FINANCE
are expanding their team ’ s primary focus from number crunching to also including strategic analysis , which is an even higher priority for CFOs at companies with over $ 1 billion of revenue . Also , 67 per cent of $ 1 billion revenue company CFOs rank transforming number crunchers into strategic analysis as the top resolution this year , followed closely by leveraging data to make more strategic business decisions .
However , keeping everyone in the company on the same page can be the biggest challenge .
“ In larger companies though , there is the increased risk against performance as different teams working in different geographies , markets , divisions or brands can use different tools , processes and vocabulary when it comes to assessing and communicating financial performance ,” Nealon said . “ Standardizing the entire organisation on one common vocabulary that is enabled by a common financial technology platform can greatly enhance a company ’ s efficiency and reduce its margins of error or miscommunication .”
The role of today ’ s modern CFO has become more complex . The latest poll results from the World Happiness Report 2015 showing Australia is the 10th happiest country in the world – just behind No . 9 New Zealand – along with a lower Australian dollar and record-low interest rates appear to be among the main factors in the change of direction for CFOs .
According to Deloitte ’ s Q1 2015 CFO Survey , 21 per cent of CFOs have a more positive attitude about the prospects of their companies compared to three months ago , and are better prepared to take financial risks . Most of this is due to a seven per cent drop in the Australian dollar since the beginning of 2015 to 76 U . S . cents , along with an interest rate cut in February . It ’ s now the time for CFOs to be bold in their decision making .
Before you do that , however , Nealon revealed the most important aspect of any management role .
“ Always focus on doing the best you can to ‘ Get the people right ,’” Nealon explained . “ Meaning , get the right people and in the right spots .
“ If you get the people right , then leaders can essentially get out of
10 June 2015