Today’s CFO must do more, they must be forward-thinking. Always searching for ways to improve productivity, reduce costs, and streamline processes. They must also scale the processes to handle high growth. Today many CFO’s have successfully met these challenges in navigating the financial obstacle course. Let’s look at 3 best practices that have help many CFO’s.
Best Practice #1: CFO’s Use Automation
Many companies admit they still use manual data entry and spreadsheets to conduct their reporting. Oracle admits, “some organizations we work with used to take upwards of 20 days to complete their financial close before they automated their reporting approach.”
Since CFO’s need to make decisions quickly many have met this challenge by making use of technology and people to streamline and automate reporting with cloud-based applications. By automating processes and eliminating manual tasks, CFO’s allocate their personnel to more value-added activities.
Best Practice #2: CFO’s Pursue Self-Service
Even more efficient reporting doesn’t eliminate CFO’s being called upon to provide information for both financial and non-financial managers. According to IMA* more than 90% of CFO’s are being called upon to provide operational data and are being used to source business performance and customer data.Remove term: best practices best practicesRemove term: business trends business trendsRemove term: cfo cfoRemove term: cost reduction cost reductionRemove term: increase profits increase profitsRemove term: insider insiderRemove term: reduce costs reduce costsRemove term: reduce costs and increase profits reduce costs and in
Understanding that pulling reports for others takes time away from more value-added activities. To deal wit this CFO’s are enabling key stakeholders and businesses with self-service reporting and dashboards.
Best Practice #3: CFO’s – Magic Ingredient is Collaboration
According to a new report from SAP and Oxford Economics, finance leaders collaborate regularly with business units across the company. SAP found that it was not strategic orientation, technological know-how, or core finance skills as the magic ingredient, that distinction went to the ability to collaborate effectively.
By collaborating with third party companies these executives see the connection between efficiency and business success.
Mobilia Consulting LLC is a Cost Reduction Company, founded in 2013. They serve mid to large size business all over the U.S, and offer a no cost no obligation review of your corporate spend in a variety of business categories. Click here to see how much you can save.