Looking Past Covid-19, the recession now underway may be prolonged and recovery will be uneven, this will vary by company, industry, and geography. This crisis was an eye-opener for many CFOs. It has not only exposed fault lines in the function’s current operating model, but it has also proved that bold change can happen quickly and effectively.

With the experiences that came with the Covid-19 outbreak, it has caused a rethinking of the way finance executes and delivers its services, as organisations prepare for a future “normal.” While the post-crisis environment will be challenging, finance has gained an opportunity to remerge as a more agile and digitally enabled function.

Finance has received high marks from management and business stakeholders for its rapid response to the Covid-19 pandemic. In a May 2020 poll conducted by The Hackett Group, 100% of finance respondents transitioned successfully to remote work and closed the books on time in spite of substantial disruption. Now, using the lessons learned in the past few months, CFOs must move the function beyond reactive blocking and tackling, toward preparing to meet the long-term implications of the crisis on finance’s operating model.

Access your free eBook “Looking Past Covid-19: Five Critical Messages for CFOs” to learn more about Covid-19’s near- and long-term effects on the finance function, as well as the Five Critical Principles and their implications for CFOs.