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AcctTwo Blog

How Cloud Computing has Changed the Role of the CFO

AcctTwo: Changing role of the CFOUntil cloud computing became a ubiquitous business solution, almost all IT decisions were up to the CIO. But now that the cloud has shifted the paradigm, other departments are becoming invested and involved with tech like never before. And no one has been impacted more than the CFO. Here are some examples of the new roles these executives are now responsible for.

Taking the Reins of the IT Budget

For most of recent history, IT has had a blank check. But as IT budgets inflated astronomically while also becoming a mission-critical expense, companies began enlisting the CFO to help keep costs in check. Cloud computing is a natural solution, because it lowers costs across the board while accommodating the kind of predictability and forecasting that accountants require. CFOs increasingly hold the purse strings to the IT budget, and they're looking to the cloud as the smartest investment available.

Moving into a Strategic Position

The CFO has traditionally been the person who keeps the books balanced. But in today's hyper-competitive industries, finance and accounting are considered significant strategic assets. Rather than looking backwards, CFOs are now charged with analyzing and forecasting conditions with the goal of locating a competitive advantage. That requires a lot of IT to do proficiently, and the cloud is the most obvious place to access it. Accounting executives can rely on the cloud to provide the sophisticated automation and finely-tuned predictive analysis capabilities that are quickly becoming standard tools for the job.

Handling an Avalanche of Data

Companies of all sizes are being overwhelmed by huge volumes of financial data. This data is highly valuable, filled with insights, and something that is proprietary to the company. But it is also highly sensitive, incredibly complex, and subject to troubling errors and omissions. CFOs are now tasked with data management like never before, and once again the cloud is the solution of choice. By making it relatively simple to capture, store, analyze, and contextualize data, the cloud empowers CFOs to meet all their obligations without sacrificing any opportunities.

Maximizing the Value of Staff

It's not enough to simply hire the best financial talent on the job market. CFOs must now acknowledge that even the world's greatest accountant can't keep up with the size and speed of today's business world by relying on ledgers and spreadsheets. In order to maximize the value of staff while minimizing the risk of human errors and inefficiencies, CFOs are looking to the cloud to provide solutions. The right tools implemented in the right way make it relatively simple to ensure staff is working as productively as possible.

The CFOs who embrace cloud computing discover it solves many persistent problems while creating exciting new capabilities. But the choice of the right solutions and providers is key. To learn more about cloud solutions engineered specifically with the CFO in mind, reach out to an expert from AcctTwo.

Topics: CFO budgeting Cloud computing IT