{"id":10247,"date":"2023-10-24T09:55:41","date_gmt":"2023-10-24T13:55:41","guid":{"rendered":"https:\/\/www.sage.com\/en-ca\/blog\/?p=10247"},"modified":"2026-01-15T11:26:56","modified_gmt":"2026-01-15T16:26:56","slug":"cfo-role-never-the-same-again-automation","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-ca\/blog\/cfo-role-never-the-same-again-automation\/","title":{"rendered":"The role of CFO will never be the same again. Here\u2019s why.\u00a0"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-ca\/blog\/category\/strategy-legal-operations\/\" class=\"entry-header__link\">Strategy, Legal &amp; Operations<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tThe role of CFO will never be the same again. Here\u2019s why.\u00a0\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2023-10-24T09:55:41-04:00\">October 24, 2023<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"The role of CFO will never be the same again. Here\u2019s why.\u00a0\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-ca\/blog\/cfo-role-never-the-same-again-automation\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n\n<div class=\"wp-block-post-author\">\n\t\t\t<div class=\"co-authors\">\n\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-ca\/blog\/author\/ryangrundy\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2023\/02\/Ryan-Grundy.jpg\" class=\"entry-author__image\" alt=\"\" \/>\t\t\t\t<span class=\"entry-author__name\">Ryan Grundy<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\t\t<\/div>\n\n\n\n\n\n<p>Today\u2019s finance leaders face tough challenges\u2014from economic uncertainty and shifting compliance, to cybersecurity risks and team performance.&nbsp;<\/p>\n\n\n\n<p>Pair this with the introduction of new technologies and an abundance of financial data, and the role of the Chief Financial Officer (CFO) is quickly evolving.&nbsp;<\/p>\n\n\n\n<p>Many are finding themselves with new responsibilities, and the potential affect they can have on the direction of their organization is growing fast.&nbsp;&nbsp;<\/p>\n\n\n\n<p>In this article, we explore what this reimagined CFO role looks like, and the importance of automation in your effort to fulfil it.&nbsp;<\/p>\n\n\n\n<p>We cover:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#the-changing-role-of-a-cfo\">The changing role of a CFO&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"#finance-automation-opportunities\">Finance automation opportunities&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"#automating-the-financial-close\">Automating the financial close (research report)&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"#put-your-data-to-work\">Put your data to work&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"#final-thoughts\">Final thoughts&nbsp;<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-changing-role-of-a-cfo\"><strong>The changing role of a CFO<\/strong>&nbsp;<\/h2>\n\n\n\n<p>The days of a CFO being confined to the back office are gone. Businesses now expect them to take a more strategic role and make decisions that drive performance, accelerate growth, and push innovation. This elevates the impact you can have on your organization, and your role in growing its profitability.&nbsp;<\/p>\n\n\n\n<p>These new responsibilities are changing what it means to be a CFO. Now, you need to take more ownership of data, reporting, and analytics, so that you can make sure your decisions are well-informed and lead to better outcomes.&nbsp;<\/p>\n\n\n\n<p>Alongside new duties, you still need to continually evolve and enhance the performance of your finance department. This includes driving digital transformation to give teams technology that help them do their best work.&nbsp;<\/p>\n\n\n\n<p>As a strategic CFO, you will have a bigger effect on the business than ever before. While this is exciting, it also means you\u2019ll be spinning more plates. So, it\u2019s vital you find ways to work efficiently and unlock time, energy, and focus for the most valuable tasks.&nbsp;<\/p>\n\n\n\n<p>Automation helps you do exactly that.&nbsp;<\/p>\n\n\n\n<p>By offering a way to balance your responsibilities, automation can ensure you deliver that impact and drive your career forwards.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"finance-automation-opportunities\"><strong>Finance automation opportunities<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Technology can be used to automate work in almost every area of business. But when it comes to finance, the benefits are widespread.&nbsp;<\/p>\n\n\n\n<p>This is true for you, and the professionals in your teams.&nbsp;&nbsp;<\/p>\n\n\n\n<p>There are 3 main ways automation delivers value:&nbsp;&nbsp;<\/p>\n\n\n\n<p>Firstly, it can lift the burden of financial admin, so you and your team can focus on more strategic tasks.&nbsp;&nbsp;<\/p>\n\n\n\n<p>By eliminating manual data entry and other repetitive tasks, it reduces human error, making your financial data more accurate and reliable.&nbsp;<\/p>\n\n\n\n<p>Financial processes can be executed much faster, allowing you to quickly surface the insights you need to make confident decisions.&nbsp;<\/p>\n\n\n\n<p>This makes automation a key opportunity for any strategic CFO, facilitating both business success and improved employee performance.&nbsp;<\/p>\n\n\n\n<p>Automation benefits for business include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Increased operational efficiency.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cost savings from reduced manual work and fewer losses from human errors.&nbsp;<\/li>\n\n\n\n<li>Improved data entry and accuracy that reduces risk of errors in financial calculations, and reporting.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Time savings that allow people to focus on activities that require human judgment and creativity.&nbsp;<\/li>\n\n\n\n<li>Enhanced data analysis and informed decision-making.&nbsp;<\/li>\n\n\n\n<li>Greater compliance thanks to fewer errors and potential violations.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A better ability to scale the business without incurring costs.&nbsp;<\/li>\n\n\n\n<li>Gaining competitive advantage by being able to respond faster to market changes and customer needs.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Automation benefits for employees include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reduced workload and more time for engaging tasks.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Enabling professional development by giving people the opportunity to learn new skills, take on more challenging projects, and grow professionally.&nbsp;<\/li>\n\n\n\n<li>Improved work-life balance.&nbsp;<\/li>\n\n\n\n<li>Increased job satisfaction, engagement, and motivation.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Reduced stress by alleviating risks associated with manual and repetitive tasks.&nbsp;<\/li>\n\n\n\n<li>Better collaboration and communication among team members by providing a centralized place for data sharing and task management.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Empowerment and autonomy of their work.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Despite these benefits, our research found that over 50% of finance leaders are yet to automate processes around their top pain points.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Those with the least automation spend only 18% of their time on value-added tasks, while those with the most automation spend almost 58%.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"automating-the-financial-close\"><strong>Automating the financial close (research report)<\/strong>&nbsp;<\/h2>\n\n\n\n<p>If you\u2019re ready to embrace automation and thrive in your role as a CFO, where do you start?&nbsp;<\/p>\n\n\n\n<p>Well, there are endless tasks and processes that can be automated using quality financial software. Look for areas where either you or your team spend a significant amount of time on manual tasks.&nbsp;<\/p>\n\n\n\n<p>We asked over 1,000 finance professionals to share their thoughts on people, processes, and technology within their organizations to see where automation has huge potential.&nbsp;<\/p>\n\n\n\n<p>A great example is the financial close, which typically involves a lot of manual activities and happens on a regular basis (at the end of every month and year).&nbsp;<\/p>\n\n\n\n<p>Our research found that the average company takes 7 working days to close its books\u2014a figure that has largely held steady for the past few years. Those 7 days translate to 1\/3 of your working time each month, or 3 months a year\u2014an average of 720 hours.&nbsp;<\/p>\n\n\n\n<p>That\u2019s valuable time you could be spending on what really matters, including:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Data analysis&nbsp;&nbsp;<\/li>\n\n\n\n<li>Training and personal development&nbsp;&nbsp;<\/li>\n\n\n\n<li>Strategic planning&nbsp;&nbsp;<\/li>\n\n\n\n<li>Team building&nbsp;&nbsp;<\/li>\n\n\n\n<li>Personal wellbeing&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>As well as the time you\u2019ll free up, automating the financial close ensures your data will be ready for reporting much sooner. This means you can quickly get the insights you need to inform decisions as part of your strategic role.&nbsp;<\/p>\n\n\n\n<p><em>\u201cThe potential to reclaim 2 full days each month through automation is a remarkable opportunity for CFOs and their finance teams,\u201d<\/em> says Sandi Main, senior director of product marketing at Sage.&nbsp;&nbsp;<\/p>\n\n\n\n<p><em>\u201cBy leveraging automation tools and technologies, finance departments can streamline manual tasks, improve efficiency, and accelerate the closing process. This newfound time can then be redirected towards activities that drive value for the company, such as financial analysis, forecasting, and proactive decision-making.\u201d<\/em>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"put-your-data-to-work\"><strong>Put your data to work<\/strong>&nbsp;<\/h2>\n\n\n\n<p>To truly embody the role of a strategic CFO, you\u2019ll need to rely on more than experience and intuition. Though these are both essential, the responsibility to shape the future of the organization means you\u2019ll want some hard evidence to inform your decisions.&nbsp;<\/p>\n\n\n\n<p>While automation not only gives you more time to be strategic, it also helps you surface valuable insights more quickly.&nbsp;<\/p>\n\n\n\n<p>By capitalizing on the financial data your business produces, you can excel in almost every area of your role, including driving financial growth, nurturing the best talent, and maintaining compliance.&nbsp;<\/p>\n\n\n\n<p>An agile data-driven approach will help you manage rapid change, whether that\u2019s sudden market shifts or changing consumer behaviour and expectations.&nbsp;<\/p>\n\n\n\n<p>Automating the financial close is a great place to start, but you should explore software that also automates the generation of key financial reports and statements. This way, you\u2019ll always have accurate information to hand, and can collaborate effectively with other stakeholders in the business.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"final-thoughts\"><strong>Final thoughts<\/strong>&nbsp;<\/h2>\n\n\n\n<p>As your role continues to expand beyond the finance function, it\u2019ll become increasingly important to prioritize your time for the most valuable activities.&nbsp;<\/p>\n\n\n\n<p>Using automation to eliminate hours of manual work will help you make a greater impact on the business, drive your career forward, and bring countless benefits to your team.&nbsp;<\/p>\n\n\n\n<p>You\u2019ll make more use of your financial data and feel confident in your strategic decisions\u2014even when making them quickly.&nbsp;<\/p>\n\n\n\n<p>But above all else, you\u2019ll strike a balance. One that goes beyond your life at work.&nbsp;<\/p>\n\n\n\n<p><em>\u201cThrough automation, finance leaders and their teams are empowered to lead a more balanced and fulfilling life. It\u2019s about prioritizing what truly matters to create a bigger impact\u2014whether you\u2019re building a team, developing your career, or taking better care of yourself.\u201d<\/em>&nbsp;<\/p>\n\n\n\n<p>Sara Arthrell, head of industry solutions marketing at Sage.<\/p>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Ready to transform your financial processes with automation?<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p class=\"\">Unlock the power of innovation by downloading our comprehensive guide &#8220;Fast Close. Faster Insights&#8221;. <\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-53f12342-a9af-4277-87d4-bb257eefb2fb\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Download now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"640\" height=\"640\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2023\/05\/GettyImages-1283894303-640x640-1.jpg\" class=\"single-cta__image\" alt=\"woman in office\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2023\/05\/GettyImages-1283894303-640x640-1.jpg 640w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p class=\"cta-content__title\">Get a roundup of our best business advice in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-8949a954-88b2-43bb-8b8a-77c53eb34350\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Discover how the role of the CFO is quickly evolving and learn why automation can make life easier for you and your team.<\/p>\n","protected":false},"author":1398,"featured_media":10123,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[11],"tags":[],"business_type":[],"lilypad":[],"context":[],"industry":[],"persona":[],"imagine_tag":[],"coauthors":[313],"class_list":["post-10247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy-legal-operations"],"sage_meta":{"region":"en-ca","author_name":"Ryan Grundy","featured_image":"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2023\/09\/GettyImages-1451131632.jpg","imagine_tags":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice Canada English","distributor_original_site_url":"https:\/\/www.sage.com\/en-ca\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts\/10247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/users\/1398"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/comments?post=10247"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts\/10247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/media\/10123"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/media?parent=10247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/categories?post=10247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/tags?post=10247"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/business_type?post=10247"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/lilypad?post=10247"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/context?post=10247"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/industry?post=10247"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/persona?post=10247"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/imagine_tag?post=10247"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/coauthors?post=10247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}