Earlier this year, Duffy Group’s Finance and Accounting Recruiter, Sharon Grace, wrote a blog extolling the importance of the CFO to any organization. Corporate accounting departments have always helped to interpret the numbers, charting out the company roadmap essential to success. As accounting recruiters, we’ve been watching the CFO role change slowly into a more strategic one thanks to technology.
Furthermore, the pandemic is pushing the Chief Financial Officer to assume an even greater role as an advisor who can suggest meaningful changes in real-time. Forecasting the financial feasibility of corporate initiatives has become paramount. This is not likely to change as we head into what appears to be a second wave of Covid-19.
Recruiting Accounting Executives Who are More Than Number Crunchers
The acceleration of the use of technology was thrust upon many as they began navigating the world of a remote workforce. This has only accelerated a process that began with the introduction of advanced computers in the workplace. The investment in transformative technology has allowed many mundane and time-consuming tasks to be performed rapidly by computers.
Accounting departments are no longer just number crunchers who manage cash flow. This has freed the CFO and other accounting executives to use the resulting data to make strategic, data-based decisions. It has changed what corporations and nonprofits are looking for when seeking to recruit a CFO.
In what has been coined the Fourth Industrial Revolution, technologies are rapidly altering the way we create, exchange, and distribute information, transforming industrial archetypes. One term associated with the current phenomenon is Big Data – the flow of unstructured data which can be compiled and analyzed, allowing for real-time processing of financial information.
This unprecedented flow of data provides insight and drives results to improve operations and build revenue. Accounting executives, rather than looking back, are called upon to translate big data into a narrative that strategic partners can use to drive decision making – looking forward.
Increased computing capabilities have allowed organizations to store and use data effectively. With artificial intelligence to minimize errors, accounting executives are freed up to spend time strategizing. Their long-term advisory roles have become more immediate and dynamic.
Accounting Recruitment Must Recognize New Expectations
The “Intelligence of Things” refers to the interface and communication of systems without human intervention. This helps to quickly identify patterns and streamline operations like audits. There is an increased expectation that issues can be resolved quickly. Accounting recruiters must be aware of this new requirement and look for candidates who can meet these challenges.
One such issue has been the disruption of the supply chain resulting from the pandemic. As businesses look to build warehouses to store inventory and house their technology, CFO’s have been called upon to help make supply chain decisions. They aren’t looking years down the road. They are looking at changes that can be made in weeks or months.
The Chief Financial Officer is transitioning to a strategic partner of the executive team, helping optimize growth with their unique forward insight. The CEO position is now considered the next logical step for a Chief Financial Officer, according to an October 2020 article in Accounting Today.
“This is the right time for CFO’s to take the lead. Digital Transformation, leading to innovative ways to generate revenue and manage costs, has never been more important than during this pandemic. Be a steady force during a crisis and lead the charge to recovery.” – Michael J. Kennedy, MBA – CFO, Muscular Dystrophy Association
Whether your organization is large or small, technologically savvy or only beginning to acknowledge the virtues of automation, Duffy Group, Inc., your choice in Accounting Recruiters, can provide a real return on your investment. Call or chat during business hours or fill out our contact form any time.