How CFOs Can Thrive in the Freelance Economy
by Michael Burdick, on Dec 4, 2018
CFOs, rightfully have a lot to think about regarding the freelance economy. We have previously looked into the 10 questions you may have as a CFO about this new wave in business.
In approaching the topic of the freelance economy, we often speak in terms of mitigating problems or disasters. How do we make sure the talent is solid? How do we make sure it’s not a bigger waste of time or bigger expense?
Today, let’s flip that around. Let’s talk about the best-case scenario and what would a situation look like where CFOs are thriving because of the emergence of the freelance economy.
What a Thriving CFO Looks Like
First, it’s good to define what a CFO looks like in a perfect world. Unfortunately, in many companies a CFO is reduced to checking work and frantically managing team members to ensure financial reports are completed in a timely fashion.
But the true function of the CFO is a business driver. A CFO is a strategic thinker, side by side with the CEO helping to apply data to the vision of the company.
A CFO is not in the weeds of the business, but has the ability to see the forest from the trees and lead the business forward.
The thriving CFO is not only about creating a greater work environment for the CFO, it’s about creating a healthier, stronger company.
A mid-market, growing company needs a CFO to make projections and manage cashflow. This brings peace of mind to the rest of the leadership team and an objective means to filter decisions.
When a CFO is constantly focused on producing reports, a company ends up only looking backward and loses a serious strategic edge.
What Prevents CFOs from Thriving?
As stated above, too often CFOs aren’t adding the maximum value they could, because they have to be so involved in the day-to-day financial operations.
The first problem here relates to a pure and simple reality of a talent shortage for financial professionals. We detail the depth of the issue and what companies can do about it in this whitepaper.
The talent shortage means a never-ending focus on getting the right people in the right seats. Then on top of that, you have to manage them, train them, inspect quality and continue the cycle.
The CFO’s ability to forecast and provide strategy is dependent on the data available to them. When the data is slow or unavailable, it’s natural that the CFO will dive in head first and clean up the issues.
How the Freelance Economy Helps CFOs Thrive
The problem of CFOs wasting time and playing catch-up is not just about making things better for that CFO. Companies need CFOs playing to their strengths in order to maximize their value.
At Paro - we have a talent pool of qualified, vetted financial professionals who can jump in on demand and tackle problems.
From payroll, accounts payable and other accounting functions, to controller-level support, financial analysis and CFO strategy - you can plug in experienced, specialized talent when you need it.
You can even structure the company so that a hiring manager oversees this talent management instead of a CFO.
The on-demand talent functions as a team that is only used for a purpose and when needed.
Instead of constantly cycling through employees and training them, you can now bring in the right talent at the right time.
If you’d like to dig deeper and learn how CFOs can leverage on-demand talent so they can be freed up to add maximum value, grab our latest whitepaper now!