The role of CFO has evolved from a bean counter to business partner. Increasingly, the role is strategic in nature and requires skills in a range of areas, including financial management, forecasting and data analysis, as well as business partnership and risk assessment. In addition to internal and external financial reporting, a CFO is responsible for budgets, capital investments, asset stewardship, cash management and other financial activities. CFOs have a unique bird’s-eye view of a company’s financial health, allowing them to analyze data and provide insights into the bottom line.

As companies grow, the need for CFO business opportunity to assist with funding and investor relations becomes more critical. A good CFO can also help with obtaining loans from banks, and can act as a liaison between the company and other financial institutions. CFOs can also help with mergers and acquisitions, and are able to advise on the best use of capital for the company’s growth.

Typically, companies will need to hire a CFO when the CEO and more junior financial staff no longer have the skills required to evaluate the organization’s fiscal standing, assess cash flow, forecast future financial needs and inform business strategy. This translates into a revenue threshold of $10 million or more for companies that want to hire a full-time CFO. However, it is possible for smaller companies to find a CFO who can work on a part-time or fractional basis.

In addition to the traditional responsibilities of the role, CFOs are tasked with helping the company adapt to changing economic conditions and technological advancements. This means ensuring that the accounting systems can accommodate new technology and data, and identifying areas where the company can improve its processes. Moreover, the CFO is a key partner in a company’s human resources department, assisting in finding and retaining talent.

As the business world evolves, CFOs will have to be more creative in generating new sources of revenue. One way to do this is by leveraging the company’s data and creating innovative ways to present it. Another way is by partnering with other departments to generate ideas and solutions. As such, it is important for a CFO to be open-minded and willing to take risks.

While a CFO’s primary responsibility is to oversee the financial health of the company, they must also be willing to challenge the CEO and other top leaders when necessary. This is especially true during times of uncertainty, when a finance leader must be able to assess the impact of potential global events on the company’s financial situation.