CFO in 2022: what do you have to know?
CFO (Chief financial officer), or otherwise financial director, is responsible for the company’s economy. Manages financial processes, controls planning and reporting. It makes the business stable and sustainable, develops financial models of the company’s behaviour.
How things changed with the pandemic
Most of the processes have been adapting to the new reality for 1.5 years. The pandemic has changed the economy — both global and local, in companies in different countries. So, for almost 2 years, entrepreneurs and employees have been learning how to interact remotely and with partners. Despite the obvious difficulties, this is a new level. It is a stage at which it is much easier to start working with the best specialists, even if they are on the other side of the world.
But cooperation with people from other countries introduces many additional difficulties into the company’s work, including economic ones. How, for example, to settle accounts with employees from abroad so that companies do not overpay commission for transfers. Specialized services like Arbonum help solve money issues. In addition to creating new complexities, the pandemic has revamped some workflows.
The green economy trend continues. It is difficult to imagine an office without a printer and agreeing with partners with electronic signatures, and there are no other options for online cooperation. Mail and delivery is a time-consuming option. Especially if the deal is made with partners from abroad. On the one hand, a positive trend means less harm to nature. On the other hand, there are increased risks of information leakage from cloud storage, hacking of accounts and e-mail. In this matter, the CFO should be on the alert and work in conjunction with the company’s system administrator.
CFO checklist sample 2022
1 — Focus on strategic planning
Any working format with a competent financial director, any working format is not scary: office, hybrid, completely remote. The specialist determines the most effective way of development for the team by calculating opportunities and strategic planning, including the company’s economy.
2 — All financial processes within the framework of the law
The CFO’s task is to control all the income and expenses of the company. They must pass legally, with the registration of all the necessary papers and payments. This also includes the control over the outsourcing of employees’ calculation: how the company will pay for the services of freelancers. Through these services, how it will formalize intellectual rights into assets.
3 — Finding effective solutions for the company
If a freelancer is self-employed, there are several restrictions on the number of payments, types of activities and his past career. If ten freelancers have different tax statuses, residences, account currencies, it is more profitable to conclude one contract with an online service. The CFO must make decisions by always looking back at how this will affect the company’s economy.
4 — Continuous learning and business development
For this point to be fulfilled, the person in the CFO position must be proactive. Continuous learning is one of the CFO’s tasks. This helps in the company’s development from an economic point of view, the search for optimal solutions and effective communication with business partners.
5 — Follow technology
The market is growing, and along with it, technological progress is increasing, which directly affects the operation of the business. The find director of a progressive company must understand not only economics but also communications. Trend 2021 — CFO takes on some of the tasks of an HR specialist. The CFO has to realistically assess the workload of specialists, resolve settlement issues and working conditions. Also, due to global digitalization, communication is moving online. Hence the need to be on friendly terms with the software through which the company’s work is organized. From the already familiar Zoom, Slack, Twist and Trello to specialized tasks with financial data in SQL, Python and Power BI.