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AcctTwo Blog

The Strategic Role of Today's CFO Requires Intelligent Tools

In the same way that many of today’s disruptive technologies started in the consumer space and then moved into the business world, a lot of the disruptive business technologies such as cloud, mobile, and social started in areas such as marketing and sales, then moved into other functional areas, such as accounting, finance, payroll, and human capital management.

The finance function has become one of the new frontiers for technological innovation and disruption. Technology has begun to completely change the strategic role of today’s CFO by automating or eliminating much of the work being done by humans.

Topics: General strategic CFO

ESG Issues Bring Disruption and Need for Strategic Corporate Finance

A little over a year and a half ago, we wrote about the new statement of corporate purpose published by the Business Roundtable (BRT) which drew praise, criticism, and skepticism. The new statement was groundbreaking and it's worth reading. The BRT had in the past focused on “shareholder primacy,” following the lead of Milton Friedman in the 1970’s. In 1997, the BRT stated that, "the paramount duty of management and of boards of directors is to the corporation's stockholders," and that "the interests of other stakeholders are relevant as a derivative of the duty to stockholders."

However, in the new statement of purpose, published in August of 2019, the BRT doesn't mention shareholders until the last bullet of their statement, and seems to give more urgent attention to customers, employees, ethics, communities, and the environment as part of strategic corporate finance.

Topics: General strategic CFO

The Evolution and Benefits of Strategic Accounting

I founded AcctTwo to help midsize companies and nonprofits with their finance and accounting technology and services needs. While I was at PwC, I saw the benefits of outsourcing non-core functions like accounting, payroll, HR, and other back-office departments for large corporations.  I knew that these strategic accounting services could benefit smaller organizations as well. 

As this new business venture called AcctTwo began to take shape, I knew that I wanted to provide these managed accounting services on one technology platform so that our employees could become specialists in one system and could specialize by function, eliminating problems that can arise when an accounting team is made up of a handful of jacks of all trades, masters of none.

Topics: General strategic CFO