In today’s volatile economic climate, how is the role of a Chief Financial Officer evolving, beyond mere number crunching? That’s a key question we sought answers to at our recent CFO breakfast event.
As it turns out, the evolution of the CFO role is accelerating. Our discussion with industry leaders in Accounting, Finance & Financial Services highlighted that financial leadership is as much about people management teams and driving long‐term strategy, as it is about ensuring the integrity of the balance sheet.
Drawing on insights from leaders including Paul Helm of MBIE, Stewart McRobie of ACC, and Trish McAuliffe of Stats, we’ll share the most profound takeaways from our event, to heighten your effectiveness across your organisation.
Strategic Budgeting and Long-Term Forecasting
In our discussion forum, Paul Helm stressed the importance of the right foundations in financial leadership. Maintaining a relentless focus on the balance sheet and long-term planning are just as vital as ever for keeping one’s eyes on the ball.
“Ask yourself, ‘Where will you be on the 30th of June?’ Use that as a benchmark to drive your budget year and even plan a 3-to-5-year forecast,” Paul said.
Finance leaders are called to go deeper in understanding current and forecasted costs, to ensure the whole business comprehends the financial implications of their decisions. In other words, it’s more than just ensuring the numbers are accurate.
Every financial forecast, Paul added, is an opportunity to engage business leaders in understanding the real dollars behind their strategies.
Stewart echoed this sentiment by noting that the budget is more important than ever. “With enormous pressure on finance, the detail in the budget must be spot on. The business owns the budget, and it’s imperative to find that middle ground where detail meets actionable strategy.”
He cautioned against relying too heavily on emerging technologies such as AI for financial statements. Innovative tech is welcome but has its place. After all, nothing can replace the rigour of detailed budgeting.
The CFO as ‘Chief Communication Officer’
When a CFO’s role is no longer just about managing numbers, what else does it involve? According to Trish McAuliffe, finance leaders are also the chief communication officers of their companies.
CFOs increasingly need to make the financial narrative accessible and actionable for non-financial leaders. That means ensuring financial terms and figures are well articulated and ultimately understood.
“It’s crucial to ask: what do your leaders really want, and what do the numbers mean to them?” she said.
For those in the public sector, Trish added, CFOs are often challenged to translate complex financial data into clear insights that enable informed decision-making. That’s where those communication skills come into play.
Inspiring and Engaging Teams
Beyond the spreadsheets, effective finance leadership is about creating an environment where teams feel empowered and supported to do their best work. Their engagement and long-term commitment depend on it.
Trish encourages finance leaders to champion their teams in front of senior leadership. “Make it fun and make it matter. Support the policy team, and ensure your people feel that support,” she said.
Paul added that empowerment includes enabling team members to be candid. “You have to listen, diversify, and make a more significant effort to stop and listen.”
Engaging with newer team members and providing them opportunities to contribute to major projects has two benefits. One is building up skills and capabilities, and the other is an enrichment of the overall team dynamic, Paul said.
Stewart also reminded us that leadership remains pivotal in retaining talent. “People leave bad leaders, not bad organisations. It’s about motivating and creating the right environment where relationships matter.”
Strong leadership sets the tone for both financial discipline and how effectively team members can collaborate, he added.
Looking Forward: Real-World Impact Through Strategic Leadership
The points raised at the event CFO breakfast reinforced what we’ve seen on the ground in Accounting, Finance & Financial Services recruitment: effective financial leadership is a balancing act.
Today, finance leaders have to manage an equally demanding set of priorities:
Take the Long View - Constantly reassess your balance sheet and forecast not just for the next quarter but also for the long term.
Zero In on The Details - Ensure you scrutinise every line item in the budget, as even the small details today can shape the strategy for tomorrow.
Tailor Your Communication - Translate financial data into clear, strategic insights in language that all leaders and stakeholders can understand.
Nurture Your Team – Give every team member space to feel heard, valued, and capable of contributing to your organisation’s financial success.
Employing these leadership strategies can both drive stronger financial outcomes and build a more resilient and innovative culture in your workplace.
The Takeaway
In a time when budgets are ever more closely scrutinised and every dollar counts, the insights shared by Paul, Stewart, and Trish remind us that the role of a CFO is multifaceted.
Financial leadership demands precise forecasting, communication clarity and sincere dedication to helping your team succeed. Adopting these principles helps ensure you’re ready to tackle immediate challenges and also build sustainable success.
Access Our Accounting, Finance & Financial Services Recruitment Support
Having the right people in your finance team is the engine of your organisation’s success. That’s where Beyond Recruitment can help. With our extensive networks in Accounting, Finance & Financial Services, we can assist you in your search for an exceptional finance professional. Please reach out to Jeremy Hill for help with contracting, permanent and fixed term roles.
