Key tech tools to master for anyone hoping to land a CFO role

Lucy Brewster here, filling in for Sheryl.

For Part 2 in our series aimed at what it takes to become a CFO, we wanted to dig into tech. As the finance industry becomes increasingly automated, being tech-savvy is not just a plus, but an essential skill set for young professionals hoping to eventually land the CFO role. CFOs utilize software tools in a range of key job functions: conducting data analysis, outlining financial projections, and making strategic decisions. We asked experts to explain what tech trends are here to stay for CFOs—and what skills you should be looking to acquire as you climb the org chart.

Tech to get your data right

The most fundamental tech tools CFOs have at their disposal are accounting systems that help them store data and make financial projections for the company. “The concept of ‘bad information in, equals bad information out’ really applies,” explained Jason Dess, who leads Accenture’s global CFO and Enterprise Value services. “So aspiring CFOs really want to get a really good understanding of data and how it drives insight.” 

Jay Jung, who founded Embarc Advisors and works with startups as a “fractional CFO” and advises some as a consultant, emphasized that understanding how to use accounting tools is the most important skill that allows savvy finance executives to move on to more advanced toolset. For smaller companies, accounting tools used could be QuickBooks Online, but larger companies require more comprehensive systems. “Unless you have the raw data coming in from your accounting system really buttoned up, [more advanced] tools are oftentimes just the next shiny object,” he explained. 

Other key tools for CFOs include enterprise resource planning (ERP) to assist in financial forecasting, Dess said. Most candidates will want to have some familiarity with the big ERP software providers like NetSuite, and the enterprise management cloud by Workday (the sponsor of CFO Daily).

For aspiring CFOs, Jung explained that learning more complex forecasting tools will help them stand out from the crowd. Data visualization software suites, such as Microsoft Power BI, allow CFOs to forecast financial figures for their own business and get a real time view of how their company is currently performing, he said. “If you can actually manipulate the data, you are going to be far ahead,” said Jung. 

Tools for the CFO as a manager

As the CFO role shifts to encompass more than…