Insights: Article

Is Your CFO Future Ready?

By   Jenni Huotari

February 21, 2018

It’s no secret: the business environment is constantly changing, and will continue to change in the future. These changes can impact everyone in your business, from staff up to the CEO. In our numbers world, we hear a lot about future ready CFOs. Is your CFO (in-house or outsourced) future ready? Here are some considerations to help you measure your CFO’s readiness.

Is your CFO proactive?
Rather than sitting back and waiting for the next big change, is your CFO prepared and excited for what is coming? Being proactive is key to being ready for the future. For example, cloud accounting has opened numerous doors of opportunities related to efficiencies, access to information in real time, etc. Has your CFO already taken the initiative to explore these opportunities? Anticipation is another key to being ready for the future. Is your CFO staying current with the trends in your industry or what your competition is up to? Staying ahead of the curve can give you a competitive advantage that can’t be touched.

Is your CFO tech savvy?
Being tech savvy is a great skill to have in today’s world. Your CFO should be trying to leverage technology that best suits your business (both financially and operationally). Technology is always changing, and you want to make sure your business stays up-to-date with these changes. Staying up-to-date can help ensure your business runs efficiently and you get the best information you can to make decisions confidently.

Does your CFO know his/her stuff?
Does your CFO seek to learn outside of the numbers? It’s important to see the business as a whole. A study by EY and CPA Australia found the top tasks of CFOs in the future will focus around strategic planning, advisory and risk management – not just the numbers. There are many benefits that can come from knowing all the parts of your business, such as a better understanding of how different departments work, or being able to identify higher level problems. After all, your finances work with every part of your business in some form, so knowing what role they play can give you an upper edge.

Is your CFO accepting? – Change is hard but it’s also inevitable. Change comes with a mixed bag of emotions, and it’s important that your CFO is willing and able to embrace the change. Your CFO must be able to accept positive, necessary change to grow and build a better future for the business.

There’s no doubt about it: the future is going to change the way businesses operate. Making sure you have a future ready CFO on your side will help you create a competitive advantage that will be hard to beat.

Latest Insights

July 19, 2018
Article
While it’s great to watch your team grow, hiring new employees can be a frustrating and grueling process.
July 19, 2018
Article
Often, human resources (HR) is over looked, but we’re here to tell you it’s an essential component of any organization and critically important to get right.
July 13, 2018
Article
Here are some idea for giving your new hire a smooth start into your business and alleviating stress for you.
July 13, 2018
Article
The impact of the recent SCOTUS Wayfair decision will continue to have a ripple effect on businesses and state sales tax compliance.
July 9, 2018
Article
The revenue cycle is a complex system and we have historically given much attention to the front-end and back-end while oftentimes leaving the middle functions of the cycle neglected.
July 3, 2018
Article
FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, provides a 5-step framework for determining revenue recognition.
July 2, 2018
Article
As part of the Tax Reform Act of 1986, the “Kiddie tax,” a taxing regime designed to make the transfer of income items by wealthy parents to lower tax paying children less attractive, was implemented.
July 2, 2018
Article
When it comes to your employees, you likely conducted interviews on them when you first hired them.
July 2, 2018
Article
Nearly ten years after the release of the initial exposure draft, FASB issued ASU 2016-02, Leases - The standard may have been issued, but the conversation about this re-write of legacy guidance has not slowed.