Article
How CFOs can leverage technology to increase efficiency
Jan. 26, 2021 · Updated Sept. 22, 2023 · Authored by Michael Parker, Labi Rabiu
The rapidly changing financial environment and unexpected market volatility are forcing many CFOs to work harder and make faster decisions than ever before. CFOs need to adopt new technology, processes, and strategies to help their organizations navigate through fast-moving times.
CFOs are deeply involved in the business, far beyond traditional finance roles. Together with other members of their leadership team, CFOs help businesses mitigate the impact of market changes and business disruptions on their operations. That includes dealing with everything from developing and engaging the right team to rethinking product and service delivery, scanning the horizon for what’s next, and much more. Balancing these priorities is the key to CFOs’ success in today’s high-stakes business environment.
Below, we outline how the demands for CFOs are evolving — and how CFOs can manage these competing demands with the help of NetSuite.
How the CFO role is changing
As companies rebuild and adapt in response to market and operational impacts, the function of the finance team might change. One example is the near-constant reforecasting occurring in every now virtual boardroom. Today, the close is no longer a monthly happening, but a daily one.
With a cloud-based enterprise resource system (ERP) such as NetSuite, leadership can gain real-time insights into the business and adjust or pivot based on changing market conditions.
CFOs can also streamline their tasks and required reporting with a unified platform that automates:
- Revenue forecasting
- Revenue allocation, recognition, reclassification, and auditing through the rule-based event handling framework
- Scheduling, calculation, and presentation of revenue on the financial statements
- The continuous-close process
Mastering the continuous-close mindset and adopting adequate systems to perform these functions can help prepare finance departments to be efficient and agile.
Adopt new requirements with greater ease
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