Is this the end of BAU for CFOs?
The role of the Chief Financial Officer has always been a cornerstone of business, traditionally associated with the stability of financial stewardship and operational control.
However, a new wave of thinking is rippling through the finance function, challenging the very essence of what it means to be a CFO in today’s rapidly changing business environment.
As digital transformation reshapes entire industries, business-as-usual (BAU) for CFOs is fast becoming a thing of the past.
At Accountex London 2025, we spoke with two leaders driving this evolution: Darren Cran, CEO of AccountsIQ, and Olivia McMillan, COO of Iplicit. Both are deeply entrenched in the world of financial software and its ability to enable business transformation.
Through their experiences, we get a glimpse of how the CFO role is being rewritten, evolving from the classic number-cruncher to a strategic visionary, capable of steering businesses through uncertainty and embracing the potential of technology.
According to Darren Cran, the issue with today’s CFOs is not about the technology available to them, but rather their reluctance to break free from old habits.
“A lot of finance functions are still stuck doing things the same way they always have, despite the technology that exists to change that,” Cran notes. For Cran, the real opportunity lies in leveraging technology to free CFOs from the repetitive tasks that hold them back.
“We often see that the tools available today are used as cloud versions of old on-premise systems, but they should be changing the game entirely. If CFOs are still stuck in the traditional roles—balancing the books and ensuring compliance—they’re missing the chance to lead the charge on strategy,” he says.
“The role of the CFO has broadened significantly. It’s not just about financial results anymore. It’s about understanding how the business operates and driving value from that understanding,” says McMillan.
“CFOs are now expected to be leaders who think across the entire business. They need to focus on creating value from multiple areas—whether it’s financial growth, employee engagement, or even sustainability.”
Technology, undoubtedly, is central to this shift. But it’s not just about adopting the latest tools; it’s about picking the right solutions that align with business needs and operational goals.
As both Cran and McMillan point out, there’s a fundamental need for technology that streamlines operations and allows CFOs to step into more strategic roles.
For example, Cran talks about the incremental benefits of starting with small automation wins, like digitalising expense capture or automating accounts payable.
“You don’t need to overhaul everything at once. Start with the basics and make sure your team sees the results. That’s when you can build momentum for more complex automation,” he suggests.
McMillan adds that in the mid-market space, businesses often grow out of entry-level systems like QuickBooks or Xero, but are not yet ready for the complexity of enterprise-level software.
“It’s about finding that sweet spot where the technology can evolve with the business,” she says. “Many CFOs are overwhelmed by the sheer number of options available, but selecting the right tools at the right time is key to driving long-term success.”
But while technology is important, McMillan stresses that it’s the CFO’s leadership that drives the success of these tools.
“The CFO needs to create an environment where technology can thrive. That requires leadership, collaboration, and a clear vision of how technology will be leveraged to create value.”
In an era where data is being hailed as the new currency, CFOs are no longer just tracking numbers—they are using data to shape the future of the business.
Both Cran and McMillan agree that a CFO’s ability to understand and use data is a critical component of their evolving role.
Cran points out that CFOs who are able to integrate data from various sources—not just within finance but across the entire business—will have the greatest strategic advantage.
“Getting real-time information and integrating it with other business functions is key to staying ahead of the curve,” he explains.
This isn’t just about internal data; it’s also about understanding external market trends and how they impact the business. McMillan sees this as a crucial aspect of the CFO’s new role, with data being used to drive decision-making across the board.
“CFOs are becoming more involved in areas such as customer experience, employee satisfaction, and even corporate social responsibility. They must be able to interpret data that goes beyond the financial statements,” she says.
Looking ahead, both Cran and McMillan agree that the future CFO is one who adapts to a constantly changing environment.
“The role of the CFO is no longer just about managing risk and looking at the rearview mirror,” Cran notes. “CFOs are now expected to drive growth, innovate, and help their organisations navigate the future.”
McMillan believes the key to success lies in the CFO’s ability to evolve with the times.
“There is no longer a clear divide between the finance function and the rest of the organisation. CFOs need to lead the charge in digital transformation, using technology to not only improve the bottom line but also to enhance employee engagement and drive innovation.”