, consulting and technology solutions to companies in the U.S. and globally. The firm helps clients adapt and change in every stage of business from start-up through rapid growth to the sale of a company. Armanino emphasizes smart technology; leading a cloud revolution of financial, operational, sales and compliance tools that are transforming the way companies do business. Armanino extends its global services to more than 100 countries through its membership in Moore Stephens International Limited – one of the world's major accounting and consulting membership organizations. In addition to its core consulting and accounting practices, Armanino operates its division – AMF Media Group (www.amfmediagroup.com) a media and communications services agency. Its affiliates include Intersect Capital (www.intersectcapitalllc.com), an independent financial planning, wealth and lifestyle management firm, and The Brenner Group (www.thebrennergroup.com), an Armanino company dedicated to interim CFO and permanent placement services and a comprehensive suite of specialized financial and management services.