What does AFBC mean in ACCOUNTING

The Accounting and Finance Benchmarking Consortium (AFBC) is a global, cross-functional initiative made up of finance professionals from companies around the world. AFBC provides financial benchmarks, including best practices and metrics, to help facilitate the benchmarking of accounting and finance operations within organizations. AFBC members share operational knowledge with each other to improve processes, identify opportunities for cost savings, achieve greater transparency into key performance indicators, and enhance business performance in general.

The AFBC helps finance professionals by providing a platform for members to share benchmarking information on accounting and finance operations. It enables them to compare their own financial operations against others in their industry or region in order to identify potential areas for improvement. Members can also learn best practices from other members in order to streamline processes and reduce costs.

Membership of the AFBC is open to any accountant or finance professional who works at an organization that has adopted its standards for financial benchmarking. Organizations do not need to be members of any specific professional association or accreditation in order to join.

Benefits of joining the AFBC include access to benchmarking data from other members, participation in member meetings and webinars, discounts on research services provided by the consortium, as well as invitations to participate in surveys conducted by third-party consultants that focus on accounting and finance topics. Members also have access to tools such as sample reports and templates for tracking measurable objectives which they can use within their own organizations.

There is no fee for membership but there may be additional costs associated with certain activities such as attending conferences or accessing premium content offered by the consortium's partners. Additionally, each member organization must commit to adopting certain guidelines when sharing data with other members as established by the consortium’s Data Use Policy & Procedure Guide.

Members exchange information related primarily to organizational structure and processes pertaining to accounting, auditing and taxation activities performed within their organizations; however depending on individual preferences some members may choose not share specific confidential details about their organizations. All data is anonymized so that no individual organizations can be identified while maintaining confidentiality of shared information among peers.

Yes, benchmark results are generally published every quarter so that companies can measure changes over time as well as track performance relative competitors.

Yes! The AFBC offers several events throughout year which enable members meet face-to-face representation different industries discuss challenges facing respective finance departments industry trends affecting respective sector etc.