Modern CFO: Equipped with the right data, processes and reporting structures
28th Sep 2020
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There is a saying, “it’s lonely at the top” and this has never been truer than for the CFO in a fast-evolving SME. Whether there is a fully-supportive, internal finance team or an outsourced delivery model, the average CFO has a lonely position at the helm, with access to very few peers who have the relevant expertise to help solve everyday problems.
However, the savviest of the CFO community are beginning to change the game; no longer are they just leading a support function. Instead, they are driving the business strategy. Inevitably, this takes them into the domain of data and the savviest CFOs are leveraging data to adopt a new role as Chief Performance Officer. What type of CFO would you rather be?
Armed with accurate and timely information, this new-look CFO stays ahead of the game by using this data to help make smarter decisions. First class management information - collected systematically and analysed more easily with the aid of technology - also serves to improve performance and the overall infrastructure, setting the business on course for continual evolution.
The savviest of the CFO community are the ones who plan ahead of time and are continually future-proofing their technology, processes and data.
The CFO’s role continues to become more encompassing with increasing demands on time, expertise and guidance, particularly in businesses which experience rapid evolution or growth. Working closely with finance teams in these kinds of scenarios AccountsIQ and flinder come across CFOs who face similar challenges, time and time again.
In our report, 'How Savvy CFOs are Making Better Decisions', Darren Cran, COO of Cloud accounting application AccountsIQ and Alastair Barlow, CEO & founder from niche accounting firm flinder address two common areas in which CFOs are frequently challenged as their businesses grow and their finance teams strive to not only keep pace but also to take an evolutionary lead.
Building a Robust Finance Infrastructure: People, Processes and Technology
Management Reporting for Performance Management Excellence