Solitwork Ensures Better, More and Faster Data
According to the CFO at Broadnet, Jacob Kjær, the modern CFO needs to be capable of acting quickly and making calculated decisions.
“It is basically about reading the financial accounting which includes information about what has happened while at the same time having a focus on how the business is evolving. A good CFO knows how to do both and can act in advance, therefore avoiding any surprises. It is essential that the CFO understands what drives the economy in the company,” he states.
It is Jacob Kjær’s assessment that the CFO of the future needs to know more about real time data. It is essential to obtain and understand numbers faster and faster. He states:
“Previously, companies had their financial accounting a month or two post clearance, whereas companies today have their financial accounting on the first day of the following month. However, this can only happen if there is technological support in your finance department and if the KPI’s are provided for you to estimate, for example, the turnover or the costs in the last couple of days of the previous month."
Jacob Kjær does not hide his belief that with the right technology it is possible for the economy function to produce better and more data with fewer resources.
The Organisation's Preferred Business Partner
“Today there is a focus on having the finance department as the organisation’s preferred business partner. This means the CFO needs to understand how to run the finance department as a part which supports the service function for their business. It is essential that the CFO explains to the employees that the purpose of the company is to produce its products, for example cups, cars or driving a train – not to produce financial reports. The finance department is not fundamental to a company, however, its purpose is to operate as a support function for the rest of the company.” Jacob Kjær states.
The Conclusive Overview
“In my experience as a CFO it has been extremely beneficial getting out into the company and looking at the products and production. It can be anything from listening to the work in the service department to walking around on the production floor. In addition, it is also good to talk about the company’s financial situation amongst the production workers.” Jacob Kjær closes.