A new survey by Houston CPA firm UHY LLP shows most mid-size company CFOs lack the transaction skills needed to make the most of coming deal and realignment opportunities. Where to find those skills? Access experience, industry knowledge and astute advisors.
August 20, 2014
Houston, Texas, USA – August 20th, 2014 /PressCable/ —
Mid-size company CFOs need to improve their transaction skills to maximize their companies’ opportunities in the coming years, a survey of Houston financial managers by Houston accounting firm UHY LLP and Financial Executives International (FEI) has found.
Almost two-thirds (60%) of financial executives pointed to transaction abilities as the skill area most needing improvement among CFOs of middle market companies in a UHY LLP-FEI survey conducted during the firms’ “CFO Summer Breakfast Series” this week in Houston. Another 36% identified finance as the area most needing strengthening; only 4-percent saw accounting skills as an area of CFO weakness.
“The performance pressure on middle market companies today places extreme emphasis on the CFOs’ ability to obtain the maximum value available from every transaction of significance – contracts, sales, purchases, integration, and alignment with corporate growth strategies,” said UHY Advisors Principal Dawn Williford. “These are not skills taught in business school, but rather the product of experience, industry knowledge and having access to astute advisors.”
Panelists participating in the breakfast event, including Spencer Stuart Consultant Mary Bass, Pioneer Energy Services Chairman Dean Burkhardt and SouthWest Water CFO Kirk Michael, added that focus should also be placed on the need for successful CFOs to cultivate leadership initiative and soft skills.
The series of UHY LLP- and FEI-sponsored private breakfasts continues Wednesday, September 3rd with a session on “What CEOs, Boards and Audit Committees Really Want from their CFO.” Registration information is available at http://www.uhy-us-media.com/events/2014-summer-series/.
UHY LLP, a licensed independent CPA firm in Texas, performs attest services through an alternative practice structure with UHY Advisors TX, LLC. UHY Advisors TX, LLC conducts operations in Texas as a subsidiary of UHY Advisors, Inc. The firm also has an office in Dallas. UHY Advisors, Inc. and its subsidiary entities have nearly 1,000 professionals providing services from offices throughout the United States. UHY Advisors is ranked as one of the Top 20 professional services firms providing tax and business consulting services in the country by Accounting Today.
UHY Advisors, Inc. and UHY LLP are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. For additional information, please visit their website at www.uhy-us.com/.
UHY LLP is a licensed independent CPA firm that performs attest services. UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms.
Financial Executives International is the leading advocate for the views of corporate financial management. Its 15,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, teleconferences and publications. Members participate in the activities of 86 chapters, 74 in the U.S., 11 in Canada and 1 in Japan. FEI is headquartered in Morristown, NJ, with additional offices in Washington, D.C. and Toronto. Visit www.financialexecutives.org for more information.
Name: Tom Sommers
Organization: UHY LLP
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