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CFO Dive provides in-depth journalism and insight into the most impactful news and trends shaping finance. The daily email newsletter and website cover topics such as strategy, operations, budget and cost analysis, forecasting and planning, compliance and more. CFO Dive is a leading industry publication operated by Industry Dive. Our business journalists spark ideas and shape agendas for 13+ million decision-makers in the most competitive industries.
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Updates
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Less than half (44%) of U.S. small business owners said they plan to raise workers’ pay over the next three months, down from 50% a year earlier, according to Intuit QuickBooks Small Business Insights quarterly survey of businesses with up to 100 employees. But at the companies that do pull the trigger on pay hikes, the average pay raise of 6.8% puts them on track to well outpace the 2.9% annual inflation rate, as measured by the Bureau of Labor Statistics’ latest monthly consumer price index report. The Intuit survey was conducted in July. #labor #inflation #pay https://lnkd.in/gMsSbmeM
Fewer small businesses plan near-term raises, survey says
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A strong M&A strategy can also be a key element of growth for a company — conversational AI platform SoundHound AI, for example, has taken a programmatic M&A approach aiming to expand its presence in key verticals, CFO Nitish Sharan said. “We’re going to do that through looking for partners and targets who can either accelerate our journey, amplify our journey, [or] get us into new places that might take us otherwise five years,” Sharan said in an interview. #M&A #tech #AI https://lnkd.in/gzX2yPVZ
SoundHound AI programmatic M&A strategy targets 2025 ‘break even’
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Roughly six months after ADM disclosed a remediation plan to address problems related to its accounting practices involving intersegment reporting, the grain trading giant’s newly-minted CFO Monish Patolawala said Tuesday that the “material weakness” would be one of his priorities and that he plans to help fix the “root cause,” according to a transcript of his remarks at a Barclays conference. Patolawala — formerly the finance chief of industrial product maker 3M — who joined the Chicago-based company last month, has arrived at a critical time for the grain trading giant’s financial leadership. He succeeds Vikram Luthar, who was abruptly placed on administrative leave in January after ADM announced an internal accounting probe; by April, the company said Luthar would resign. #CFO #accounting https://lnkd.in/g96Vb2Sz
New ADM CFO to tackle ‘root cause’ of material weakness
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Over 26,000 tech industry layoffs were announced in August, the highest monthly level since January, according to data from the website layoffs.fyi. Apple, IBM, Cisco, Dell Technologies and Intel Corporation were among 48 tech companies that announced a combined 26,024 staff reductions last month, according to layoffs.fyi, which tracks such data. More than 400 tech companies have announced job cuts since the start of the year, impacting over 130,000 workers. The highest monthly count was 34,107 in January. #layoffs #BigTech https://lnkd.in/gXURdySC
August tech layoffs surpassed 26K, highest level since January
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The Securities and Exchange Commission charged six ratings firms for flawed handling of electronic communications, imposing $49 million in penalties and extending the reach of a crackdown that has targeted financial services companies for failing to maintain records of texts and other “off-channel” messages. “We have seen repeatedly that failures to maintain and preserve required records can hinder the staff’s ability to ensure that firms are complying with their obligations and the commission’s ability to hold accountable those that fall short of those obligations, often at the expense of investors,” Sanjay Wadhwa, deputy director of the SEC’s Enforcement Division, said in a statement. #SEC #fines https://lnkd.in/gw3PJbdJ
SEC fines credit rating firms $49M for record-keeping flaws
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U.S. manufacturing last month persisted in recession mode, facing declines in production, new orders, supplier deliveries and export orders, according to the Institute for Supply Management. “Demand remains subdued, as companies show an unwillingness to invest in capital and inventory due to current federal monetary policy and election uncertainty,” ISM's Timothy R. Fiore said in a statement. #manufacturing #inflation #interestrates https://lnkd.in/gEuzcpuW
US manufacturing persists in recession mode, production falls
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As sustainability reporting requirements emerge, some finance teams are getting a new player to help handle the workload: the ESG controller. The title has begun cropping up at both large and small companies, with the role designed to establish a set of controls and a systematic approach surrounding ESG, Kristen Sullivan, an audit and assurance partner at Deloitte. The role is emerging amid "a very clear and consistent enhanced emphasis on preparing for the shift we’re seeing from a voluntary to a regulatory landscape,” Sullivan said. #esg #sustainability #sustainabilitydisclosures #regulation https://lnkd.in/gpEY7r8f
ESG controllers: The newest finance hires
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Paysafe CFO Alex Gersh will transition to a special advisory role to CEO Bruce Lowthers, effective Wednesday, while FIS alum John Crawford will step in as the London-based firm’s CFO, according to a press release. The move comes as the payments platform looks to move to a "different chapter" of growth, CEO Bruce Lowthers said in a statement. The CFO swap comes after the company raised its full-year revenue guidance following a "robust" performance for the first half of the year, according to its most recent earnings results. #leadership #payments #igaming https://lnkd.in/gCy5Es_D
Paysafe taps FIS alum for CFO amid growth pivot
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Just over half (53%) of businesses in the U.S. and U.K. have been targets of “deepfake” financial scams, according to a report by finance software provider Medius. As these types of scams become more popular amongst attackers, organizations need to ensure they have strategies in place to counter them, Chief Transformation and Information Officer Ahmed Fessi said. “Everyone in the organization should have a basic understanding of what a deepfake is, how to spot one, and what steps to take if they are targeted,” he told CFO Dive in an interview. #deepfakes #financialscams #cybersecurity https://lnkd.in/eK_yx4xy
Deepfake scams escalate, hitting 53% of businesses
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