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CFO Dive
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We provide business journalism and in-depth insight into the most impactful news and trends shaping finance
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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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When the Securities and Exchange Commission passed its long-awaited climate-risk disclosure rule in March, Corpay’s Chief Accounting Officer Alissa Vickery took notice. Even as the rule has since been stayed by the court, the SEC vote put forthcoming environmental social and governance regulations back on the list of topics the Atlanta-based payments company needs to address, she recently told CFO Dive. “That was the initial catalyst,” Vickery said in an interview in which she also described how the payments company has since March doubled down on mapping a path forward toward a future in which it will collect and report audit-grade environmental data. “I’m kind of grateful for [the SEC decision] because it was quite difficult to try and make a decision on something that didn’t really exist.” #accounting #climate #disclosures https://lnkd.in/de4_wnRr
SEC rule jumpstarts Corpay CAO’s ESG push
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U.S. companies plan to raise salaries 3.9% next year, pulling back from a median increase of 4.1% this year as resignations and employee turnover subside, WTW found in a survey. The current decline in demand for labor “stems from the slower growth we are experiencing in the U.S. — the supply of labor actually remains the same, meaning we are still experiencing worker shortage and weaker labor force participation,” Lori Wisper, a WTW managing director, said Tuesday in an email response to questions. #wages #raises #salaries https://lnkd.in/dZaD69qn
CFOs plan to raise salaries 3.9% in 2025: WTW
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The number of U.S. companies investing $10 million or more in artificial intelligence is expected to almost double next year, according to a survey by Big Four accounting firm EY. Thirty percent of respondents said their business is planning to invest at least $10 million in AI next year, up from a current level of 16%, according to a report on the findings, released Monday. But many of these organizations are failing to also invest in necessary infrastructure for AI, jeopardizing the technology’s potential impact, the report said. #AI #techbudgeting https://lnkd.in/d4-X8Vx3
AI budgets poised to surge in 2025
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Credit rating agency Moody's’s said Monday that a massive cybersecurity breach disclosed by AT&T last week represents a “credit negative” for the company. The breach compromised six months’ worth of call and text message records of “nearly every” AT&T cellular network customer in 2022, the telecommunications giant said in a July 12 securities filing. “Revenue flows can be disrupted by business outages, loss of customers, or theft of intellectual property,” said the report, which was shared with CFO Dive. “At the same time financial outlays can increase due to attack mitigation costs, regulatory fines and legal settlements, among other things.” #cybersecurity #cyberattack #credit https://lnkd.in/dCrEg9FN
Latest AT&T data breach risks customer defections: Moody’s
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PwC Partner Marc Siegel — who advises clients on ESG matters and was formerly on the Financial Accounting Standards Board and the Sustainability Accounting Standards Board — said in an online discussion that approaching the issue with complacency is a risky strategy given what he effectively sees as the dawn of a new era of climate-risk disclosure. “In many ways, I think the market has spoken on some of this,” Siegel told CFO Dive’s Jim Tyson. “The last thing that you want is to not be thinking about bolstering your ability to collect and report this information at scale and then all of a sudden have a rule that comes into place at the end and you’re scrambling to get ready for it.” The panel was part of a virtual event hosted by the editorial teams of CFO Dive and ESG Dive on Thursday: “Risk & Reward: Complying with the SEC’s Climate Rule." #ESG #climate-risk #SEC https://lnkd.in/ggk9QV4M
5 takeaways on costs, challenges of climate disclosure compliance
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Federal Reserve Board Chair Jerome Powell said Monday that three recent data sets showing a decline in price pressures have bolstered the central bank’s confidence that inflation is falling toward its 2% target. "We didn’t gain any additional confidence in the first quarter but the three readings in the second quarter, including the one from last week, do add somewhat to confidence,” Powell said, answering questions during an event sponsored by the The Economic Club of Washington, D.C. Fed officials have said they will not trim the federal funds rate without first seeing a sustained decline in price pressures. #inflation #jobs #rates
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With the increasingly 24/7 role of treasurers in mind, Bank of America is tackling payments pain points to modernize its CashPro digital banking platform that is used by about 40,000 companies and corporations. The Charlotte, North Carolina-based bank says it has rolled out a new capability this summer that enables treasurers and other finance professionals to launch an inquiry into the status of a transaction within the platform. It is part of an ongoing BofA effort to enhance its digital banking offerings to ensure businesses can largely manage and monitor their accounts online without always needing to pick up the phone or email for additional help. #banking #treasurers #payments https://lnkd.in/gRm7S4Hp
BofA tackles digital banking’s transaction pain points
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Costco Wholesale on Wednesday said it will raise its annual membership fees in U.S. and Canada by about 8%, effective Sept. 1, in a long-anticipated move that marks the global retailer’s first such hike since June 2017, according to a company release and webcast. Given that the roughly seven-year pause since the last hike was longer than the retailer’s historical cadence move may have been driven in part by recent signs of cooling inflation, according to Michael Baker, managing director and senior research analyst at D.A. Davidson Companies. “They’ve been cognizant of consumers battling inflation and feeling strapped … in that sense this signaled that the worst of inflation is behind us,” Baker told CFO Dive. #retail #CFO #pricing https://lnkd.in/g6ES8C7V
Costco hikes membership fees 8% as inflation eases
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While CFOs and financial professionals are aspiring to do more strategic work, the realities of their current day-to-day still make that difficult, said John Gronen, CFO of “purchase-to-pay” automation solutions provider Yooz Much of the time, “the accounting and finance teams get so stuck in the weeds doing manual tasks...that by the time you get the books closed, you barely have time to analyze it before you start the next closed cycle,” Gronen said in an interview. “And so you’re literally running from closed cycle to closed cycle.” #automation #finance https://lnkd.in/g8djS5ZS
Yooz: Closing the finance strategy perception gap
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