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2 minute read

CFO spotlight: More financial execs taking on sales, operations & inventory roles

Scott Ball
by Scott Ball
February 14, 2023
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CFOs are wearing more hats than ever and their list of responsibilities is growing, particularly those steering the ship for publicly traded companies.

More than 50% of CFOs say their responsibilities have increased, according to a new report by Ankura, What Is on the Minds of CFOs?: “The majority of public company CFOs have seen their role expand steadily during the past three to five years while their private counterparts have experienced a more pronounced uptick in the past 12 months.”

Traditional responsibilities for CFOs always included budgeting & forecasting, investor relations, accounting, financial reporting and maintaining cash flow. Today’s CFOs are dealing with a host of new duties being added to their plates, such as:

  • sales and operations
  • procurement/supply chain management
  • corporate strategy, and
  • business intelligence/analytics.

The positive angle is financial pros are expanding their knowledge base and making themselves more valuable to their companies or future employers. For example: leaning on financial knowledge and motivational skills to jump-start a lagging sales team.

The negatives: more hours grinding away, a lot more pressure, plus a lack of job talent that companies need to thrive and grow – which would seems to signal the additional CFO job duties are here to stay.

Cybersecurity, automation are on CFOs’ minds a lot

While many companies are putting their CFOs in charge of critical areas like sales, operations and inventory, few if any are jettisoning their IT/IS directors. CFOs control the purse strings at the end of the day, but CIOs are still calling the shots on companies’ day-to-day tech strategies.

Based on what CFOs told Ankura, it sounds like many would prefer more control over the IT realm. “Cybersecurity is a universal source of unease … with more than 83% citing it as a high or serious concern. … 79% of executives [worry] about excessive manual processes and the use of Excel.”

How Not to Wreck Your Reconciliations

As financial teams continue to be stretched thinner, “improving efficiency with streamlined processes, automated workflows, and enabling tools and technology will [become more] essential to supporting the business. Reducing manual operations will minimize errors while increasing speed and efficiency, allowing the team time to engage in more strategic or analytical activities.”

Scott Ball
Scott Ball
Scott Ball is a Senior Staff Writer for Resourceful Finance Pro with more than 20 years of experience writing for business professionals. He wrote for the trade publications CFO & Controller Alert, Facility Manager's Alert and Environmental Compliance Alert.

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