CAO pivot: Time to step up
The economic downturn means strategically minded chief accounting officers must first help tackle today’s financial challenges
As stakeholders ask for more, a new CAO profile emerges
Chief Accounting Officers (CAO's) face a perfect storm of disruptive developments. Their traditional mandates as performance scorekeeper for the enterprise remains as important as ever. But stakeholders – the C-suite, regulators, the capital markets, customers and employees – keep raising the bar. Each round of advances in data/analytics and process automation, in turn, lifts service-delivery expectations. The new baseline includes virtual closes, customized dashboard reporting, reciprocal data-sharing with suppliers, and actionable insights for the middle and front office.
By necessity, CAOs are adapting to a landscape in which rapid market shifts, regulatory uncertainty and relentless technology change are “the new normal.” By choice, the best CAOs are taking the initiative, acquiring hard skills beyond core accounting, but also focusing on the soft leadership attributes they need to lead their organizations.
As stakeholder definitions of value evolve, next-gen CAOs are actively pivoting their organizations to stay relevant. The Accounting function is at an inflection point, because the business expects actionable insight, not just numbers.
Joe Dineen, Principal Accounting Advisory Services
