As we discussed in our last blog, the role of the CFO has seen immense change in the past few years, as the position has evolved from number jockey to strategist, decision maker, and futurist. Today’s CFO has an evolving set of responsibilities, but is luckily graced with new tools to tackle these responsibilities.
The Changing Role of 2017’s Tech Savvy CFO
Today, we would like to discuss some of the changes the CFO has faced in the past decade, and share the opportunities that he or she has to embrace new tools for success. Thanks to our friends at Sage Intacct, we present to you their newest infographic, The Tech Savvy CFO—Changing Roles, Changing Worlds, and Changing Opportunities.
It’s hard to think a role has changed so much in a decade, but if you look around the boardroom, you’ll realize not only that roles have changed, but it’s likely there are new people. Business priorities have changed, and new people have come to take some of these on. This said, the CFO still has new priorities that he or she must tackle.
Looking back only a decade ago, the “numbers jockey CFO” of 2007 was so focused on audits, reporting and planning, and capital structure that the modern priorities were just a pipedream. Luckily, technology has eased some of the basics so that today’s CFO gets to think more strategically, focused on big-picture ideas—moving from audit to risk management, reporting to strategizing, and capital structure to strategic capital allocation.
The pace of business evolution has put us in an environment in which yesterday’s metrics were just the beginning of things you need to measure. Whether you’ve begun to report beyond GAAP—focused on metrics that drive business forward or just on different GAAP measures required by recent changes from FASB, IASB, or both, reporting has evolved. Luckily, the reporting tools have evolved along with the needs.
Again, looking back a decade, the CFO was much less about the decisions and much more about the decimals—meaning that while many had Masters in Business Administration, the major requirement was being chief CPA—with skillset to match.
Learn More: The Changing Role of the CFO in the Changing Business Environment
Sage Intacct recently released their updated infographic discussing the Changing Role of the CFO, which we are sharing with you below.
Learn more about the evolving role of the CFO here, get to know Sage Intacct here, and learn more about receiving a free 30-day trial, courtesy of rinehimerbaker.