May 25, 2024


Passion For Business

CFOs See Silver Linings to Coronavirus Crisis

The coronavirus pandemic has spurred surprising enhancements at U.S. firms and pushed CFOs to reprioritize engineering investment, in accordance to a Grant Thornton study.

The accounting agency claimed that a lot more than sixty% of CFOs cited improved versatile and distant work environments as an upside of the pandemic, with forty% also noting improved collaboration, improved enterprise procedures, and an skill to far better aim on tactic.

Amid the change to distant work, sixty one% of finance chiefs indicated that they be expecting to boost investment in cybersecurity in the up coming calendar year. When questioned to name the a few greatest challenges struggling with their firms, forty six% indicated cybersecurity threats, forty six% selected engineering upgrades, and thirty% explained distant workforce troubles.

Fifty-a few per cent of respondents are prioritizing extensive-expression foundational engineering infrastructure investment above engineering that addresses quick enterprise wants (forty seven%).

“A calendar year ago, CFOs were being scrambling just to endure, but in some cases a disaster can speed up optimistic change,” Chris Schenkenberg, regional tax enterprise traces national handling husband or wife at Grant Thornton, explained in a information launch.

The study also revealed that numerous CFOs prepare to reduce vacation and actual estate costs in the coming calendar year and past and a lot more than half prepare to boost investment in their companies’ DE&I (diversity, equity, and inclusion) and ESG (environmental, social, and governance) practices.

CFOs skewed unfavorable on taxes, with 39% saying the Biden administration’s tax plans will negatively impression their enterprises. Amid firms with a lot more than $one billion in revenue, fifty five% be expecting tax alterations to have a unfavorable impression, even though only 29% of firms with revenues involving $one hundred and one and $five hundred million felt the exact same.

Indicating the special goal acquisition corporation boom of 2020 will continue on, 84% of non-public corporation respondents explained SPACs have greater their interest in going general public. When questioned whether a SPAC or a standard IPO would be their selection, respondents were being just about equally split, with forty nine% choosing a SPAC and 51% choosing an IPO.

Additional than two-thirds of CFOs, having said that, be expecting greater SPAC regulation from the Securities and Exchange Commission in 2021 even though fifty five% think SPACs depart new general public firms overvalued.

coronavirus, ESG, Grant Thornton, distant work, SPACs, study, Technologies