Top 3 CFO Responsibilities in 2018
The New Year is a time when smart professionals reflect on the past and plan for the future. This is why, for many C-Suite executives, having a solid plan for the New Year is essential. Here are 3 CFO responsibilities to focus on to manage expenses in for the upcoming year.
Understand and Utilize Automation
As businesses begin to fully realize the impact digital tools have in the workplace, it’s critical for CFOs to understand how automation can improve processes that save time and money. Therefore, many work with tech-staff to design and implement new ways to utilize digital tools to streamline a variety of business processes. Specifically, CFO’s are focusing on data collection, business budgeting, inventory-management and/or sales optimization as key areas for technological automation. The most effective CFOs will look at processes specific to their business and implement a solution in tune with their business’s priorities.
Become More Agile
Today’s top CFOs cite operational agility as a high priority for the upcoming year. In particular, they’ve identified financial forecasting and budgeting as areas that need to be increasingly dynamic. This is a common problem for businesses because it’s difficult to create a financial forecast that remains accurate throughout the year. In order to solve this problem, many companies are using rolling financial forecasts which are generated quarterly, resulting in a greater ability to identify financial issues earlier than they normally would.
Talent Management and Retention
Finding and keeping the talent necessary to drive a finance team remains one of the top CFO responsibilities in 2018. From developing existing staff to making new hires capable of utilizing the newest financial technologies, the responsibility of hiring a top financial staff rests on the CFO. However, in 2018, many CFOs are looking for an additional quality in their finance team – the ability to collaborate. They know finance team members must be able to work with others to solve complex problems in order to find success.
At NovaLinxs, we help CFOs from numerous industries reduce expenses and drive profits. Contact our team of expense reduction specialists today to see how we can help you!