What the CFO needs to keep up with in 2023

These are the three most important things for you as CFO to do in 2023:

1. Automate the processes

“Having a holistic perspective, being able to plan ahead, think strategically and delegate tasks is essential for a CFO. With the evolution of digitalization, more and more automation opportunities are emerging and to have the time and ability to look ahead and make forecasts, a CFO needs to ensure that the flow is seamless. Automate invoice processing, take control of outlays and expenses by digitizing the data and connect tools and systems to bring everything together in one place. Develop the company’s digital financial strategies, research what help is available in the market and lead the financial work into the future.”

2. Develop your people skills

“Communication is not traditionally associated with a CFO, but today you need to be able to lead an organization forward, not least in financially unstable times like the ones we face. You don’t need to be an extrovert, but responsiveness and the ability to get others on board is important in your role.”

3. Use the numbers

“Technology and data collection have allowed CFOs to move their positions forward. In the past, the finance department captured a lot of history; they sat with the books and summarized how the company had performed. Today, with the sophisticated systems support and analytical tools available, it’s to you as CFO rather than the sales manager that employees go if they want to look ahead and strategize based on financial projections. That’s why a CFO needs to spend most of his or her time on important analysis, strategy, and monitoring, not on compiling data and writing reports. Delegate the time-consuming work that can’t be automated. The work you put into analyzing and visualizing possible future scenarios is important for the company’s development.”