Thank you for the insights. I’m currently awaiting final feedback for a CFO role interview with a startup company. One of my concerns is their expectation for the CFO to handle everything single-handedly. For example, they tasked me with developing a financial model and an executive summary, which I completed successfully and received positive feedback on. However, as an experienced Controller, I believe that expecting a CFO to manage every aspect personally can limit their ability to think strategically and focus on the future. The role of a CFO should be about guiding the company towards future growth and better results, rather than being bogged down by routine tasks. While I am eager to contribute to the startup’s growth in line with the founders’ aspirations, I believe a CFO should be empowered to think, execute, and drive business growth, rather than being confined to routine functions. Automation is a crucial step in achieving this. Thank you again for the piece, and best wishes to all CFOs out there.
I wish I could give this conversation 5 stars. The problems and management of solutions are apparently not local to any particular industry or location.
Automation is the key---I totally agree. But I think this is quite superficial. What would be that tool where no errors occur? Let's say you have a datamining sql addon for Excel which automizes the process of retrieving data into Excel. What would be the driver to jump into a very expensive piece of software handling the same data the same way? You need to have a process of reporting and a process of developing the reporting. Never touch a running system. If the key numbers are tested and confirmed, don't change the running system. Any new requirement needs to pass through the whole system -> test, optimize, approve and confirm / deploy and never touch it again.
So when acquiring a new business how far back into financial reports do you dive and do you just adapt that compant to your company's existing financial structure or do you take that information and create a new structure?
You would want to evaluate on a case by case basis, but the key is to measure consistently. If you need to alter the structure to accommodate evolving business circumstances, that is certainly an option.
Cash in the bank. Receipts collected on time. Bills paid on time. Reports available on time. Risks indentified and reported. All on a binary scale, yes or no.
This was outstanding! I am so far from a CFO that it isn't even funny, but I learned so much watching this!
Thank you so much for validating so many notions, in particular 10:52 and 11:26
Thank you for the insights. I’m currently awaiting final feedback for a CFO role interview with a startup company. One of my concerns is their expectation for the CFO to handle everything single-handedly. For example, they tasked me with developing a financial model and an executive summary, which I completed successfully and received positive feedback on.
However, as an experienced Controller, I believe that expecting a CFO to manage every aspect personally can limit their ability to think strategically and focus on the future. The role of a CFO should be about guiding the company towards future growth and better results, rather than being bogged down by routine tasks.
While I am eager to contribute to the startup’s growth in line with the founders’ aspirations, I believe a CFO should be empowered to think, execute, and drive business growth, rather than being confined to routine functions. Automation is a crucial step in achieving this.
Thank you again for the piece, and best wishes to all CFOs out there.
I wish I could give this conversation 5 stars. The problems and management of solutions are apparently not local to any particular industry or location.
We need more of these! Thank you!
More to come, stay tuned!
Awesome content! Thank you for sharing!
Automation is the key---I totally agree.
But I think this is quite superficial. What would be that tool where no errors occur? Let's say you have a datamining sql addon for Excel which automizes the process of retrieving data into Excel. What would be the driver to jump into a very expensive piece of software handling the same data the same way?
You need to have a process of reporting and a process of developing the reporting. Never touch a running system. If the key numbers are tested and confirmed, don't change the running system. Any new requirement needs to pass through the whole system -> test, optimize, approve and confirm / deploy and never touch it again.
Love these conversations
We are so glad that you find them insightful!
this is a great conversation
So glad you enjoyed it!
Do you ever think of it as preventive maintenance? Do you feel like you have to foresee problems and even sucesses?
So when acquiring a new business how far back into financial reports do you dive and do you just adapt that compant to your company's existing financial structure or do you take that information and create a new structure?
You would want to evaluate on a case by case basis, but the key is to measure consistently. If you need to alter the structure to accommodate evolving business circumstances, that is certainly an option.
Extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
What are some Finance dept KPIs?
Timeliness in submission
Not only the timeline, these includes more. Creative ways, quality reports, quality decision,...
Cash in the bank. Receipts collected on time. Bills paid on time. Reports available on time. Risks indentified and reported. All on a binary scale, yes or no.
Timeliness, error rate, self identified issues, number of manual processes performed, controls performance