The role of the modern CFO is changing. Businesses now demand CFOs who are capable of more than just holding the line and being the vanguard of corporate integrity. At the CFO Rising Conference in San Francisco, Chief Financial Officers from some of today’s most dynamic enterprises, including Mike Kriak from Mashable and Norman Smagley from GoGo Inflight, shared insights on how to leverage the CFO’s role at the nexus of the organization to lead strategic growth.
Cloud-based business management software, such as Acumatica, is facilitating this change by allowing CFOs and their teams to focus on value creating activities. Take for example a few of the challenges outlined in Strategy+Business’ The Redefined No of the CFO and how Acumatica enables CFOs to meet these new demands.
Value Chain Insight
Value-creating CFOs do more than optimize performance. According to Strategy+Business, “they help business leaders see their divisions not just as financial performers, but contributors to the company’s broader strategic portfolio.” Silos of data from disparate systems make it impossible to view one division’s performance relative to another. Acumatica’s comprehensive software suite includes tools to help CFO’s understand what is going on in all areas of the business: from the warehouse to the professional service team to the sales and marketing teams and everything in between.
Leverage Business Drivers
Strategy+Business goes on to explain how “leading CFOs develop industry-specific and company-specific metrics that better orient behavior towards customer value.” Acumatica’s integration with Microsoft’s PowerBI allows CFO’s to combine enterprise-wide operational data sourced from the ERP with unlimited external data sources to create, develop and share innovative metrics that lead to value creation, with only basic Excel knowledge.
As discussed earlier, it’s no longer acceptable just say “no” and hold the line. Accounting, just like sales, distribution, and support, faces new expectations for customer service from external and internal clients. With unlimited user pricing, Acumatica empowers stakeholders to find information themselves, freeing the accounting team to focus on value-creation.
Integrity and Presence
“Transparency and truth are table stakes for this role,” says Verizon’s Francis Shammo in Strategy+Business. Acumatica’s best-in-class Financial Management Suite ensures control, but also allows CFOs to share information with stakeholders. This happens via tailored dashboards in a controlled environment so they too can understand why and how decisions are being made.
Traditional ERP and CRM systems often create barriers between the finance team and other business units. As a result of these barriers, finance teams can’t efficiently collect and share data to uncover new insights and opportunities for strategic growth.
Acumatica’s cloud ERP helps remove these bottlenecks so CFOs can meet new demands and focus on value creation. For more, check out our whitepaper on What CFO’s Look for in Accounting Software.