The guarantee of good administrative and financial management within the company is the responsibility of the CFO: the Chief Financial Officer, a real pillar in times of crisis.The CFO must preserve the financial health of his company by facing a certain number of problems due to the successive crises which come to disturb his priorities at the start of the year.
The economic consequences are multiple and unfortunately, we have to face the facts: this high-risk context which seems to settle durably could once again impact the company strategies and slow down the growth:
- A certain number of companies will not be paid or delivered: the CFO must know where the risk points are for his company; be able to react quickly and redirect investments or expenses quickly.
- It is possible that some of your intermediaries are themselves dependent on customers based in Russia or Ukraine: the CFO must verify this information and get informations about your clients.
- Rising costs of materials and raw materials: the CFO must carry out more regular budget reviews.
- The CFO must be able to adapt following sanctions that could have an impact on his activity.
Renewing, adapting, digitizing... What are the major challenges and priorities?The main lever for improving efficiency remains the digitization of the finance function and of the the accounts receivable. Have means of surveillance, detection, analysis. To be able to automate tasks and processes. Facilitate remote collaboration, which has become a new way of working. Be able to meet and respect regulatory compliance requirements.
The CFO is the backbone of the company: he knows the reality of the figures and the reality on the ground, he is a strategic collaborator and an essential advisor.