GAUGING THE MARKET
ADDRESSING THE NEEDS OF A MODERN CFO
When it comes to financial processes – CFOs are faced with increasing frustration . With the burden of routine data aggregation and reporting tasks means that supplying boardrooms with fresh insights can prove difficult . Here , Darren Cran , COO of AccountsIQ , talks to us about the modern CFO and how they can become more strategic to bring greater value to the business .
When a business announces a new client or significant line of new business , often the CFO ’ s gut reaction is to worry about the extra workload for the finance team . When this occurs , it ’ s a clear sign that the existing solutions in place for managing the business are misaligned with the company ’ s requirements . And there are many legitimate reasons why the CFO and finance team might be feeling under pressure .
From being responsible for regulatory compliance , keeping Environmental , Social and Governance ( ESG ) considerations top of mind and working ever closer with the CEO to inform business strategy , there is much to do .
And increasingly , CFOs are also responsible for Digital Transformation and certainly must take the lead on this within their own department . While this isn ’ t always a straightforward task , literacy in this area is crucial to leveraging technology for providing better , more accurate reporting that helps the CFO to steer a true course through the current volatile economic environment .
And the exhaustive list of responsibilities doesn ’ t end there . Given the skills shortage within the accountancy profession , talent acquisition and retention also play a leading part in day-to-day activities . Consequently , even the most experienced CFOs can be left wondering how to manage .
The changing role of the CFO
Business never stands still and the role and responsibility of the CFO continually evolves , partly driven by business conditions , and partly in line with advances that technology now offers . At the fundamental level , accounting , reporting and statutory compliance are mission-critical tasks that will always remain within the finance department , and thereby , under the remit of the CFO . But these core activities are somewhat taken for granted by CEOs and the rest of
Even the most experienced CFOs can be left wondering how to manage . www . intelligentfin . tech
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