Looking at the two years of the COVID crisis, it is safe to say that 2022 was the year of recovery. Now that most businesses are back on track, 2023 should ideally be the year of growth and diversity.
In increasingly dynamic financial environments, CFOs shoulder the responsibility of ensuring that the costs are controlled, financial plans are robust, and their companies are in sync with the latest technologies.
Here are four of the topmost priorities CFOs must consider in 2023:
1. Improving Risk And Compliance Management
With a rise in global cybersecurity attacks and increasing uncertainties about businesses’ sustenance, CFOs need to pay more attention to improving risk and compliance management. An effective risk and compliance management practice will prepare you for the times when things don’t go your way. It also helps you mitigate crises when (or even before) they occur.
This has led to an increase in the implementation of cloud services, automation, basic analytics, and modern FP&A solutions. In 2023, it is important to manage financial risks to keep your venture afloat.
2. Enhancing Cash Flow
Cash flow is one of the most fundamental elements of financial management. No matter which age you live in, you can never ignore managing your cash flow to help your business grow. After entering 2023, more and more CFOs are encouraging their teams to find digital opportunities to improve cash flow.
This has led to the adoption of modern software solutions that help businesses with real-time cash forecasts, days sales outstanding (DSO) analytics, days payable outstanding (DPO) analytics, etc. Companies worldwide have also started the adoption of predictive analytics to enhance behavioral analytics and anticipate late payments.
3. Working In A Hybrid Environment
The pandemic has changed the way companies function, and we will all be living in the “new normal” for the rest of our lives! A hybrid environment is one such post-pandemic trend that is here to stay. This has pushed CFOs to implement software solutions that accommodate both remote and on-premise employees, keeping both groups engaged and productive.
CFOs also shoulder the responsibility of ensuring that all employees within and outside of the finance department are on the same page while preparing financial plans, charting out budgets, and analyzing important data.
4. Leveraging Financial Planning And Analysis
Financial planning and analysis (FP&A) are no longer limited to the finance department of an organization. In 2023, its scope is big enough to include other departments to participate in making important financial decisions. CFOs are, therefore, integrating new technologies like artificial intelligence, data lakes, machine learning, etc., to enhance modern FP&A practices.
Empower Your CFO By Implementing Robust FP&A Solutions With VIZIO
If you are looking to thrive in 2023 by empowering your CFO to manage your finances effectively, VIZIO Consulting helps you implement modern FP&A solutions within your organization. The skilled and experienced professionals at VIZIO tailor their services to your needs and leverage your company’s IT infrastructure to bring you a step closer to your organizational goals.