Expanding Role Of CFO

Author: Sbs Global

Today’s Virtual CFO services are digital enablers and strategic partners to the business. The role is ever evolving to reflect how business and people get their work done when finance & digital world intersects each other, in modern times, on the backdrop of social & environmental issues, regulatory compliances and the accelerated adoption of technology.

The major pointers on new role of CFO that we come across are:

  1. The CFO relationships is now global and often virtual. All decisions are now transparent and days of off-the-record conversations in the corridor are diminishing.
  2. The CFO expected level of awareness and understanding of different business models that play out in particular regions or countries together with the different strategic challenges and opportunities faced is helping to support business expansion into new markets.
  3. With Globalization, CFO is ready to navigate and embrace a vision for a new role that cuts across different cultures, working practices, beliefs, languages and time zones.
  4. Digital world help CFO to gather, organise, standardise and make accounting data timely available which, in turn, drive business intelligence for identifying new market and profit opportunities, and measuring business performance. This means, less time on recording and verifying the numbers, and more time making the data connections, explaining the number implications to the business and applying the finance lens on decision making.
  5. Today CFO have greater scrutiny of risk management processes and financial plans to adopt long term business’s strategy.

  6. The major pointers on new role of CFO that we come across are:

    1. The CFO relationships is now global and often virtual. All decisions are now transparent and days of off-the-record conversations in the corridor are diminishing.
    2. The CFO expected level of awareness and understanding of different business models that play out in particular regions or countries together with the different strategic challenges and opportunities faced is helping to support business expansion into new markets.
    3. With Globalization, CFO is ready to navigate and embrace a vision for a new role that cuts across different cultures, working practices, beliefs, languages and time zones.
    4. Digital world help CFO to gather, organize, standardize and make accounting data timely available which, in turn, drive business intelligence for identifying new market and profit opportunities, and measuring business performance. This means, less time on recording and verifying the numbers, and more time making the data connections, explaining the number implications to the business and applying the finance lens on decision making.
    5. Today CFO have greater scrutiny of risk management processes and financial plans to adopt long term business’s strategy.

Conclusion

Today, CFOs continue to experiment with new tools and technologies supported by unlimited financial data to deeply analyse business trends and advice top management on various key points to business success.

About SBS

SBS Global is an ISO 9001:2015 & ISO 27001:2013 certified company serving since 2007. SBS Global offers a comprehensive range of Finance & Accounting Services, Virtual CFO Services, Compliance Services (i.e., Company Secretary services) & HR Services catering to the needs of Small & Medium Organizations across industry sectors to meet their changing needs & expectations. Our team includes employees having industry & domain expertise who have insights drawn from years of professional experience.

For more details on CFO services please visit or contact us