The role of the CFO is growing and changing rapidly. CFOs are still tasked with leadership and oversight. Whether you are a CFO for hire or a full-time CFO, you're now expected to develop strategy and make key decisions . In order to excel at that responsibility, today's CFOs need the following skills:
- Adapting to the Unexpected – Few industries are immune to the disruptions that are transforming markets with unparalleled speed and scale. Those disruptions can be either an advantage or a hurdle depending on how well prepared the company is. Today's CFOs financial skills are expected to include accurate forecasting to predict these changes while making recommendations for managing risk and arranging investments. In order to stay ahead of the wave of change, finance executives must be able to look as far forward as possible.
- Raising Revenue on Demand – In highly competitive markets it is financial engineering that often determines success or failure. CFOs are not just asked to manage a company's money, they are asked to grow it as much as possible. Finding ways to maximize prices, boost margins, and increase yields are all now priorities. That means CFOs must be able to dive into the facts and figures and extract the kinds of insights that directly impact the bottom line.
- Embracing a Culture of Data – Any company that dismisses or diminishes the value of data is at a disadvantage. The benefits of large-scale data collection and analysis are undeniable, especially in finance and accounting. But in order to leverage the full value of data, CFOs must foster a culture that supports it. That means putting new technologies in place, providing education and support, and communicating how data is an asset to every team member.
- Executing with Accuracy and Consistency – Accounting departments are responsible for larger volumes of work and dealing with shorter deadlines. Thanks to better technologies and techniques, it's possible to keep up, but the risk of errors and omissions is substantial. At the same time that CFOs are empowering their departments to be more productive and efficient, they must also prioritize accuracy and consistency. Everything from regulatory compliance to sound financial management depends on executing accurately and consistently.
Part of learning these skills involves continuing education and professional development. But an equal part involves implementing new tools that make the responsibilities and priorities of today's CFOs accessible.
Sage Intacct is one of the leading financial management solutions on the market because it's built for the accountants and executives of today and tomorrow. Advanced capabilities are easy and intuitive to use, enabling data-driven decision making and precisely automated workflows. When you're ready to improve the performance of your C-Suite, accounting department, and entire enterprise, contact AcctTwo.