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The Strategic CFO: How to get out of minutiae and focus on adding value

Michelle Wang
January 10, 2019

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Inside this guide...

A CFO is one of the most critical functions in any growing company—as long as they're not held back. This guide is written for CFOs, but should also be read by CEOs, COOs, and anyone who is part of a financial department.

CFOs are responsible for 5 things.
Business performance analysis, planning and forecasting, performance management & reporting, cost management & analysis, and transaction processing.

What prevents CFOs from providing maximum value?
CFOs are spending an estimated 17% of their time on strategy. 60% of CFOs cite data integration as the top hurdle for gaining actionable reporting information. 68% of CFOs report that the number of reports needed is increasing, which means spending even more time gathering data.

So, where are CFOs spending the most time?
Order to Cash, Procure to Pay, and Record to Report. CFOs are reacting and cleaning up instead of strategizing and leading.

"The worst thing for a business is if the CFO views themself as a high-level accountant instead of a trusted advisor."
- Former CFO of Fortune 100 Company

So how do we bridge this gap?

 

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