As most of us are aware of, the Chief Financial Officer or CFO is the one who heads the accounting department. As businesses are thrown into the digital age, CFOs have changed into a more strategy based role with an eye on improving the company’s KRAs and KPIs. Technology has given the CFO capabilities to function more with less, to be a strategic driver, as well as someone who can give an overview into upcoming market trends and opportunities.
The Ability to Do More With Less
Technology has opened new doors for CFOs to access data conveniently. A number of latest software apps are now available through the cloud, which requires one to only have a browser and active data connection to be able to access. Business tools can be utilized in the office, at home, or even through your smart phone. These apps are extremely useful for SME businesses because they only need fewer resources, as they don’t require complicated processes that were once handled by managed IT services and they usually cost less than fast becoming obsolete solutions. Lastly, because cloud-based app sync in real-time, they help make business more efficient by removing redundancies.
The Ability to Access Insights
Very powerful insights is another advantage of cloud technology that helps those in accounting get an eye on new trends and opportunities in the market. With cloud-based apps, fields can easily be placed to help track the latest data. Those same fields may be added in your reportage and run in real time. Members of the organization can dissect data into a format that is suitable to their needs. With improved insight, you can enter and break new market boundaries and discover new opportunities.
Strategy Driven Solutions
The advent of cloud-based applications provides CFO’s with crucial data in real-time to drive strategy within the organization by approaches in different directions. A CFO can check old data to know trends deeper and to set forecasts and goals. Once the strategy is set, the CFO can give the right resources to incorporate a strategy driven approach. And, higher ups in the management can include their own recommendations. By being able to check crucial data as it updates instantly during praxis, the CFO can assist in adjusting and redirecting strategy in a timelier manner.
Be Able to Govern Better
Governance is crucial to any CFO position – and cloud-based technology can help clear and improve business processes. Most cloud-based apps have their own audit functions to know the changes made by a person. This allows the distribution of duties to the correct staff, who shall then perform the right processes. Such technology helps improve accounting functions and provides more confidence to those involved in handling the data provided.
And lastly, cloud solutions can assist CFOs to assure that their companies meet the latest standards for accounting. Truly the role of cloud-based technology has helped take the role of the CFO to a higher level.