CFOs are enjoying a moment in the sun. These executives are being tapped to lead the charge of digital transformation and apply financial insights across the enterprise. It’s an exciting time to be in this role. It’s also a ton of pressure.
Profiles of the modern CFO highlight the vast potential of accounting and the amazing promise of technology. What they gloss over is how hard it is to turn those possibilities into realities. The truth is that many CFOs are struggling to live up to expectations and adapt to the future of accounting. And when the whole C-Suite is asking for financial insights, it’s especially hard to admit the struggles.
If you’re feeling overwhelmed by the rapidly-changing CFO role, you’re hardly alone. See if you have experienced some of the most common challenges. Then learn how to turn struggles into solutions instead of secrets.
Everything is Running on Spreadsheets
One spreadsheet is great, but a thousand spreadsheets is a nightmare. Many accounting departments rely on a vast network of spreadsheets, which just creates confusion, inefficiency, and bad information. The solution is to work on a platform where information is automatically integrated and organized. Instead of fixing the spreadsheet problem, you eliminate spreadsheets altogether.
Reporting is Both Overwhelming and Underwhelming
CFOs are now expected to produce detailed, insightful, and highly-customized reports. Completing them takes a major investment of time, staff, and in-house resources, yet the results are often confusing, incomplete, or entirely inaccurate. Automated reporting solves both problems. Creating reports is so fast you can do it on demand. And since AI is running the numbers, there is little risk of errors or omissions.
Consolidations are Creating Chaos
When accounting departments rely on spreadsheets, manual inputs, and physical calculations the consolidation process becomes chaotic. It takes forever to get the project done, creates a huge distraction during the consolidation, and raises questions about the quality of the final results. Once again, automation is the solution. The heavy lifting of consolidation runs automatically so that CFOs can spend less time organizing data and more time putting it to good use.
Technology is a Dead Weight
At this point an older, on-premise solution is more of a liability than an asset. They offer limited features, poor security and support, and few options for integration. Instead of trying to update or jerry-rig a solution that is obviously inadequate, update to one that is made for modern accounting. Cloud-based solutions are appealingly accessible and can handle the high volume and velocity of accounting data.
Keeping accounting issues a secret doesn’t help CFOs or the organization they serve. Ultimately, the bravest and boldest decision today’s CFOs can make is to admit what is not working and get serious about fixing it.
Sage Intacct provides a broad-based financial management solution built for the needs of forward-thinking CFOs and ambitious accounting departments. When you’re ready to learn more, contact the team at Spire IT.