The report, Being the Best, found that 80% of CFOs in average-performing companies focused predominately on cost control, compared to 64% of CFOs from high-performing companies who spend more time on strategic support.

Specifically, the top finance teams’ focus is on managing risk and guiding investors and the organisation on business performance, rather than analysing financial data.

KPMG’s Business Performance Services partner James Allt-Graham said a key challenge for CFOs was moving finance out of a reporting capacity to one that delivered shareholder and business insights and value.

“Most CFOs have clear aspirations of becoming a strategic partner to the CEO but are not there yet. Many are caught in a functionary role, managing compliance projects and day-to-day operations instead of a strategic one,” Allt-Graham said.

“Improving the ability of finance to forecast performance and manage the integration of information are the two top priorities identified by CFOs in our survey. Once these are accomplished, then finance can be a far more effective strategic partner.”

Compliance obligations were cited by 62% of the respondents as one of the main restrictions on finance’s ability to focus on providing strategic insight.

However, Allt-Graham argued that with many compliance deadlines such as International Financial Reporting Standards (IFRS) now passed, the compliance burden should start to ease.

“Many CFOs are now looking at ways to embed these compliance investments within the business and make them as efficient as possible to release time for more value-added activities.”

Leading CFOs are also revising the finance function’s role by equipping it with professionals who have a clear understanding of the business while also developing their capacity to include strong analytical and communication skills, creative problem solving and relationship management.

The changing face of the finance function is also contributing to the war for talent, with 55% of companies surveyed planning to recruit finance employees in the next two years.

CFOs are also finding efficiencies through centralising and standardising processes, which also enable a single view of finance across their company.

The report found 30-50% of companies are now handling their treasury management and financial reporting, transaction processing within a shared service centre.

Allt-Graham concluded the real key to success was successfully juggling the multiple demands placed on the finance function and to deliver an effective response.

“For finance to deliver value to the business requires equal attention to gaining and maintaining the trust of its internal and external stakeholders, running an efficient operation and providing insight that will drive economic and shareholder value,” he said.

The study, commissioned by KPMG International and conducted by the Economic Intelligence Unit, involved 286 senior executives globally, including 123 CFOs.