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How the CFO Contributes to a Better Managed Business

By Analytix Editorial Team

May 24, 2018 0 Comments
How-the-CFO-Contributes-to-a-Better-Managed-Business

A CFO is indispensable when it comes to driving value and growth by supporting financial operations, budget compliance, and operations management while keeping costs controlled.

Today, the CFO is emerging as a primary engineer of overall business success, not just financial success. While the key responsibility area of a CFO remains financial operations, it is also their responsibility to ensure that costs are controlled even as the business surges ahead in terms of growth and expansion. This is a challenge: ensuring goals are met, expansion needs fulfilled, and costs controlled.

How does a CFO bring value to business operations?

As businesses grow, it becomes essential for core functions like bookkeeping to keep pace and maintain momentum. With accounting and bookkeeping forming the bedrock of financial operations, diligence is key when it comes to maintaining financial health.

For the CFO then, the role is no longer restricted to managing financial aspects or cost considerations. With digital innovations taking over most areas of operation, the CFO can share information with other key decision makers within the business faster and in a more reliable manner. The CFO is at the crossroad of strategy and finance, both driven by technology. This allows them the ability to assess situations from different perspectives, including that of a key business decision-maker. All of this information is channeled into making smarter investments for the business, thus ensuring it functions optimally.

Some of the actions carried out by the CFO include:

  • Aligning the finances with business strategy.
  • Understanding business complexities to be able to simplify them such that change and growth continue hand-in-hand.
  • Managing and ensuring effective performance; allocating and managing resources for that purpose.
  • Ensuring compatibility with contemporary developments; for example developing and nurturing digital technical capabilities in the area of business accounting and sustaining them.
  • Guiding the development of a culture within the business where accounting and bookkeeping practices translate into financial success through embracing digital innovations.

For a small business, hiring a CFO may prove to be cost prohibitive, given budget restrictions. However, CFO outsourcing can help by making the expertise available without major investments by the business.

At Analytix, we have extensive experience with helping small to mid-sized businesses in all aspects of business management. We offer customized solutions in accounting and bookkeeping, including part-time CFO services. For more information on how we can assist you, call us at 781-503-9002 or email us at [email protected].

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