CFO role expanding into HR and IT

The chief financial officer (CFO) is a vital position in any business, ensuring that accounting and tax requirements are met and the company's monetary position continues to be strong.

However, over past years, this role has evolved meaning CFOs are applying their trade in different business functions – well away from their traditional accounting positions.

This has been highlighted in a recent Robert Half Management Resources survey that polled more than 2,100 CFOs to find out what additional areas their roles are now covering.

According to the results, in the past three years, 21 per cent of CFOs have expanded in human resourcing while 19 per cent are now involved with information technology.

Outside their normal accounting and finance responsibilities, CFOs are also working in operations (18 per cent), marketing (17 per cent) and sales or business development (10 per cent).

Just 14 per cent of the more than 2,000 respondents remain in their regular departments.

Paul McDonald, senior executive director for Robert Half, explained that the CFO in many businesses is seen as an executive with knowledge across all departments and processes.

"While tackling increased compliance and regulatory pressures, internal controls and tax issues, today's CFO also is a strategic and indispensable business adviser," he said.

"With technological advancements and the emphasis on data analytics and business transformation, companies are looking to their financial leaders to partner with departments throughout the organisation, including HR and IT, to help enhance efficiencies, grow revenue and contain costs." 

Mr McDonald indicated that CFOs are playing a leading role in developing recruitment benefits and rewards for new employees as well.

If CFOs are becoming more involved in other areas of the business, then it is important to support them with the latest technology. With sufficient productivity and recruitment software, CFOs can take on more tasks and achieve them quickly and efficiently.

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