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Traditionally the finance and accounting expert for a business, the CFO’s role now requires vital input and analysis in all aspects of management leadership. In this changing landscape, the CFO provides vital inputs to the operations teams and contributes insights on the financial viability of business decision-making.
The role of the CFO is more intrinsic to a business than ever before. This is especially true for fast growing businesses that need a clear understanding of financial implications before planning future growth opportunities.
Transitioning to 2021: The CFO role has already changed
The CFO continues to lead the financials but is no longer a back office function. The financial matters of the business are often at the forefront when it comes to business decision-making. Insightful financial management, prudent accounting, and bookkeeping planning are crucial to ensure liquidity.
According to a report by ACCA and the Institute of Management Accountants (IMA) from June 2020, 82% of the CEOs surveyed felt that CFO roles would significantly increase in importance in the next 3-5 years.
Guiding economic recovery and cost optimization
A CFO’s deep financial expertise provides insightful guidance on decisions related to investments. This is paramount for business operations to optimize budgets and planning. The insights provided by the CFO help a business thrive and grow as well as overcome any unforeseen crisis. A CFO’s expert guidance can help small and mid-sized businesses on creating healthy financials to increase the bottom line.
Focusing on safety of business stakeholders and business growth
A survey of top priorities of CFO/VP finance during COVID-19 by consulting firm Protiviti shows that data security, privacy, and enhanced data analytics are some of the highest of priorities. This is because CFOs leverage advanced technologies in financial planning and process improvements to keep pace with the changing demands of the business.
Internal management rely on data-driven insights from financial managers and expect agile reporting and forecasting processes. Management requires insight into the financial viability and health of the business before making any key decisions.
Grow your business with professional insights
CFO insights and inputs guide all decision-making to ensure financial resilience and liquidity in business planning. Many businesses understand the importance of the CFO but are unable to afford hiring one into a full time role. Many small and mid-sized businesses are leveraging the experience of a CFO by outsourcing the function for their specific requirements. The ability to dictate the amount of time spent and the reporting needed allows these businesses to access the benefits of the role without a large financial investment. By leveraging cost-effective, professional CFO support services, smaller businesses can build strong financials, create forecasting reports based on research and data analytics, and ensure viability of any planned development.
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Trends Influencing How Small to Mid-Sized Business Accounting Departments Operate.