The growing importance of Chief Financial Officer (CFO) roles due to globalisation and business complexity has led to the need of increased expectation for CFOs to become business strategists. Equipped by technology advancement, the role of a CFO is now transforming.
Conventionally, CFOs are required to direct the company accounting, ensure the financial information accuracy, and monitor the financial health of the company. However, the future candidates for CFO positions might experience a change in their conventional roles. Future CFOs will be expected to not only good at interpreting the numbers but also developing and supporting their companies’ business strategies. The CFO will become more progressive to act as the CEO’s right hand man, especially when it comes to strategic decision making.
The change in CFO role could not happen without the impact of technology. Innovative technology are disrupting and challenging the conventional definition of being a CFO. Technology is indeed the significant factor that is transforming the role of the CFOs.
Innovative technology enables cloud accounting to flourish. Systems like XERO provide CFOs access to real time data and insights of their companies’ performances. With advanced machine learning, XERO could learn to complete multiple manual tasks which are currently performed by human. The automation feature of XERO allows CFOs to have more time and resource for strategy analysis, thus results in a better decision making.