The role of Chief Financial Officer (CFO) varies from company to company, but its fundamental importance never wavers. In the modern world, a CFO is no longer just responsible for balancing the books and the ever-increasing facets to the role explains why so many are turning to executive virtual assistants.
As the name suggests, controllership of a company’s finances is one of a CFO’s core responsibilities. From bookkeeping to budgeting, CFOs need to be constantly updated on company-wide financials. They have a duty to digest and evaluate this information, be it for either internal or external consumption.
In short, it’s a time-consuming and laborious mission, which has no margin for error. A financially-astute assistant, such as a Fyxer, can vastly reduce the burden by carrying out a range of tasks, such as analysing statements, inputting data and double-checking balance sheets.
Whether working for a company of 20 or 20,000, CFOs are relied upon by all parts of a business to constantly assess and communicate key financial data. For smaller companies, this may be inter-departmental; for MNCs, this may be inter-continental. In any case, establishing effective lines of communication is crucial.
Fyxers are the perfect conduit. Not only do they provide gatekeeper services, ensuring that access to the CFO is controlled regarding to priorities, but they will build up relationships cross-company to ensure the smooth flow of information. This could be internal logistics, such as providing data to operational managers or performance updates to the CEO, as well as external, such as assuming responsibility for investor relations.
From contracts to leases, tax to audit, insurance renewal to regulatory standards, compliance is a key plank for any CFO. A plank where the volume of work can swell at certain periods of the year.
Not only will Fyxers keep on top of compliance needs throughout the year, reducing the chance of a bottleneck period, but as they work on an hourly basis their workload can fluctuate in tandem with their CFO. Whether it’s filling out and paying taxes or supporting an annual corporate insurance renewal process, Fyxers can cut a CFO’s compliance workload in two.
Strategy and growth
Nowadays, modern CFOs have an instrumental role in formulating strategy and growth plans. Responsible for assessing past, present and future finances, CFOs will look to create an economic model that best enables long-term growth.
Fyxers can be a crucial cog in this process. A trusted partner, they can help draft reports or act as a soundboard for ideas. In addition, by carrying out internal research, they can determine which parts of a business are the most efficient: policies can be then introduced to capitalise on this, whilst improving less-productive areas.
As with all executives, time can be a CFO’s nemesis. With pulls on their attention from internal and external sources, one of a Fyxer’s key roles is to free up the CFO’s time, by taking care of all non-critical tasks.
A Fyxer will be the CFO’s first point of administrative support, assuming control of scheduling, calendars, meetings, expenses and travel, as well as internal and external correspondence. They will manage and monitor the CFOs priorities, adapting as they change and constantly striving to increase their CFO’s productivity.
Alongside the CEO, a CFO is under continuous pressure. Investor scrutiny and internal scrutiny. Employee expectations and shareholder expectations. Cutting costs and growing revenue. Having another set of eyes and ears helps make a CFO more efficient, so they can thrive in the areas they are needed most.