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Avalara Survey Finds Majority of CFOs Face Significant Talent Shortage and Burnout of Existing Staff in the United States and United Kingdom
- New research commissioned by tax automation software company Avalara reveals that 84% of CFOs surveyed in the United States and United Kingdom face a significant talent shortage within their accounting and finance teams
- 47% of surveyed CFOs noted that employee burnout around hours and menial tasks, as well as accounting and finance professionals changing careers were notable factors for the diminishing talent pool
- 89% of CFOs surveyed plan to invest in artificial intelligence (AI) to streamline finance functions
SEATTLE, Oct. 4, 2023 /PRNewswire/ — New research* from Avalara, a leading provider of tax compliance automation software for businesses of all sizes, has found that 84% of CFOs surveyed in the United States (U.S.) and United Kingdom (U.K.) face a significant talent shortage within their accounting and finance teams. The problem is more severe in the UK, with nearly all (92%) surveyed CFOs in the country struggling to recruit their needed finance talent compared to three-quarters (76%) of CFOs surveyed in the U.S. The survey also revealed that 47% of CFOs believe employee burnout around hours and menial tasks, as well as accounting and finance professionals changing careers were notable factors for the diminishing talent pool.
“Finance leaders must balance their company’s business dynamics while navigating unpredictable waters, given the pressures of high inflation, growing talent gaps, and concerns over an impending recession,” said Ross Tennenbaum, CFO of Avalara. “The rise of artificial intelligence will help finance leaders around the world find new ways to drive savings and help make their current teams more energised by streamlining and automating repetitive accounting and financial tasks to help manage the accountant talent shortage gap that the majority of CFOs are facing.”
Talent shortages are growing across finance functions
Eight in 10 (81%) CFOs report a talent shortage in accounting roles, which sparks concerns over the future of financial departments. What’s more, as nearly half (49%) of CFOs report the need for Financial Planning and Analysis (FP&A) expertise within their organisations, many businesses may lack the headcount for forward-looking financial operations.
The findings confirm the widening accountants shortage across both the U.S. and U.K. being driven by several factors.
Two-thirds (63%) of CFOs believe there’s a lack of experienced talent, a view supported by over half (54%) of respondents that consider today’s shortage a result of fewer people majoring in finance functions.
Jim Bourke, Managing Director of Advisory Services at WithumSmith+Brown, said: “The accounting profession continues to experience historic challenges in attracting and retaining qualified staff, and automation has risen to the fore in helping to address these gaps and help firms scale services. Withum is actively evaluating how our staff can leverage more AI-infused technologies to help streamline and automate routine accounting tasks, focus on the bigger picture, better serve clients, and manage reduced headcounts. Already, we can see the emerging technology help our staff focus effort where it’s needed, on client-facing advisory and forward planning, and we see where AI will play an essential role in areas like financial reporting, compliance, audit, and data analysis.”
AI adoption grows amid talent shortage
The accounting and finance talent shortage has prompted many CFOs to evolve their approach to staffing, with many of these leaders looking to equip their existing teams with intelligent automation technology that will streamline work. Almost all (92%) of U.S. and U.K. CFOs surveyed agree that AI tools will help businesses find efficiencies, drive productivity, and increase profitability. These CFOs are acting on this belief, with 89% planning to invest in AI to streamline their finance functions. Furthermore, nearly half (44%) of CFOs are making immediate moves and are set to adopt AI by the end of 2023.
Of those looking to adopt AI, most CFOs (56%) seek vendor cooperation with their internal teams, highlighting the importance of third-party vendors. One in five (22%) CFOs are set to rely on outside vendors too, with fewer than a quarter (21%) wishing to build in-house AI solutions.
“AI holds transformative potential for finance and accounting. Imagine finance professionals conversing with their data as they would with an assistant. AI can act as a research and data analyst, boosting productivity,” said Vsu Subramanian, SVP of Content Engineering and AI at Avalara. “Moving forward, a strong partnership between finance and tech leaders is essential to effectively integrate AI. This will not only enhance efficiency within the finance department but also alleviate the global talent shortage in accounting. By automating mundane tasks, AI can empower teams and uncover savings. Companies that embrace AI now will stand out and reap greater benefits than those who hesitate.”
Concerns over a recession loom among finance leaders
Half of CFOs (51%) indicated that they’re still anticipating a recession and are operating in “cutback mode” in preparation for an economic downturn. When asked what sources CFOs look to for reliable indications of a recession, three-fourths (76%) responded with consumer spending. More than half of CFOs noted that the Consumer Price Index and Producer Price Index are reliable indicators of a recession (59% and 57%, respectively).
To learn more about Avalara’s 2023 CFO pulse survey findings, please click here. To learn more about how Avalara automates tax compliance requirements for accounting and finance professionals, visit avalara.com.
About Avalara
Avalara makes tax compliance faster, easier, more accurate, and more reliable for 30,000+ business and government customers in over 90 countries. Tax compliance automation software solutions from Avalara leverage 1,200+ signed partner integrations across leading ecommerce, ERP, and other billing systems to power tax calculations, document management, tax return filing, and tax content access. Visit avalara.com to improve your compliance journey.
*Methodology
Research was conducted by Censuswide with 307 full-time CFOs in the U.S. and U.K. (aged 18+) between August 25, and August-31, 2023. Censuswide abides by and employs members of the Market Research Society, which is based on the ESOMAR principles and is a member of The British Polling Council.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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