With near unanimity—at 97%—CEOs shoulder ultimate responsibility for the results of their company’s investments. 51% of CEOs report they have “Total” responsibility for investment outcomes, with another 46% reporting “Very High” or “High” levels of responsibility.
CEO involvement in the purchase of accounting and financial services, specifically, ranks among the highest of any functional category, indicating that they are highly involved in the selection of service providers.
In addition to identifying needs, research shows that CEOs are highly involved in the Accounting vendor selection and approval process. Overall, among companies that use Accounting Services, 89% of CEOs report being personally involved in vendor selection, with involvement varying by purchase decision stage.
On average, CEOs report average 2013 spending on accounting services at $354,000.
The involvement of the CEO has a positive effect on the purchase of services including accounting. When the CEO is involved in a purchase decision, the likelihood is greatly increased that the organization will forward quickly in the evaluation and adoption process (+92.3%), it will become a priority that others in their organization will give serious consideration to and remove roadblocks in the evaluation process (+91.5%), and ultimately become a reality (+89.4%).
To receive a copy of the full report, “Corporate Investments in Accounting Services: The Expanded Role of Chief Executives,” which contains case studies and detailed data, please fill out the form below: