Those running the finance function of their company are again under the spotlight, this time to successfully manage their businesses through the economic crisis. Being prepared has never been more important. It is essential to consider both short- and long-term strategies to address managing the downturn.
Some of the issues businesses in Alberta are facing can include an inability to obtain or renew financing, reduced demand for products, a substantial decline in commodity prices, an inability to pay creditors on due dates, negative operating cash flows, substantial operating losses, and a reduction in the value of reported goodwill and intangibles on their financial statements.
It is important to achieve a balance between managing the short-term implications of the downturn on finance, and preserving the long-term vision for the function. Maintaining the ambition of a finance function able to manage compliance and control, drive efficiency and provide insight to the business is critical.
How PwC can help
Our team in Alberta understands the complexity involved in improving the effectiveness of your finance function and can identify gaps and set priorities for change. We help companies assess, design and implement changes to their financial processes with services including:
Contact us to find out how we can help your business in Alberta.