Chief Financial Officers have to wear many hats, and they face and overcome many challenges on a daily basis. With so much of their companies’ success based on their knowledge, skills, and ability to lead, CFOs must stand strong in the face of these challenges and overcome them to the best of their ability.
Future Finance Talent
CFOs are constantly looking toward the future—it’s engrained in their job to do so. In addition to the future financial scope of their companies, CFOs are challenged with the task of finding, hiring, and developing new finance talent for their companies. With four generations in the workplace today, many companies aren’t focusing on the younger generations because they’re counting on their older employees to keep things running smoothly. However, smart CFOs are turning their attention to their younger employees, and often seeking out new employees with the potential to become a great financial asset, to further prepare their companies for the future.
While competitive marketing is not exactly in a CFO’s job description, the cash flow that does (or doesn’t) come from the influence of said competition is something that all CFOs are greatly concerned with. Today’s market has so many companies offering similar products and at lower prices than ever before, so CFOs have to help make their companies stand out. By pushing company finances towards marketing and competition analysis, and by restructuring and oftentimes reinventing their business model, CFOs can help offer customers more and reduce the threat of competition by standing out above it.
It’s no secret that technology is advancing faster today than ever before. CFOs are often seen as leaders within their companies when it comes to utilizing newer and more advanced technologies. With more businesses understanding the importance of social media, new data analysis tools, mobile access, and online collaboration tools, CFOs are heading up the push towards utilizing this technology and making it work for their companies. Operational functions can become more automated, new revenue streams can be created, and marketing tactics can be completely reinvented with the use of available technology today. CFOs must understand all the facets of these new technologies and make educated decisions for their companies regarding what parts of technology to embrace and which to bypass.
Tax Preparation & Audits
CFOs are responsible for making sure their companies’ financial information is reported and recorded accurately and in a timely manner. A significant challenge that CFOs face that goes hand in hand with timely and accurate reports deals with tax preparation and audits. CFOs must maintain working relationships with auditors, and they must oversee and manage tax preparation within their company. A good CFO knows that allocating duties to experts is incredibly beneficial, particularly when those experts are part of the tax preparation team at Back Office Support Solutions. They have highly trained and experienced tax professionals who can take the stress off of CFOs by expertly preparing taxes and helping with audits. If you’re a CFO who already has enough on your plate—and we know you do—contact Back Office Support Solutions today to help you with tax preparation and audits.