As a business owner, it’s important that you keep abreast with industry trends while having a thorough understanding of your company’s internal operations. Nevertheless, when your business is rapidly growing, it can be difficult to keep up with all these responsibilities while meeting the demands of your investors and stakeholders.
Traditionally, the CFO function has largely focused on compliance and financial management, with tasks revolving around financial planning and analysis, risk management, and cost control. Today, we review the role of the CFO in business transformation.
Automation is taking over a number of roles in the finance and accounting (F&A) industry. From bookkeeping to data analytics, and even to the offices of Chief Financial Officers (CFOs) automation and digitalization have made their marks. Today, the digital transformation of CFO roles is necessary to help CFOs benefit most from new F&A technologies and navigate the demands of the industry. But how exactly does this digitalization affect the role of CFOs? Here are a few points on how automation and digitalization will affect CFO roles.
The roles and capabilities of Chief Financial Officers (CFOs) have gone through a number of changes over the years. Most businesses fail to recognize how important CFOs are in every aspect of their processes. Today, CFOs need to have an understanding of what their business is all about, how their business is run, and the direction that the business wants to go to. Their invaluable knowledge can be helpful in achieving the goals of the business. Before we discuss how your CFO can help you bring progress to your business, let us recap the modern CFO responsibilities:
Often, many entrepreneurs do not know how to implement internal controls, much less how to improve internal control, when they are scaling their business. Companies commonly take this step for granted until their efficiency decreases or when they encounter a financial disaster.
The age of 16 almost always brings delight to any teenager. This is called the “coming-of-age” celebration where puberty really hits the pedal. Unfortunately, this article will not dwell on this exciting milestone, but on a different topic involving the same sweet number: lease accounting and IFRS 16.