Gone are the days that CFOs were only supposed to be financial heads. The top CFO skills back then were simply- financial reporting, handling the books and records of the company, and statutory compliance. But modern CFO planning requires much more.
With a strategic perspective and those who are well-equipped to steer the company in the direction of success, the days when a CFO simply said no to something- because it went over budget- are left in the past!
No, in fact, the modern CFO goals and objectives examples include important financial data which they use to aid in the decision-making and strategy of operations. This is why a myriad of new skills are necessary to these CFOs so that they can work alongside the CEOs as business partners and advisers who use their financial expertise as a force behind the overall business drive!
So what are these extensive CFO skills that are much needed in the new sphere of ever-changing and ever-evolving business growth? Read on a few more CFO goals and objectives examples below!
5 CFO Skills That Drive Your Business In The Right Direction!
1. Flexible Operating Model
A modern CFO skill involves being able to bring a flexible operational model to the table. Recent business growth is accelerated via collaborations and positive evolution. Mergers and acquisitions, along with an innovative transformation of your product or service can boost the growth of your business overnight.
CFO planning includes being able to support this through a flexible operating model. A unified system can increase the efficiency, visibility, and collaboration power across the organization to aid in huge growth-based projects.
2. The Ability to Bring Digitalization & Automation
The way forward is digital! Instead of relying on traditional manual processes, a CFO skill of current times is taking the help of integration, ERP, and automation software. Automated records and periods can bring unmatched efficiency to your team and how your institution works.
Integs Cloud is an expert in platforms that automate your financial operations in such a way that you can see all your period and monthly closes for a Fiscal year at one glance! Finance in ERP is a method to bring digitization and automation.
Read this blog on how ERP is a magic wand for finance!
3. More Insights for a Stronger Strategy
With the expansion of a company, comes the expansion of its products and services. This can cause the broader goal to get lost amidst the evolution. A CFO skill to learn in ensuring a wide strategy that is advantageous to your business as a whole. This includes taking into consideration financial risks and the agreement of other C-suite positions.
The best way to achieve this is through real-time finance dashboards that show you factors such as cash flow, information about the budget, and your KPIs together in one place for a bigger and better picture. These enhanced insights only drive more quality-based and faster decisions and strategies. Finance in ERP makes a huge difference!
4. The Cognition to Optimize Financial Functions
While having a strong financial hold on all areas of finance is an obvious CFO skill, the modern Finance head should also strive to possess more. An excellent CFO holds the ability to use this knowledge to optimize financial functions to make things easier and more efficient. Being updated about the latest trends and other business processes along with economic industries is also extremely important.
But, to optimize a system, it must first be in order. A digitalized dashboard allows you to look at your current operations and speed up the closing processes. This automation and speed allow CFOs to come up with techniques that can optimize their tasks.
5. A Vision of the Future
While it is impossible to predict the future, a highly valued CFO skill today is having a fair idea of a business’s financial future. This should help influence any entrepreneurial decision made. This means taking into consideration every little business instance that has occurred right from the start!
These can then be applied to upcoming trends in the market. The process becomes entirely easier when you have a digitized platform that allows you to pull any record from any time in seconds, or help analyze your reports and consolidations.
The modern CFO skill set defines them as taking up a role that is more comprehensive and holistic. A survey conducted even determined that businesses that let their CFOs take up a bigger role in building strategies are more likely to succeed. And no better solution system than ERP really helps you practice these skills and boost your financial operations.