Boards should give chief financial officers a greater scope to influence decision making, new research has suggested.
A study carried out by CFO Research Services on behalf of KPMG revealed that 80 per cent of firms think that the finance function should have more of a say when it comes to strategic decisions.
Furthermore, 83 per cent of CFOs think that the best way they can improve their standing with board members is by improving planning, forecasting and budgeting.
Rodger Hill, head of financial management at KPMG in the UK, expressed his concern about the fact that the number of firms who think the finance function should have a greater role in things has grown since the survey was last carried out three years ago.
Mr Hill said: "This tells you that plenty more companies have since realised where their shortcomings lie - but also that those who realised this three years ago appear not to have done anything about it.
"What a shame that it has taken a crisis of this magnitude to finally shake people into life."
A recent study by Ernst & Young revealed that 43 per cent of businesses have changed their operating models because of the recession.
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