How aspiring FDs can go above and beyond accountancy to excel in their careers
The role of finance directors (FDs) and chief finance directors (CFO) has changed considerably in the last two decades.
Now FDs not only need to act as the transactional guardians of their company’s finances, but they must also make strategies for the company after analysing large chunks of data to forecast potential risks and opportunities.
In recent years, it has become essential for financial directors to learn about artificial intelligence and cloud computing.
If you are an accountant or an executive wishing to progress further in your career to become a finance director and eventually a chief financial officer of a company, there are some skills that you need to learn and possess over the course of your career.
1st Skill: Tech Skills
To progress to the position of finance director, you, as an accountant, need more than just the ability to apprehend a balance sheet and maintain the company’s cash flow.
You need to stay updated with some of the latest technologies such as digital ledgers that help you maintain your accountancy transactions, artificial intelligence software, and the ability to read and interpret a large amount of data to draw conclusions.
All of these tech skills create a big impact on the performance of the business.
Once you minimise your workload via these technologies, you can focus on more pressing concerns and job role i.e. to analyse the market trends and strategise for your company’s growth.
2nd Skill: Multi-Tasking
The role of a modern financial director is very diverse. Now finance directors are not only responsible for logging data entries, but the careful analysis of data and information in order to make decisions to positively impact the business.
FDs are now accountable for digitising the financial operations of the business while focusing on business projection and innovation.
3rd Skill: Strategic advisor
These days, many routine tasks in financial departments are automated. This gives CFOs the time to invest in more productive tasks such as working with different departments and business heads to formulate effective financial strategies.
It is also expected that the chief financial officer and executive finance staff help different departments increase efficiency while staying within their budget.
4th Skill: Soft Skills
With so much automation in finance departments, it has become extremely important for FDs to have some non-technical skills up their sleeves.
FDs are no longer confined in their rooms and, thus, it is expected from them to act as communicators and financial translators for stakeholders and potential clients.
It is very important that FDs possess effective communication and interpersonal skills as it will not only help them to communicate better with the people, but it will also help in representing the company on different platforms.
If you are an FD looking for the next step in his or her career, don't forget to register with us.
Date Posted: February 1st 2019
Posted By: Phil Scott