The-changing-role-of-the-CFO-blog

 Virtual CFO Services - The role of the Chief Financial Officer (CFO) is about to change.

If you want to take your business to the next level of financial control and profitability, you need a Chief Financial Officer (CFO). A CFO is a financial coach and mentor who can help a business grow and stay on track with your finances. In the corporate world, full-time CFO's can be very expensive. A virtual CFO service can provide these services for a fraction of the cost of otherwise having to employ a full time CFO in your business. https://lnkd.in/bE2yfXR

From our clients perspective we encourage businesses to embrace the changes in technology and allow us to be more involved in their do to day business activities and decision making processes. As your accountant we can be called in online to look over the latest up to date  figures and then discuss with the business owner what those numbers mean and how they relate to the current business decisions and direction that needs to be taken. As accountants we have a vast array of knowledge from helping many businesses with similar issues over a number of years so  rather than try and reinvent the wheel technology allows you easy access to these resources far more economically and efficiently than before. To be able to dial in to real time information and discuss the consequences and what they mean in real time is a very powerful process once only available to the big end of town. These types of services are now available for all business to implement into their day to day operations for a fraction of the cost of what a full time CFO would normally cost.

In the following article MYOB review the technology advances and what they mean to the traditional role of the CFO as follows ......

There's no crystal ball in business. But if the rise in mobile and cloud usage is anything to go by, you can count on one thing: the role of the CFO is about to change.

Are you prepared?

Over the past hundred or so years, we've has seen such an amazing amount of innovation that it's only natural to wonder what the future holds.

But today's technological advances actually offer us a glimpse of that future. Mobile devices are fast becoming the norm for employees rather than a desktop computer. People are now actively pursuing lives with greater connectedness and mobility across multiple screens. As business leaders this requires a shift in our thinking.

We now need to recognise workplaces as flexible entities and accept that office locations may soon become a thing of the past, as more employees unchain themselves from the desktop.

Add the fact that working in cloud has made it much easier to do business on a global scale, and it's clear to see that we're entering the era of hyper connectivity.

Yes, doing business in this always on, always connected world will present certain challenges, but the many new opportunities on offer are undoubtedly exciting.

Be future ready

Across both SMEs and bigger business, the cloud continues to break down our old notions of capability across business sectors.

One thing is for certain, if you want to be part of this future, you need to act now.

According to Adrian Wong, MYOB Enterprise Solutions Product Manager, businesses can get ready by enabling and embracing an 'always-on workforce'.

"At MYOB we're definitely seeing a growing demand for a company's employees to have access to any system – anywhere, anytime," says Wong.

"Generationally more millennials are coming into the workforce, and they are used to the 24/7 connected world just like consumers," he continues. "Operationally, the challenge for the CFO is how to get control over their business processes, as the number of people connecting to these critical systems expands."

What you do today will define tomorrow

Being tied down with the day-to-day running of a business is the number one reason CFOs feel that they are not 'future ready'.

So what exactly is 'future ready'? Simply put, it's the capacity to be agile. To be aware, to be predictive, to be ready to adapt to new and emerging challenges, to implement tech innovations, and to spot trends and changes in business, population, and social environment.

For John Moss, MYOB Chief Strategy Officer, one way the CFO can be 'future-ready' is to begin reviewing current processes.

"Every business needs to have a good handle on their finances, and how the economics of their business work in order to take advantage of opportunities, and respond to challenges," says Moss. "To be set for the future, the CFO should consider implementing an online system with mobility options, a powerful financial engine, plus virtual dashboards that provide insights behind the financial detail. It's about taking decision-making to the next level."

Adrian Wong agrees.

"Increasing automation through your software suite can change the finance role, and the role of your finance team, for the better. In the old world, a finance department would act as the gatekeepers of transaction processing, reviewing and approving them, and enforcing policy and process.

"With an online system, a sales rep can submit an order on their smartphone in real time, rather than doing things manually with the finance team," says Wong.

"Of course, the CFO will still need to consider how they manage policy and process effectively and how to keep control of the transaction flow," continues Wong. "Rather than chasing paper, automation gives staff freedom to deliver value that leads to business growth."

And if you're set on future-proofing your business that's what it's all about, isn't it?

To integrate an affordable CFO service into your business today call John Clarke on 07 54754300 or email us on info@clarkemcewan.com.au