Important Skills for the CFO of the Future
With the constant innovation and upgrades in the fields of accounting and finance, it is also important for a Chief Financial Officer (CFO) to keep up. What are actually the skills and qualities that the CFO of the future should develop? Read this article to find out.
CFOs of the future need to be capable of thinking strategically. They should serve as the company’s champions by providing the most insightful business techniques. Furthermore, modern CFOs need to be decisive and confident in terms of making decisions about possible financial investments. They also need to interpret and produce analytics that are capable of showing both the strengths and the weaknesses of a company.
It is also important to note that making the decision about when and where to spend funds has various results. CFOs of the future are then required to comprehend the effects of each outcome to a company and communicate this information to the right people.
A good CFO is also someone who has excellent risk management skills. Future and modern CFOs should be capable of ditching manual processes and putting their trust on automated solutions when it comes to managing risk. Note that manual processes are prone to human errors with plenty of repercussions.
One simple mistake can lead to grave policy violations. This can hurt a company and trigger detrimental damage if left undetected. CFOs of the future know exactly how to demand the companies they are working for to act strategically when it comes to managing risks.
With technological advancements, manual work in the accounting and finance departments is on its way of being eliminated. An effective CFO of the future knows how to embrace technology, instead of fighting it, and make the most out of it. He knows exactly how to use it to meet unique and specific needs. He can also seamlessly integrate technology to guarantee that the accounting and financial responsibilities of a company are fully covered.
Ability to Manage People
A CFO of the future is capable of utilizing his technical skills in influencing people and leading change. He needs to have excellent business, people and leadership skills to perform his functions well. These are skills that those who work in the finance and accounting fields in the past don’t pay attention to. It’s time to change that and work on improving your ability to manage people if you want to thrive as a CFO of the future.
Aside from the qualities mentioned above, it is also crucial to develop the knack for networking, as well as problem-solving skills. Having these qualities will definitely make you stand out if you want to be a successful CFO in the future.