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MANAGEMENT ACCOUNTING

‘We have to learn how to pandemic, Nancy Furr, CPA, CGMA, the CFO
When navigating the worst months of the

of Ted’s Montana Grill, was fortunate in having
perform while we transform. “Because of our size, we all have to wear a lot of hats,
a team of 10 people who were already quite agile.
so we’re very open to doing whatever needs to get
We can’t do one or the done,” she said. Among other important steps, the
team had begun embracing efforts to automate pro-
cesses, and that work has continued with steps such
other, we have to do both as greater document imaging within the finance
team and throughout the organization. “Automat-
ing core processes makes the team more efficient,”
at the same time.’ analytical roles to provide greater value.
she said. The goal is to move team members into

Expanding role of finance
Tom Hood, CPA/CITP, CGMA, Finance is also taking a range of new functions
executive vice president–Business Growth & Engagement at AICPA & CIMA under its oversight. Young’s organization has cre-
ated a chief digital officer position that reports to
him. “We see the CFO role expanding beyond the
traditional accounting, finance, and treasury, taking
on more digital functions,” he said. He also agrees
those jewels of insight that you can really use to that finance will play a large role in ESG, especially
help influence business decisions,” Young said. given the existing range of ESG reporting frame-
works and ongoing efforts to enhance disclosure.
Rapid change “Finance is uniquely positioned to take a leadership
Agility is also critical because of constantly emerg- role,” he said. With many organizations working
ing threats to companies. “The unprecedented level to achieve net zero by 2030, the finance team can
of change drives our businesses to move faster, but contribute to developing the necessary control
it also creates new types and magnitude of risks,” environment to support that goal and to ensuring
Radziewicz said. He cited uncertainties related to reporting integrity, he said.
issues such as cybersecurity, data privacy, share- As finance broadens its reach, maintaining a
holder activism, international conflicts, and the sense of unity within the team also gains impor-
dysfunctional political environment. At the same tance. After making an effort to break down silos
time, technology and innovation are advancing at in his group, Young is seeing greater communica-
an exponential speed, outpacing what institutions tion and collaboration across the team. “We have
and process were built to handle. The trick, once a clear set of strategic priorities that are aligned
again, is to maintain core capabilities while advanc- with the overall strategy of the business,” he said.
ing the edge, he said. “Everybody understands how their job contributes

IN BRIEF

■ Organizations are increasingly of enterprise value, increased use of including providing strategic vision.
depending on finance teams to provide technology, and the rapidly changing ■ These expanding expectations mean
forward-looking insights on emerging business environment. CFOs require continuous learning
trends and use data to make decisions. ■ This evolution of CFOs’ role means to gain new skills and stay relevant.
■ The CFO role is changing due to such finance heads are expected to perform Upskilling may mean learning from
factors as a reevaluation of the concept multiple roles within an organization, other organizations or disciplines.

To comment on this article or to suggest an idea for another article, contact Courtney Vien at Courtney.Vien@aicpa-cima.com.

8 | Journal of Accountancy March 2023