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Uncertain times call for financial resilience, where companies must embrace financial automation.
The role of the CFO has become transversal and its functions have expanded to catalyze times of change in SMEs.
Finance directors face several challenges, such as managing teams and driving digital transformation in the company.
We live in times of change . wallis and futuna islands email list We have gone from VUCA environments (Volatility, Uncertainty, Complexity, Ambiguity) to a BANI environment (Fragile, Anxious, Non-Linear, Incomprehensible). Companies and SMEs are not immune to this situation. They are affected by its impact on the entire structure and in areas such as finance.
The business fabric needs to have financial resilience and professional profiles and roles need to adapt to this changing context. And if the Finance department has to change, so must the financial director, also known as the CFO (Chief Financial Officer).
Much of the ability of SMEs to adapt to this new environment in which technology is a great ally depends on their work . Tools are needed to help with more active management. This is the era of financial automation. How is this change made? How can we move forward? We will tell you.
The CFO can be defined as a specialized professional who is responsible for supervising and managing everything related to finances in a company. His main functions are:
Ensure that the SME has good economic and financial health .
Manage cash flow .
Plan your finances for the long term.
Making strategic decisions that contribute to growth and profitability without endangering the company.
Analyze the financial status to detect areas for improvement.
Ensure compliance with financial and accounting regulations.
Establish relationships with potential investors or financial institutions if external financial injection is required.
These are functions that are not easy today. A series of present and future challenges arise in a BANI environment , which lead the CFO to take on new tasks as his role in the company becomes expansive. He is tasked with leading and catalysing change . How? We will explain it in the following section.
Financial automation requires effective tools such as Sage Active , which allows you to manage accounting and invoicing in the cloud.
