While CFO roles are essential as trusted stewards of finances, the best modern CFOs are far more impactful as catalysts of transformative change.
The wise Secrets of successful CFOs The report explores this evolution and highlights the common characteristics and strategies of the most influential leaders in finance.
It identifies three critical areas of success that form the foundation of modern financial leadership: cross-departmental collaboration, technological fusion and, in particular, achieving a good work-life balance.
This triad highlights the shift from a single focus on financial management to a broader, more integrated approach.
You will be able to explore the benefits of breaking down traditional silos to promote unity, harnessing the latest technological advances for greater efficiency and, crucially, promoting a harmonious balance between professional endeavors and personal wellbeing.
Here’s what we’ll cover
Redefine your strategic influence
The Secrets of successful CFOs The report shows that cross-departmental collaboration has increased 30% in five years, with CFOs moving beyond traditional budget management to improve teamwork and break down silos.
By fostering cross-departmental collaboration with diverse perspectives, you can develop a holistic approach to problem solving and decision making.
This shift points to a broader trend of the finance function becoming an integral part of strategic planning and execution, aligning financial objectives with overall business objectives.
Michell Guzegul, CFO of Empeonsays, “In a leadership team, you are expected to excel in one area and be a well-rounded leader who can adapt and learn as needed.”
Prophix CEO Alok Ajmera added: “The partnership between CEO and CFO is traditionally strong, but greater collaboration is expected between the CFO and other C‑suite colleagues, including CISO, CMO and CHRO.”
3 benefits of cross-departmental collaboration
Break down silos
By removing the barriers that hinder innovation and agility, departments are encouraged to share insights and resources.
This results in improved efficiency and effectiveness in achieving overall business goals.
Cultivate a culture of teamwork
Collaboration promotes a sense of belonging and engagement and increases motivation and productivity.
When people from different departments work together, it promotes understanding and respect for others outside their bubble.
Drive innovation
Cross-functional teams are the breeding ground for innovative ideas.
Different perspectives can stimulate creativity and lead to breakthrough solutions and product, service and process improvements.
5 Actionable Steps for a CFO to Improve Collaboration
Initiate regular cross-departmental meetings
A regular meeting with other department heads opens dialogue and aligns department goals with your financial strategy.
You can identify potential synergies and areas for collaboration.
Develop cross-functional teams for specific projects
By forming teams with members from different departments, including finance, operations and sales, you can comprehensively assess projects for financial viability, operational and market feasibility.
Implement collaboration tools
Advanced project management and communication tools can significantly improve collaboration.
Look for platforms that offer real-time communication, project tracking, and document sharing, making it easier for your teams to collaborate regardless of physical location.
Encourage a collaborative mindset
Beyond structural changes, cultivating a culture that values and rewards collaboration is critical.
Demonstrate collaborative behavior, recognize and celebrate successes, and integrate collaboration into key performance indicators.
Encourage cross-training
Give employees the opportunity to learn about roles outside of their department.
Cross-training improves individual skills and promotes empathy and understanding between departments, contributing to a more cohesive organizational culture.
Technological Integration: Own the technology-finance fusion
The role of technology goes beyond mere efficiency.
You’ll enjoy job satisfaction by using data to make more informed decisions, optimize financial operations, and contribute more to your strategic goals.
Tech-savvy CFOs report 20% higher job satisfaction.
Steve Hare, CEO of Sage, said: “AI-powered digitalization will be revolutionary and enable significant automation of business processes.
“The focus will continue to be on data insights. CFOs have a lot of data and will look for more effective ways to gain insights from that data.”
“At the same time as engaging employees, you are critically examining the technology you are using and whether it is fit for purpose today and tomorrow,” says Simone Goodman, CFO of Forecast (Sage Intacct customer).
“Does it play harmoniously with your systems and can it scale with your business? If not, rip it out and replace it.”
3 Benefits of Using Technology in Finance
Improved efficiency and accuracy
Automating routine tasks (e.g. AI-powered accounts payable automation in Sage Intacct) reduces manual errors and frees up valuable time for strategic analysis and decision-making.
Improved decision making
Advanced analytics and machine learning provide deeper insights into financial data so you can make more accurate forecasts and strategic planning.
Competitive advantage
Using AI and machine learning could position your company as a market leader, able to adapt to market changes and quickly seize opportunities.
5 Actionable Steps to Integrate Technology
Evaluate your current technology stack
Start with a thorough assessment of your existing technology infrastructure.
Identify areas where processes are still manual or existing solutions are outdated.
They may point to significant automation and optimization opportunities that pave the way for greater efficiency.
Invest in AI and machine learning
AI and machine learning can make financial management less of a manual process.
Sage Intacct’s AP automation, outlier detection, and financial forecasting tools significantly increase operational efficiency and analytical capabilities.
You can automate complex processes, gain insights from massive data sets, and predict future trends more accurately.
Foster a culture of continuous learning
Encouraging your team to stay up to date with the latest technology trends and advances is crucial.
Implement a culture of learning through regular workshops, webinars and courses on new financial technologies and data analytics.
This equips your team with the skills they need and promotes an environment of innovation and adaptability.
Collaborate with IT and other departments
An effective technology-finance merger requires a close relationship with IT departments and other stakeholders.
This collaboration ensures that your technology investments are aligned with overall business goals and that your finance team has the support they need to implement new technologies.
Use cloud solutions
Cloud-based financial solutions like Sage Intacct offer flexibility, scalability and security.
Moving to the cloud can facilitate real-time financial reporting and analysis, improve collaboration, and reduce IT overhead costs.
The introduction of cloud solutions is a strategic step towards a more agile and resilient finance function.
Work-life harmony: The balance between life and work
Balancing work and personal life is critical to your success and sustainability as a financial professional.
The report highlights how achieving this harmony increases your personal satisfaction and health and contributes significantly to your performance and resilience.
This balance allows CFOs to perform at their best and provide clarity, innovation and strategic vision without experiencing burnout.
The report recognizes the importance of work-life balance and provides actionable insights and strategies tailored specifically for CFOs and finance professionals.
From practical advice on delegating effectively to adopting digital tools to streamline operations, this is the start of your roadmap to survival and success.
Balance the ledger of life
The report says CFOs struggle to balance professional and personal harmony. Only 27% achieve a satisfactory work-life balance, although 95% feel professionally successful.
Balancing work and private life is crucial for lasting success and personal happiness.
For CFOs, this balance is critical to your overall well-being and sets a positive example for your team.
A balanced life can lead to better concentration, more creativity and stress reduction, increasing overall performance and satisfaction at work and at home.
“Like most CFOs, I often exceed the average of 37.5 hours per week. However, I really enjoy what I do. It’s more than just work,” says Lewis Dangerfield, CFO of Osprey Group (Sage Intacct customer).
Balance can include a willingness to adapt to hybrid work models. He says: “I think 2024 will be a time when CFOs will have to help companies embed an approach that meets their needs and the expectations of the workforce.”
Benefits from a balanced CV
Improved performance
A rested and mentally healthy person can complete tasks more efficiently and creatively.
Less burnout
Maintaining a balance can reduce the risk of burnout and preserve your long-term health and career.
Improved personal relationships
Investing time in personal relationships contributes to a supportive and fulfilling personal life, which can serve as a buffer against work-related stress.
6 actionable steps to achieve work-life balance
Prioritize and delegate
Start by evaluating your tasks to determine which require direct attention and which can be delegated or automated.
Leverage technology and lean on your team for tasks that don’t require your expertise. This gives you time for strategic work and personal activities.
Set clear boundaries
Set clear boundaries around your availability and communicate them.
This may include certain times when you do not respond to work emails or phone calls to ensure you have uninterrupted personal time.
It’s important to consistently respect these boundaries to cultivate a culture of respect for personal time within your team and colleagues.
Invest in personal well-being
Actively schedule time for activities that contribute to your well-being, such as: B. Play sports, pursue hobbies or spend quality time with family and friends.
These activities should be treated as non-negotiable appointments on your calendar, similar to important business meetings.
Be flexible
The modern workplace offers flexibility in where and when work can be done.
Benefit from flexible work arrangements to better integrate your work and private life and adapt your schedule to personal commitments.
Seek support
Don’t hesitate to reach out for support if you need it.
This may include professional advice on stress management or the support of a supportive network of friends and colleagues.
Sharing challenges and solutions can provide new perspectives and strategies for balancing responsibilities.
Reflect and adjust regularly
Work-life balance is not a one-time achievement, but a continuous process.
Regularly reflect on your balance, reassess priorities and adapt your strategies as your professional and personal life evolves.
Final Thoughts: The Way Forward
With a more thoughtful strategy that includes cross-departmental collaboration, successful CFOSs can break down silos and unlock new levels of innovation and efficiency.
By leveraging cutting-edge technologies, they can leverage data analytics and automation to improve decision-making and operational effectiveness.
And yet, amid the whirlwind of corporate growth, successful CFOs continue to champion a harmonious work-life balance, proving that success is measured not just by profit margins, but by the well-being of the team that produces those profits.
Don’t view work-life balance as a luxury, but rather as a crucial element of professional excellence.
Leave out insights Secrets of successful CFOs inspire you to redefine the boundaries of your role, embrace innovation and achieve professional and personal fulfillment.
A commitment to this holistic view of leadership – which balances professional success with personal well-being – defines the essence of the modern CFO.
It’s an approach that ensures business success and helps you build a more fulfilling and sustainable career.
As you strive for excellence, remember that authentic leadership thrives when you successfully balance the standards of your life with the needs of your business.
