4 ways that cloud gradually changes the role of CFO
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The traditional role of CFO (Chief Financial Officer) is described simply as the head of the accounting department. As companies transition into a digital age, the CFO's role is more strategic with the goal of improving the overall performance of the company. Technology has given CFO the ability to do more with fewer resources, promoting the strategy of the entire business, improving insight into new markets and opportunities, better governance and responsiveness, and more flexible accounting standards.
How does Cloud help the CFO? Higher work efficiency
Technology has opened up new possibilities for data access anytime and anywhere. Most of the current technology applications offered via Cloud only require browser and internet connection to use. Business management applications can connect at the office, at home or even via mobile devices.
Cloud applications are great for small and medium businesses because they require fewer resources. They do not require large IT departments to maintain and are often less expensive than traditional solutions in the first 3 years. Finally, because Cloud applications synchronize in real time, they help streamline businesses by eliminating duplicate or redundant efforts.
A deeper understanding is another benefit of Cloud technology, which helps CFOs take advantage of new markets and opportunities. With Cloud business applications, fields can easily be added to capture the right data. These fields can be included in any report and run in real time at the enterprise level. Anyone in the organization can split the data into a format that helps their work. With more insight, CFO can penetrate new markets and discover new opportunities supported by data in real time.
Cloud technology provides CFO data in real time to promote the strategy for the whole organization from top to bottom. A CFO can review data history to understand trends and set goals and forecasts. When the roadmap is established, CFO can provide the right resources to promote the strategy according to a top-down approach, and subordinates can make their own recommendations from a bottom-top perspective. By monitoring data as it updates instantly during implementation, CFO can help adjust and redirect strategies and groups faster than in the past.
Better administration is the key for any CFO, and Cloud technology can help clarify and perfect business processes and records. Most applications on Cloud have a check function to know which changes were made by who at the time. They allow you to distinguish tasks that are the right people to follow the process. These technologies improve financial reporting and taxation, providing regulatory agencies outside with the confidence in the provided data.
By: Scarlet Johnson