The responsibilities of CFOs and finance leaders in manufacturing have expanded significantly. No longer is it sufficient to ensure accurate financial statements and tax returns. Today’s finance departments must act as business advisors, providing data-driven insights to support strategic decisions across operations, sales and supply chain resiliency. This evolving role requires finance teams to wear many hats and oversee a wide range of responsibilities to protect and grow the organization’s assets.
As we enter 2025, finance leaders in the manufacturing space face a critical period of preparation to ensure their financial and operational foundations are robust. There are specific areas manufacturers can focus on to maximize their impact, clean up their books and establish a solid foundation for the future.
Financial planning and spend management
One of the primary focuses for manufacturers as they enter into 2025 is financial planning and spend management. It’s crucial to verify the accuracy of accounting systems, evaluate market trends and understand volume as a key driver for manufacturing activity. Traditional budgeting methods, such as using prior year activity with adjustments for current expectations, may no longer be sufficient due to the volatile economic environment of recent years.
