The Latest

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    Accounts receivable automator Versapay taps new CFO

    Ed Neumann is joining the AR platform provider as it looks to grow by targeting companies seeking to digitize their older manual systems.

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    Courtesy of Orthofix
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    Orthofix replaces fired CLO, grapples with internal control ‘material weakness’

    The new chief legal officer is joining the company as it faces a fresh set of headwinds related to its internal control over financial reports.

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    Werfel sees IRS budget request yielding $341B in extra revenue

    The IRS chief testified to a Senate committee after Republican lawmakers secured a $20-billion cut to the agency’s budget.

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    sodafish via Getty Images
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    Cyber insurance gaps stick firms with millions in uncovered losses

    An analysis of 101 breaches across various sectors revealed insurance gaps resulting in an average of $27.3 million in uncovered losses per incident.

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    CFOs worry over rising operations cost: Grant Thornton

    Finance chiefs are banking on GenAI to offset cost pressures in the face of persistent inflation, with 71% of CFOs still expecting a jump in net profit.

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    Powell: Inflation data deny Fed ‘greater confidence’ needed to cut rates

    The Fed chair is just one of many policymakers who, in the face of persistent price pressures, has voiced no urgency in reducing borrowing costs.

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    Biden tax negotiator rejoins KPMG as election weighs on Pillar 2 prospects

    Although the U.S. has yet to sign on, the OECD’s new Pillar Two tax rules already apply in more than 30 countries, Michael Plowgian said.

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    70% of CEOs feel ready to deliver on responsible GenAI

    The intense focus on safe and ethical GenAI use comes as the technology’s rapid rise is prompting scrutiny from governments around the world.

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    Rasi Bhadramani via Getty Images
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    Opinion

    The CFO’s role in curbing third-party cybersecurity risk

    With vendor-related cyber risks spiking rapidly, the stakes are too high for CFOs to treat the issue as merely an IT concern, writes cybersecurity consultant AJ Yawn. 

  • In this photo illustration, the welcome screen for the OpenAI "ChatGPT" app is displayed on a laptop screen on February 03, 2023 in London, England. OpenAI,
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    Leon Neal / Staff via Getty Images
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    ChatGPT grabs the shadow IT crown: report

    Generative AI tools emerged as the latest villain in the enterprise battle to curb SaaS bloat and rationalize software portfolios, Productiv analysis found.

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    Pixsooz via Getty Images
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    How AI speeds ‘hugely time-consuming’ pricing, quote tasks

    Artificial intelligence could cut anywhere from 30% to 70% of the time businesses spend on the quote process, according to Lydia DiLiello, CEO of Capital Pricing Consultants.

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    benimage via Getty Images
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    Retail sales surge as economy enters Q2 spurred by spend-happy consumers

    After the release of the retail sales data, the Federal Reserve Bank of Atlanta upgraded its estimate for the annualized rate in first quarter GDP growth to 2.8% from 2.4%.

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    Customers Bancorp boots CFO for ‘cause’

    Carla Leibold was terminated Wednesday over a violation of company policy, a characterization she reportedly disputes. Philip Watkins was promoted to take her place, the company said.

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    NYCB hires new CFO, general counsel

    The beleaguered Long Island-based lender brought aboard four executives Friday whose careers had crossed paths with that of newly minted CEO Joseph Otting.

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    Sensay via Getty Images
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    Scribd promotes CFO to CEO following expansion push

    Scribd is tapping its former CFO for the role after moving to streamline its offerings, including breaking its document and book content into two distinct platforms.

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    Techa Tungateja via Getty Images
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    Cyberattacks pose biggest business threat, small companies say

    Small businesses in professional services are more concerned about cyber risk than those in manufacturing or other services, the U.S. Chamber of Commerce said.

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    Courtesy of ADM
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    Suspended ADM CFO’s pay ticked up in 2023 to $4.5M

    The majority of Vikram Luthar’s pay package for last year came from $3.4 million in stock awards, according to Archer Daniels Midland’s proxy filing.

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    Tech vendor Docyt adds voice feature to AI-driven accounting tool

    Docyt is among the software vendors racing to capitalize on recent advancements in AI. Many of them are zeroing in on the corporate finance market.

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    Lack of uniform standards and disclosures a roadblock to scaling transition finance: report

    A lack of standardized definitions, metrics and transition finance instruments endorsed by international organizations threatens broader adoption, the CFA Institute said.

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    Jerome Maurice via Getty Images
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    CFOs mull future benefits for AI in tax: insightsoftware

    When it comes to bringing AI into tax, it remains a bit of a “wait and see” for finance chiefs, said insightsoftware’s Josh Schauer.

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    Jack Taylor via Getty Images
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    PCAOB levies record $25M fine on KPMG Netherlands for exam cheating

    The $25 million penalty is the largest fine of any type imposed by the auditor watchdog since it was created in 2002 following the Enron accounting scandal. 

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    Inflation outruns forecasts, prompting market bets on fewer Fed rate cuts

    Futures traders cut from 56% to 17% the odds that the Fed will conclude 2024 having trimmed the main rate by more than a half percentage point.

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    Moses Robinson via Getty Images
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    KFC names new CFO amid push to boost sales

    The finance leadership change comes as KFC struggles with dwindling traffic in a dicey economic environment.

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    Interim CFO requests skyrocket 46%: BTG

    Companies are turning to interim financial leadership more frequently as they struggle to fill widening gaps in their accounting and finance functions.  

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    Hiring will likely grow even as economy slows in Q2, Q3: Conference Board

    Employment will likely remain strong as the supply and demand for labor gradually come into better balance, economists said.