The role of the Chief Financial Officer (CFO) is constantly changing; and in its latest stage of evolution, senior finance figures are being asked to take on more responsibilities than ever before. No longer are CFOs charged with only maintaining a company’s financial records; they now play an essential role in their firm’s decision-making process - and rightly so!
This new breed of CFO not only possess an innovative attitude, but have an expert knowledge of the inner operations and performance of their businesses, which entitles them to a seat at the top decision making table.
For many however, there is more that can be done to ensure that they are able to deliver value above and beyond the bread and butter, number crunching role they have fulfilled in their junior years within the finance team.
So where does Enterprise Resource Planning (ERP) come in?
Using the right ERP system that is purpose built for the Professional Services (PS) industry enables CFOs in PS firms to gain control and visibility, access predictable results and guide their firm to outperform expectations.
Make decisions based on predictable results and trusted information
More than 70% of financial officers are being asked to take on more responsibility within their firms as their role expands to include a more strategic focus. In order to be successful in this expanded role, CFOs need access to a wealth of information that they can not only trust, but can explain to their board and use to make confident decisions. An ERP system, specifically designed for project based businesses, that offers real time, forward looking business intelligence equips CFOs with the tools needed to become a strategic decision maker.
Get visibility and control
Using the right ERP system provides CFOs with the control and visibility they need in order to reinforce their position as the financial expert at the heart of their firm and enables them to guide the business. An ERP system allows risks to be more easily calculated and managed; which will help the firm to avoid unwanted surprises. CFOs will also find that they can access the information they need more quickly, enabling them to get visibility at the click of a button rather than spending unnecessary time painstakingly searching for information through disparate systems across the business.
With more responsibility on their hands, it is vital that financial officers can conduct their assignments quickly and accurately, enabling them to spend more time fulfilling a strategic function that adds real value to their firm.