Strategy Robert Half

Benchmarking Survey: Compliance Burden Expected to Continue Rising


Sponsored by Robert Half

A new Robert Half and Financial Executives Research Foundation report identified key benchmarks for finance functions and how executives can apply them to their business.

Compliance demands aren’t likely to let up any time soon, suggest the findings of a new report.

Approximately seven in 10 U.S. executives (72 percent) and 66 percent in Canada said they expect the burden facing their companies to rise over time. Among the remaining respondents, the prevailing sentiment is that the burden may not grow but also won’t subside.

A few of the respondents interviewed indicated their departments had become more adept at meeting regulatory demands. Still, despite the increased efficiencies experienced at some companies, only 1 percent of financial leaders in the United States and 2 percent in Canada expect their compliance-related costs to fall.

These are among the trends identified in the sixth edition of Benchmarking the Accounting & Finance Function: 2015 from Robert Half and Financial Executives Research Foundation (FERF), the research affiliate of Financial Executives International (FEI). The report is based on input from nearly 1,400 executives from finance and accounting departments at public and private companies in the United States and Canada.

Other key findings include:

  • Staffing costs at the largest companies rose, a likely reflection of higher costs associated with recruiting, salary and benefits.
  • More than half of respondents — 54 percent of U.S. firms and 55 percent of Canadian companies — still reconcile accounts manually. This is a decrease from 59 percent and 66 percent, respectively, last year.
  • Approximately half (49 percent) of U.S. companies and 55 percent of Canadian companies do not use cloud-based solutions and don’t plan to in the future.
  • Payroll and tax, in almost equal measure, are the most commonly outsourced functions among U.S. and Canadian companies.
The annual study, based on a survey of and interviews with financial executives, examines five key areas within accounting and finance departments:
  • Workforce management
  • Accounting operations
  • Financial systems
  • Sourcing
  • Internal controls and compliance
For more information about the benchmarking study or to download a copy of the report, visit www.roberthalf.com/benchmarking-in-business.