How Today’s CFOs Are Leading Business Transformation
10 Evolving Responsibilities of the Modern CFO
Adapted with permission from NetSuite’s original article by Ian McCue
In a business landscape shaped by inflation, supply chain instability, and labor shortages, the role of the Chief Financial Officer has never been more essential—or more complex. Finance leaders are now deeply embedded in shaping strategy, culture, technology, and operational agility.
Zastro, a leading NetSuite Partner, is proud to share the insights of three experienced CFOs—Drew Cook (Pact), Cari Thomas (Quatris Healthco), and Chantal Schutz (mCloud)—who offer a roadmap for how today’s CFOs can thrive and lead transformative changes.
- Flex Your Analytical Abilities
Finance leaders have always been skilled with numbers—but the modern CFO must do more than report on the past. They must apply data across all departments, guiding strategy and providing clarity where others rely on instinct.
As Thomas puts it: “Your job now as a CFO is to look across the entire organization and be focused on the things where you can add the most value with your financial skill set.”
Finance teams should advocate for data-first decision-making—not just within finance, but in marketing, product development, and operations.
- Celebrate and Leverage Others’ Expertise
Great CFOs listen before they lead. Whether it’s branding, culture, or customer experience, recognizing others’ strengths builds better outcomes and stronger teams.
In other words, be a good, active listener. Employees who feel they’re heard will be more engaged and do better work.
Cook emphasizes self-awareness: “You need to know what you know and what you don’t.”
Encouraging input from across the company also boosts engagement and employee satisfaction, two key drivers of retention and innovation.
- Build a Diverse Network of Mentors
Every CFO in the panel credited mentors—especially those outside of traditional finance circles—for their development. Board members, other executives, and peer CFOs offer insight into blind spots and opportunities.
Schutz even credits non-finance networking events with helping her see business challenges from entirely new perspectives. Whether you’re preparing for growth, M&A, or an IPO, trusted mentors can be invaluable sounding boards.
- Take an Active Role in Hiring
At high-growth companies, talent is everything. That’s why these CFOs are directly involved in recruitment—not just for finance roles, but across departments.
Schutz states bluntly: “If you tell me that talent isn’t one of your top priorities and one of your top challenges, I’m going to tell you you’re not insisting you have ‘A’ players on your bench.”
Pact and mCloud prioritize candidates who are adaptable, mission-driven, and eager to grow beyond their job descriptions. The right hire today could be your future VP tomorrow.
Cook, Schutz, and Thomas all see a strong link between hiring and company performance and therefore think they must be involved in selecting new employees.
One Note: In the NetSuite Outlook Survey, Managers in and out of the finance department didn’t always give their CFOs top marks for managing the finance team.
- Be a Strategic Partner Across the Business
Modern CFOs aren’t just finance experts—they’re business architects. Being involved in sales, HR, and operations provides essential context that fuels smarter decision-making.
Schutz encourages CFOs to “put on their business-minded hats” and get out from behind their desks—even in a hybrid world. Today’s CFO must be equally comfortable talking about margin analysis or product-market fit.
- Use Technology to Work Smarter
Automation and smart systems are now table stakes for financial operations. CFOs must drive adoption of tools that streamline reporting, AP/AR, and other transactional tasks—freeing up bandwidth for strategic work.
Thomas advises building a technology roadmap to plan future system investments. Cook echoes the need for tools that surface critical insights from overwhelming volumes of data.
- Keep Goals Realistic and Business-Centric
Not all ESG or operational goals need to be sweeping. Start with focused, achievable initiatives that align with your company’s mission and capacity.
Pact, for example, didn’t immediately eliminate all plastic packaging—but made gradual changes as costs and quality allowed. For Schutz, successful ESG starts with choosing “a very short list of things” and committing deeply.
- Invest in Employee Growth
Forward-looking CFOs develop talent, not just headcount. At Quatris Healthco, a shift to subscription-based software was paired with internal training to help teams adapt.
Schutz urges CFOs to prioritize leadership development: “Make sure you’re investing your time and energy into that next crowd of people… there are some really big shoes to fill.”
- Don’t Pretend to Have All the Answers
Authenticity matters. CFOs who are willing to say “I don’t know” build cultures of transparency and learning.
Schutz says this approach encourages staff to ask for help early, rather than charging ahead in uncertainty. Open communication starts at the top.
- Know What It Takes to Lead IPOs or M&A
Taking a company public or navigating a merger demands rigorous preparation—and learning from those who’ve done it before.
Schutz, who helped take mCloud public, recommends CFOs study other companies’ filings, build a data library, and identify gaps early. Thomas emphasized cultural and tech alignment during Quatris Healthco’s formation and acquisition.
Final Thoughts: The Evolving CFO Role
What ties all of these lessons together? Modern CFOs are more than financial stewards—they are:
- Strategic business partners
- Talent architects
- Tech champions
- Culture carriers
These aren’t just aspirational traits—they’re now requirements for effective financial leadership. At Zastro, we work with CFOs across industries to implement NetSuite in ways that support this broader, strategic mandate.
With the right systems, mentorship, and mindset, today’s CFOs are better equipped than ever to shape the future of their organizations.
Original Author: Ian McCue, Senior Associate Content Manager, NetSuite
Permission: Zastro has received permission to share this article with our customers.
Zastro’s NetSuite Consulting Services provides ERP solutions for businesses that want to streamline processes and make operations more efficient. From customer communications to back-office operations, Zastro can help your company effectively implement NetSuite to manage the resources and tools needed to scale.
