The goal for growth is top of every CFOs list, but it’s almost impossible to predict how fast it will happen or how extensive. We’re sure that any CFO wishes they had a crystal ball, but unfortunately the majority of decisions are based on informed guesses. A savvy CFO is tasked with making decisions that are both immediate and in the future, all with keeping at target and budget.
With many factors to consider when developing a business, including everyday decisions and long-term goals, a savvy CFO makes three key decisions that help empower their organization for the future.
Tip Number One: Opt for systems that are both scalable and streamline processes
Quick and easy does not always equal the best. While finding an easy solution may solve an immediate problem, it can often create issues later down the road. And while it’s impossible to know what will be available in the tech world in the future, many companies provide company roadmaps to help navigate these concerns.
For your financial accounting systems, most organizations are taking their solution to the cloud, enabling their team to work anywhere, anytime. ERP solutions such as Sage Intacct elevate cloud financials, providing core financial systems with modules that can be added at any time, providing scalability. Sage Intacct also can handle multi-entity and multi-currency with ease. And instead of working in Excel spreadsheets, Sage Intacct automates financial reports, deferred revenue management, report distribution, and AP.
Document management is another arena where CFOs need to give thought to current and future processes. Departmental silos can prohibit growth and slow communication lines to customers. Content services companies such as OnBase by Hyland or Square 9 provide scalable solutions for managing content, processes, and cases while lowering operating costs, foster collaboration and reducing risks.
Tip Number Two: Find your people and keep them
As your business grows, it’s essential to have a team that can support the expansion. When looking at candidates, it’s important to not only consider their experience and industry knowledge but also if they will fit well within your company’s culture. Once you have your team, go the extra mile to make sure your investment is not wasted by fostering a supportive and collaborative work environment.
Tip Number Three: When it comes to leadership and making decisions – Be objective
Trusting your gut is an essential skill to master when you’re a CFO of a growing company, but don’t mistake pride for intuition. Before making a big decision, listen to your middle management and their thoughts on how a change affects the team as a whole. If you’ve hired someone for their knowledge in a specific field, then it’s in your best interest to trust their recommendations. Change and the unknown can make anyone uncomfortable, so do exercise instinct with confidence – but also look at your hunch from an outside perspective. Is it the right decision, or simply the one you feel like making without any data support?
LBMC Technology believes that with the right information, the right tools, and the right mindset, a CFO can be successful in growing their organization. If you are a CFO looking to take your business to the next level, contact us today to see how we can help.