This is how growth companies change the CFO role of the future

This is how growth companies change the CFO role of the future

With digitalisation, global expansion and an increasing number of emerging companies seeking early-stage external capital to grow faster, the complexity of both accounting and financial reporting has increased. Investors rightly demand clear and continuous reporting, transparency, accessibility and orderly accounting.

But CAN and SHOULD a small growth company invest in an expensive CFO or should the focus be on product development and sales in order to grow the business. It should also be questioned whether an experienced CFO is really the best person to keep track of expense reports, coordinate the work of the accounting firm, administer issues and ensure that all formalities are in place. Everything that is required in a small organization after all.

The answer should be obvious. No. Rather, a CFO in a growth company with fewer than 20 employees should be a strategic resource, helping to set the structure and framework, providing suggestions and measures on how the company can finance its growth and, not least, contributing experience, skills and a strong network to help the company achieve its goals faster.

For Cooach, the solution is obvious – we must stop focusing on the person and instead consider the CFO role as a function. Let’s take IT as an example. It wasn’t long ago that most companies actually invested in a server in the office along with an employee IT manager whose job was to ensure the performance of the server and to help colleagues install new software… Today, we buy both storage and software in the cloud and IT has become a function, not a role.

In the same way, many growth companies have understood that business support is a strategically important investment and where the CFO is a central function. By purchasing the business support function as a one-stop-shop, i.e. on tap, the CEO avoids the work of project managing deliveries, procuring services and ensuring that staffing is in place based on the organization’s increased or decreased needs. Through a combination of digital services, a high degree of automation and access to senior experts for the different growth phases, even the growth company can afford a strong business support.

Cooach creates the business support of the future and we have a rapidly growing interest in our business model.

 

Cooach invites you to a webinar

Sign up for our webinar on April 7 at 08.00 where we will present the 8 most important success factors with a one-stop-shop model for CFOs and business support.

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