The role of CFO is becoming increasingly complex and requires broader skills. A larger area of responsibility, but not more time – how will you have time to focus on important, strategic work? Here we list 5 time-saving things you must do to succeed in your role as CFO.
1. Review your work tasks
The CFO role looks very different from workplace to workplace. In addition to responsibility for everything financial and finance-related, the CFO can also work with payroll and personnel issues, legal issues, IT, purchasing and general business administration. The responsibilities on your table often become more numerous over the years. The company is growing, the workforce is being expanded and more strategy and development work is required. What was initially a role for important analysis and strategy work can, in the worst case, be transformed into putting out fires.
Whether you’re new to the role or have been a finance manager for years, it’s a good idea to review the tasks with the company’s CEO from time to time. As the company grows, so do the conditions. If the division of labor is not reviewed, it will be more difficult to prioritize among the tasks. Depending on the company’s needs, you can discuss the possibility of hiring an HR manager, hiring a lawyer or contacting an IT consultant. Few business leaders want their CFO to prioritize ongoing accounting over financial strategy work, so inform about the situation when it is time to redistribute tasks.
Automate CEO reporting and save hours!
2. Recruit the right people
In the same way that the CFO and CEO need to agree on the tasks, you as CFO need to have good communication with the employees. A large part of the CFO’s responsibility is to ensure that the staff has the skills and qualities required to be able to handle the financial work. Therefore, be sure to communicate the division of responsibilities with the employees. Also, be clear about what your expectations are. Spend time training new talent and review how and when you expect them to deliver.
When the staff knows how you as CFO want it, you do not have to spend unnecessary time on micromanagement. If you feel safe with the working group, you can more easily delegate parts of the responsibility and thus free up large parts of your working time. Stopping spending precious hours on operational details, but maintaining a good overview, is key.
3. Automate processes
At many finance departments, the transition from traditional ways of working to modern solutions is currently underway. Maybe you spend a lot of time getting control of the company’s expenses, with private expenses, company cards and lost receipts as a time-consuming part of everyday life? How much time would you save by integrating your accounting software with other business solutions used in the company? There are flexible solutions for this.
Automating processes in the finance department takes time, but pays off in the long run. There are many companies that work with digitization in finance, from digital accounting to automatic report writing. Develop digital strategies, take the help available in the market and lead the financial work into the future.
4. Simplify decisions with analytics
A CFO should spend time on important analysis work, strategy and follow-up, not on compiling data and writing reports. You’ll save a lot of time if you delegate the time-consuming work on employees or, better yet, see it as an opportunity to make the company more digital.
Nowadays, there are smart tools for decision support that produce key figures and create reports based on your specific parameters. It can simplify analysis work and speed up decision-making processes at many levels in the company.
KPI analysis in minutes – which everyone understands
5. Digitize the entire accounting process
Most companies want to work more digitally with their accounting. The benefits are many. It is often better from an environmental point of view, creates simpler processes and time-streamlines the financial work. Today, there are many smart solutions to be able to work with digital accounting.
Digital receipt tools
With a digital receipt tool, the finance department does not have to spend time chasing receipts at the end of each month. With digital bookkeeping of purchases, receipts can be photographed and bookkeeping automated through an app.
Scanning of supplier invoices
It is possible to digitize the management of supplier invoices. This type of service for automating accounting saves time while making invoice processing more secure.
E-invoice by default
Streamline your company’s invoicing by offering customers e-invoices by default. Many financial systems support e-invoices. Check with your supplier about what the possibilities look like for you.
As a CFO, you need time to transform visions and goals into strategies and plans that take the company forward. By reprioritizing, leveraging the skills of your workforce, and automating bookkeeping and other processes, you get more time to spare. The work you put into analyzing and visualizing possible future scenarios is important for the company’s development.