CFOs should focus on value creation not costs - Expert

The ever-changing trend of the corporate world requires Chief Financial Officers (CFOs) to go beyond their traditional roles and add value to the firms in which they operate, Stephen K.B Omane, the Executive Director of Africa Trust Capital LLC, has admonished.

Mr Omane indicated that CFOs would need to realise the evolvement of their roles as business advisors for which “they need to know what other departments do and how it affects the business”.

He was of the view that the days where “CFOs stay in one corner focusing just on the numbers are long gone” because “everything that happens in the business affects the numbers”.

The former Group Financial Controller (Africa Region) for Persistent Energy Africa advised CFOs to be abreast of changing trends of regulations in the sector in which the business operates. For him, “company lawyers will normally review contracts and not so much on regulations, compliance etc.”

Mr Omane, a Managing Partner of PenielStephens LLP and a Fellow of the Association of Chartered Certified Accountants (ACCA) wants CFOs to leverage on modern technologies to build analytical insight that will drive the business where they work.

Mr Omane, a member of the Institute of Internal Auditors – Ghana, was speaking on Class FM’s Think Ahead series, a business programme on Class91.3FM which airs in collaboration with the Association of Chartered Certified Accountants (ACCA), on Tuesday April 25.

He told host Moro Awudu CFOs must understand the in-depth risk profile to support their businesses to develop effective strategies for growth while remaining cost- competitive.

To this end he commended the ACCA for their programmes which trains and equips individuals to effectively operate in the business environment.

For him, ACCA is able to churn out CFOs to effectively work in collaboration, by serving as the integration hub for key business processes, as well as serving as catalysts for change including business transformation and as a consultant or trusted business advisor in helping to create sustainable growth.

The Think Ahead programme provides a platform for the discussion of topical issues to help listeners develop business skills and be proactive in dealing with problems in the day-to-day running of their businesses.

The programme airs every Tuesday on Class FM’s Executive Breakfast Show from 8:30am to 9:15am and takes the form of a brief presentation of a specific subject matter while the audience is allowed to contribute and ask questions on the subject.

ACCA is the global body for professional accountants and aims to offer business-relevant, first-choice qualifications to people of application, ability, and ambition around the world who seek a rewarding career in accountancy, finance, and management.