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TECHNOLOGY
MANAGEMENT ACCOUNTING
The changing

role of the CFO

Today’s finance chiefs must look to
the future as much as to the past.

By Anita Dennis

he senior finance officer’s job isn’t what it used Once, the CFO led a team that prepared infor-
to be. This leader might once have functioned mation on historic financial results and trends and
Tas the “CF-No,” or someone who held the set limits on spending. Now, management and other
purse strings and often blocked plans or expenses stakeholders are increasingly turning to CFOs to
that didn’t fit the budget. Today, the role has trans- be value-adding business partners who can provide
formed into that of the “CF-Know,” someone with greater insights on emerging trends and on how best
a holistic grasp of the entire business and how it to use financial reporting data in decision-making.
creates value and who uses that knowledge to pro- “During these challenging times, the lines
vide insight, according to Tom Hood, CPA/CITP, of business are really depending on our finance
CGMA, executive vice president–Business Growth team to look forward, not just backward,” said IMAGE BY JOZTAR/GETTY IMAGES
& Engagement at AICPA & CIMA, together as Paul Young, CPA, CGMA, senior executive vice
the Association of International Certified Profes- president and CFO at Liberty Bank of Middle-
sional Accountants. town, Conn.

6 | Journal of Accountancy March 2023