The CFO Show

Thomas Krolak, Vena's Director of FP&A, discusses the evolving role of CFOs amidst market volatility. Topics include disruptive forces impacting business operations, the expanding scope of finance teams, using FP&A skills to uncover opportunities, and anticipated investments in Artificial Intelligence.

A job description that is 40% controller, 20% bookkeeper and 20% Financial Planning & Analysis (FP&A) is going to be near impossible to fill. But for many businesses, this is exactly the sort of hybrid role they need.Outsourced accounting, through fractional models, has emerged as an option for businesses seeking flexibility, cost-efficiency, and specialized expertise in their financial operations. Dani Sandler works with those businesses at ScaleNorth, an outsourced accounting partner and NetSuite Solutions provider. In this episode, Dani shares how fractional finance services allow businesses to access a diverse pool of accounting professionals with varying skill sets, without having to increase their headcount.Learn how businesses leverage outsourced accounting and fractional models to reduce costs and improve processes and accuracy in accounting. Discussed In This Episode:The benefits of fractional models in finance, from cost-effectiveness to scalabilityHow outsourced accounting drives operational efficiency and enhances decision-making processesWhat types of businesses see the most value in an outsourced accounting modelHow to select the right outsourced accounting provider for your business and how to get the most value out of the partnershipImplementing an ERP system such as NetSuite, and how businesses can optimize the platform for their unique needs

Accountants work with certainties, recording and reporting on past financial transactions to ensure accuracy and compliance. FP&A professional, however, are concerned with what-ifs, looking toward the future in the forms of forecasting and strategic planning. It’s no wonder these two sides of the finance team can sometimes feel their goals are incongruent. David Cornfield of World Wildlife Fund Canada (WWF) and Tom Seegmiller of Texada Software each started their careers on one side of the finance team, and now oversee both functions. They understand what can cause friction between these two roles, and the dangers of working in silos. In this episode, David and Tom sit down with host Melissa Howatson to discuss the processes needed to  build stronger collaboration across the finance team, improving data accuracy for accounting, forecasting accuracy for FP&A, and ultimately driving insights and value for the team as a whole.Learn how both FP&A and accounting professionals approach their work, and how to build a cohesive and healthy finance team by aligning their KPIs.Discussed in this Episode:The benefits of a symbiotic relationship between FP&A and accounting, and how it can enhance overall efficiency and decision-making processesThe appreciation Tom and David have gained for accounting and FP&A respectively as they’ve expanded their responsibilities over time, and what they wish they had known earlier in their finance careersHow FP&A, with its focus on forecasting, budgeting, and strategic planning, can provide accountants with forward-looking insights, enabling them to anticipate financial trends and allocate resources effectivelyHow accountants, with their meticulous attention to detail and adherence to regulatory standards, play a crucial role in ensuring the accuracy and integrity of financial data used by FP&AExamples of processes Tom and David have used to align their FP&A and accounting teams and ensure the standardization of data

The transformative potential of AI for finance teams is extraordinary. CFOs need to educate themselves on how, where and when to adopt new technologies, and what they can be doing ahead of adoption to prepare their organizations. Howard Dresner is a technologist, researcher, and one of the foremost thought leaders in business intelligence. In this episode, Howard discusses the research his firm, Dresner Advisory Services, has conducted on AI adoption, as well as his predictions for how next-generation AI technologies will be used in Financial Planning and Analysis (FP&A). Howard also explains how AI works, and why the insights it generates are so much more sophisticated than what we can produce in a spreadsheet.Learn how innovation in AI is likely to impact FP&A, and how these developments will elevate the Office of Finance. Even if you don’t plan to be a first-mover, Howard’s insights can help your business get ready for the integration of these new technologies, long before you actually invest in them.Discussed in This Episode:How AI will empower finance professionals to navigate complex data landscapes with unprecedented precision and agilityPotential use cases for AI in FP&A, including forecasting and churn and risk assessmentThe difference between AI and generative AI, as well as the strengths and limitations of eachWhen businesses should invest in AI, and how they should prepare for adoption ahead of those investments through education and policy-makingThe history of business intelligence and Howard’s view on how it has evolved over the last few decades

Small businesses rarely have the budget to hire a full finance team, but they still need the same diverse range of support across payroll, accounting and financial planning as a large corporation. Some companies decide to outsource these functions to a dedicated finance and accounting partner as a more cost-effective and efficient way to handle their finance function needs and expedite growth.Kendra James-Anderson, founder of The Finance Femme, helps female entrepreneurs grow their businesses through virtual financial and accounting advisory. In this episode, Kendra gives us an inside look at a day in the life of a fractional CFO, shedding light on the value outsourced financial services can bring to small businesses. Kendra discusses when entrepreneurs should hire an outside finance partner, as well as how that partner should work with small businesses to stabilize or accelerate growth.  Learn how a fractional CFO or an outsourced accounting team can help small business owners with everything from basic accounting obligations to long-term business strategies.  Discussed in This Episode:A close-up look at the office of the fractional CFO, from how they function to how they support clients The increasing small business need for a trusted financial advisorWhen entrepreneurs should seek outside finance assistance and guidanceEntrepreneur’s shifting mindset toward business financial health post-COVID and now during economic uncertaintyHow a fractional CFO can support day-to-day operations and bring a growing businesses to the next level

A CFO is expected not only to lead financial reporting and the Office of Finance but also to provide strategic insights and strategy that propel the business forward. As a new CFO, you might feel eager to start doing the latter as soon as possible. But you don’t need to build your long-term strategy in the first few months on the job. When starting a new role as a CFO, your first 90 days should focus on learning about the organization and its members, building relationships across the business, and setting a long-term vision. Only then can you start making big changes and building a roadmap for the future. Tom Seegmiller, CFO of Texada Software provides his five-bullet checklist for new CFOs. Tom reflects on what it’s like to navigate the first 90 days - both professionally and personally - and offers practical tips for anyone taking on a new CFO role. Learn how spending time in the trenches can help you better understand the business and secure some quick wins. Once you have a full understanding of the work your colleagues are doing and how each department operates, you’ll be in a much better position to create long-term strategic value for the organization.Discussed in This Episode: The value of building relationships and goodwill with stakeholders and partners across the businessHow to make yourself an invaluable partner to your CEO and other members of the C-SuiteAssuming best intent, keeping an open mind, and demonstrating an eagerness to help your colleaguesAligning your vision to organizational and business goalsWhy mentorship matters throughout your career, even as CFO

If you like sports, you might say James Suh has one of the coolest jobs in the world. After 11 years with the Toronto Maple Leafs, James became CFO of the NHL’s Florida Panthers. What a first year he had, as the Panthers went from barely making the playoffs to the Stanley Cup finals! In this episode, James gives us an inside look at what goes into finance operations for a sports team, and what it was like to lead those operations for an underdog in a breakout year. His experiences offer valuable lessons in strategic planning, underscoring the importance of knowing your market, and prioritizing long-term growth and profitability over quick sales streams. Discussed in this episode:Understanding the finances of a hockey franchiseThe many streams of revenue in an NHL franchise, and how those differ from team to teamScenario modeling in an industry and market that are both highly unpredictableThe impact fan behavior has on budgeting and revenue forecastingHow winning impacts work culture, revenues, and operations

Amid uncertain market conditions, many companies are adopting a cautious "wait and see" stance regarding their initial public offering (IPO) plans. However, instead of delaying, proactive planning for an eventual IPO launch is essential. By preparing in advance, companies can capitalize on market opportunities, mitigate risks, and position themselves strategically for a successful public offering when market conditions stabilize. Donna Dellomo, Former EVP and CFO and Current Senior Strategic Advisor for Lovesac, has has helped three companies go public throughout her long career leading finance teams. In this episode, Donna discusses how she built data-driven finance operations and prepared her teams to operate as public companies – long before they actually were. Donna’s experiences highlight the importance of investing in technology and establishing the right controls to ensure a healthy public offering, as well as how adaptability can help keep your valuation high.Learn what meticulous planning and organization it takes for IPO readiness. While you can’t control when market conditions will shift in your favor, you can ensure you and your finance team are ready when they do. Discussed in This Episode:Key factors to consider when timing your IPOWhy building the right team of advisors (bankers, lawyers, auditors, investor relations, etc.) is key to fundraising and storytellingThe role of agile planning and scenario forecasting in your IPO-readiness strategy.How Donna and her team navigated unprecedented macroeconomic shifts, such as COVID, supply chain disruption, and tariffsLeveling up as a CFO by learning to communicate with the Street and spearhead investor relationsCultural differences that arise once you go from private to public, and how to stay true to your company values

As your business grows, you may feel a lot of pressure to meet increasing operational demands. However, investing in new resources brings the company additional risk, especially in times of economic uncertainty. How do you strike the right balance between prioritization, creating operational efficiencies and hiring?Andy Young, CFO at Horwich Farrelly, has led finance teams through multiple acquisitions and periods of high growth. In this episode, Andy and host Melissa Howatson discuss how to scale up finance operations amongst global economic shifts. Their conversation focuses on re-evaluating the traditional financial framework and implementing innovative strategies as technologies advance and business structures become more complex.Learn how to approach seasons of high growth and lead your team through major business changes. Discussed in This Episode:The challenges of scaling up and practical solutions to address themHow to lead and inspire a finance team through business and economic changes What to do when there’s a misalignment between resources and growth plansAutomating processes to trim down operations while you scale upThe importance of a dedicated team during acquisitions

Startups in highly regulated industries have to strike a tough balance — keeping operations both lean and compliant.Sruthi Lanka, CFO at Public.com, leans on her engineering background, as well as out-of-the-box thinking from her team, to meet both criteria. Sruthi explains why she made process efficiency a top priority for her team, and how a combination of high and low-tech solutions have created efficiencies and mitigated risk. Learn what it takes to fortify your organization against unforeseen risk management challenges with this in-depth look at Enterprise Risk Management (ERM) and internal controls.Discussed in this Episode:The impact of automation on internal controls and how to make time for automation when you’re resource-constrainedThe importance of accurate and unified data across the businessEnsuring regulatory and data compliance when leveraging artificial intelligence (AI)How smarter checks and balances and risk management can improve the quality of your business