Data and technology are transforming the chief financial officer into the chief collaboration officer.
Technological advances and pandemic-driven business pressures have accelerated the evolution of the CFO, transforming them from financial managers to strategic C-suite masterminds.
While the role historically focused on compliance, reporting and managing financial operations, CFOs must now be consultants and communicators. Using data and analytics, a CFO provides real-time insights into business operations, impacting company policy and direction.
Since the onset of the pandemic there has been an even greater focus on data. Companies are really drilling down into the different parts of their business, trying to understand the numbers and identify opportunities and efficiencies. Armed with the right data, CFOs help stakeholders throughout the business collaborate and succeed.
Handled effectively, data can give critical insights not just into an organisation’s finances, but its ESG credentials, its progress on diversity and inclusion, and its long-term road map.
The CFO brings a granular grasp of figures, along with an understanding of the company’s long-term strategy and live information about market conditions. These factors mean they’re well placed to act as the custodian and interpreter of the wealth of data that’s generated within an organisation.
CFOs now serve as valued advisers and consultants to the entire executive team. They are responsible for planning years ahead, anticipating markets and building roadmaps for long-term success.
R&D Expenditure – How R&D Tax Credit claims can help.
Another important area which is often overlooked in companies is understanding the true cost of R&D projects. Often, where multiple projects are on the go at any one time, understanding the true cost of each project is not possible or considered a priority.
But, with tech businesses, understanding the cost and RoI of R&D projects should be essential input to the executive team – not least for the reason that too many ‘pet’ projects can be allowed to run on for too long.
A well prepared R&D Tax Credit claim, which addresses each separate project, can shed critical objective light on the valuable resources and costs being used in the business. Strategic decisions can then be made about the ongoing focus of the business.
Who best to take on this task? – an independent CFO of course!
MSC R&D
Who best to help him? – MSC R&D, the leading software R&D Tax Credits claims specialist.
Our detailed reports provide a clear scoping and costing of each project.
Why not talk to us and find out more about our services.
Ref: Marianne Curphey
