Modern CFOs have oversight of accounting, financial reporting, operations, financial strategy, and even financial teams. There are many aspects of the role, and it's not easy handling them effectively. Brian Hayes, Chief Financial Officer at NOW CFO, has some nuggets of wisdom on how to manage everything while increasing financial visibility successfully.
Brian has over twenty years of leadership and management experience and has managed operations and accounting for small to multi-million dollar businesses. Before joining NOW CFO, he worked in small manufacturing (job costing), import/export from Brazil and the Philippines, product sales price modeling, inventory management across multiple states, small business and personal tax returns preparation, and financial statements.
Brian has also been an owner of a business that provided bookkeeping services. Today, he shares how a CFO can get better visibility into a company's financial performance and how to improve accounting processes and financial reporting.
In this episode, we discuss why CFOs need to understand business operations, what a roll-up-your-sleeves approach to financial consulting entails, how to get better visibility into your company's financial performance, and how CFOs can improve the accounting processes and financial reporting, among other exciting topics.
Understanding Business Operations
Nowadays, a successful CFO needs to understand how the business operates. Top CFOs not only focus on numbers but also on finding solutions to make the business operations run better.
“It seems like CFOs are doing more and more on the operational side of things as well.”
Adopting a Roll-Up-Your-Sleeves Approach to Financial Consulting to Achieve Full Visibility
NOW CFO focuses on giving its clients a hands-on, roll-up-your-sleeves approach to helping them succeed. The company has a direct, onsite, and transparent manner of working with clients to understand their businesses and work together on applying the right solutions.
“We do a lot of cleanup in organizational work with companies to help them have better, more efficient accounting.”
How to Get a Better Visibility Into Your Company's Financial Performance?
Look to see if your data is accurate, and make sure your team members are well-trained and have the right tools to do their job correctly. Also, try to automate as many processes as you can. Then, create the systems that will allow you to see and understand your data.
“The first thing that needs to happen is ensuring that your data is accurate.”
Improving the Accounting Processes and Financial Reporting
Look for opportunities to understand new technologies, stay up to date with training and developing your people, and invest in the systems that make your work more efficient.
“CFOs need to start understanding not only the financials but also how they can automate them.”
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