For the first time in at least a decade, most large companies reported that the cost of operating their finance functions rose 7.5% year over year in 2023, according to new research.
The study by the Hackett Group, a business advisory firm, focused on a May 2023 snapshot of the financials of public and private companies with annual revenue of $500 million or more.
The analyzed budgets include the costs for all facets of the finance function, ranging from tax, treasury and accounting to business forecasting and analysis.
At the same time, the top 25% of the companies analyzed trimmed financial function budgets by 1.3% over the same period, in part by reducing staff by 7% and leaning more heavily on automation tools. Learn more.