Resources for Sarbanes-Oxley (SOX)
Compliance Activities Raises Cost of Finance
Typical Global 1000 Companies Now Spend $138 Million/Year More Than World-Class Companies on Finance Operations; Face Long-Term Challenge in Cost Reduction Efforts
Fallout from compliance-related activities continues to prevent CFOs at typical companies from resuming more than a decade of cost reduction efforts, according to new research from The Hackett Group, a global strategic advisory firm and an Answerthink company.
Hackett’s 2007 Finance Book of Numbers research found that the typical Global 1000 company saw the cost of finance increase slightly over the past year, and is now spending 12% more than they did three years ago, in part due to increased focus and spending on compliance-related activities. World-class finance organizations, which have continued to reduce costs over Hackett’s 15-year research history, are now spending less than half what typical companies do. At a typical $22 billion Global 1000 company, this spending gap now amounts to savings of $138 million/year for world-class companies. In addition, world-class finance organizations operate with less than half the staff in virtually every key area of finance.
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