What keeps a CFO awake at night and prevents them from getting a good night’s sleep? Certainly, CFOs have a lot of issues and stresses to deal with. A recent study compiled a list of the biggest issues facing today's CFO. Addressing these issues appropriately can help propel a company into a higher earnings bracket and relieve upper management stresses.
STATE OF THE ECONOMY
The stability of today’s global and domestic economies is always coming into question. This uncertainty makes it challenging to make business projections or determine how to meet new issues that arise. Today's CFO can, however, plan for several scenarios while company leadership watches market trends and makes decisions based on these trends. Companies shouldn’t just have a Plan B; but a Plan C through Plan Z if the instability of the business scenarios dictates that.
Regulatory issues are becoming more prominent. As a result, most CFOs are spending more time dealing with these issues which takes their attention away from other matters. This can lead to stress over compliance concerns and worry that other departmental areas are being neglected. A team or resource should be assigned to have their ears to the ground on compliance and regulatory issues so the CFO won’t be blindsided by them.
The media is full of reports of large corporations and government entities that have allowed a security breach to compromise the personal information of thousands of customers. Hackers and thieves are constantly honing their skills, and it can take a monumental effort to stay ahead of the tidal waves of crime. In addition, customers, vendors and clients need to be reassured their data is safe. This can take much of a CFO's time, as well. Companies should invest in top grade security software and make security processes a priority. Even items as straightforward as password character and length requirements make a difference.
Most people feel there are not enough hours in the day to accomplish everything. This is especially true for today's CFO. These leaders are pulled in many directions and everyone wants a piece of their day. Even the best time management skills can't add hours to a day. It is important to put together a team of skilled individuals to help share CFO responsibilities. Finally, a CFO should make time to take time. Whether it’s a nice vacation or five minute daily meditations, a CFO should be mindful of both work pace and life balance.
Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.