Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re focusing on the latest news that affects CFOs and accounting leaders. Read on to see how Boeing named a new CFO, how May hit a new record for the number of job openings, why risk management is the top priority during the pandemic, and how CFOs can avoid bad debt during a pandemic.
Former GE Executive Named New Boeing CFO - CFOs & Accounting Leaders News
From General Electric to Boeing, Brian West is sticking with the big leagues but moving from the energy industry to the aviation industry. West previously worked at Refinitiv as CFO as well as Nielson Holdings. And according to Calhoun, Brian is the ideal person to lead Boeing’s financial side – “… he is an exceptional leader whose broad operational expertise and commitment to transparency with stakeholders will advance our efforts as we continue our focus on safety and quality, improving our performance, and transforming our company for the future.”
To read more about Boeing’s big hire, head over to CFO.com.
May Exceeds Record U.S. Job Openings
Thanks to Covid, the job market is saturated with openings; no industry is immune to the effects of the pandemic. Employers are struggling to hire people as the economy starts to reopen. And according to Daniel Zhao, Senior Economist at Glassdoor, it’s a job seeker’s market. So why the over-abundance of jobs? The Hill, an American Digital Media company explains – “A lack of child care options, health concerns and a hesitance to take high-intensity jobs with relatively lower pay are among some obstacles keeping potential workers on the sidelines.” And this past May broke a U.S. record with 9.2 million job openings.
To learn more about how the pandemic has affected the job market, view the full article on Fortune.com.
Risk Management Becomes The Top Accounting Priority During The Pandemic - CFOs & Accounting Leaders News
It’s no secret that the Covid pandemic has turned the economy upside down. What was once considered out of the ordinary a few years ago has now become seemingly normal. And for accounting professionals, the tides have changed. According to the ACCA, accountants now play a prominent role – “What’s clear… the need for accountants to truly understand the strategic and business risks that their organizations face in the short, medium and long term.” The biggest risks include defaults, bankruptcies, consolidation, and other industry disruptions.
To learn more about how risk management is taking priority in the accounting field, read the full article on CFOdive.com.
Bad Debits? Here Are 3 Tips That Will Help You Curb Those Risks
Covid has thrown everyone for a loop – financial executives included. Despite the financial assistance the government gave businesses over the past year, it still wasn’t enough. And according to Gartner, receivable risk will carry on even after the pandemic ceases to exist. But there’s hope yet. Here are three ways to curb nonpayment and avoid going into debt:
Identify the customers that pose the highest risk.
Focus on communicating with key stakeholders – collection agents, sales representatives, account managers, etc.
Weigh the risks.
To explore – in-depth – how CFOs, Controllers, Accounting Executives, and the like can control bad debts during a pandemic, read the full article on CFOdive.com.
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