Gone are the days when all the CFO had to worry about was keeping his or her firm’s finances in order.
A full 80% of CFOs said their scope of responsibilities has expanded, according to a new Accenture study.
And Finance now has a more prominent role in helping other departments within the company. The study found that finance execs are managing projects in a number of other departments. The most cited departments:
- Information technology (43%)
- Strategy and business development (41%)
- Human resources (39%).
CFOs also reported having greater responsibilities in the following areas:
- Risk (37%)
- Customer service (37%)
- Procurement (35%)
- Marketing and sales (33%)
- Research and development (30%), and
- Supply chain management (25%).
The study also uncovered what finance execs were in need of: 79% of respondents said they need more flexibility in their operations — to more readily respond to market changes.