CFO optimism reaches highest level in 3 years, new survey shows

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}); </script> </div> <div class="articletopics section"><div class="related-topics" data-event=""> <span>TOPICS</span> <ul class="no-bullets"> <li><a href='/topics/topic-results.jofa.career-management.html'>Professional Development</a></li><ul> <li><a href='/topics/topic-results.jofa.career-management.leadership.html'>Leadership</a></li></ul> <li><a href='/topics/topic-results.jofa.management-accounting.html'>Management Accounting</a></li></ul> </div> </div> </div> </div> <div class="article-content"> <div class="articleparsys parsys"><div class="htmlContainer section"><div id="f6dbaf4e-182c-42a8-b825-02e8f1d5cca6" class="htmlContainer section default"> <p>Finance leaders in a quarterly survey continue to be more optimistic about the U.S economy.</p> <p>Grant Thornton's <a href="https://www.grantthornton.com/insights/press-releases/2024/july/despite-cost-and-hiring-challenges-cfos-reach-highest-level-of-optimism-in-nearly-three-years" target="_blank">Q2 2024 CFO survey</a> found that 58% of CFOs expressed optimism about the domestic economy — the highest percentage since the third quarter of 2021. Plus, a record 63% of finance leaders are confident in their organization's ability to meet increased demand.</p> <p>The survey was conducted from more than 225 senior financial leaders from a mix of U.S. companies, 69% of which have annual revenues between $100 million and $1 billion. Just over half of the companies are privately held.</p> <p>Other takeaways from the surveyed CFOs:</p> <ul> <li>75% expect their net profit to grow over the next 12 months, up from 71% in <a href="https://www.journalofaccountancy.com/news/2024/apr/cfo-optimism-reaches-3-year-high-new-survey-shows.html">the first quarter</a>.</li> <li>69% expect their revenue to increase.</li> <li>67% expect their expenses to increase.</li> </ul> <p>About 57% of finance leaders said cost optimization remains their main concern this quarter.</p> <p>"Although most finance leaders are confident in their ability to control costs, it's going to require significant focus," Paul Melville, Grant Thornton's national managing principal of CFO Advisory, said in a news release. "The business environment is ripe for growth, but CFOs must manage costs to capitalize on it."</p> <p><b>AI and technology.</b> A record 94% of CFOs are using or exploring potential uses for artificial intelligence. The deployment of generative AI to assist with numerous tasks also grew substantially.</p> <p>Fittingly, finance leaders rated technology upgrades (39%) as their biggest challenge, followed by cybersecurity (37%). Their top areas for expense increases over the next 12 months are IT/digital transformation (64%) and cyber risk/security (62%).</p> <p><b>Managing costs.</b> A record 63% of finance leaders are confident in their organization's ability to meet increased demand. They are also confident about meeting supply chain needs (62%), growth projections (56%), cost control goals (55%), and labor needs (55%).</p> <p>But inflation and the need for digitalization are among the most significant challenges that CFOs face as they attempt to manage costs.</p> <p>About 37% said materials costs are an area for potential cuts, along with human capital expenses related to employee headcount and compensation level.</p> <p>"The surface looks calm," Melville said, "but underneath, finance leaders are paddling like crazy to control all their costs, mitigating against liquidity challenges and materials costs while making parallel investments in AI and cybersecurity, all of which will pay off."</p> <p><b>Hiring challenges.</b> Fifty-eight percent of finance leaders said attracting and retaining key talent is a priority over the next 12 months, highlighting the importance of maintaining staffing levels that will help them to deliver on their strategic goals.</p> <p>CFOs are satisfied with the performance of their human resource functions: 91% said their organization has a solid talent strategy, and 89% said their technology platforms allow employees to maximize output and efficiency.</p> <p><i>To comment on this article or to suggest an idea for another article, contact Kevin Brewer at </i><a href="mailto:Kevin.Brewer@aicpa-cima.com"><i>Kevin.Brewer@aicpa-cima.com</i></a><i>.</i></p> <script> jQuery(document).ready(function () { jQuery('#f6dbaf4e-182c-42a8-b825-02e8f1d5cca6').htmlcontainer(); 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CFO optimism reaches highest level in 3 years, new survey shows