CFO's from 2021 – Gary McGaghey
There is a lot of speculation about how the role of the CFO will evolve in 2021. Private equities expert and Williams Lea Tag CFO Gary McGaghey, shares his thoughts on the future of this position with PWIC.
“The most interesting thing that I think we’re going to see is that people are going to start looking for more strategic finance skills,” says McGaghey. “It’s not just about being a bookkeeper anymore.”
McGaghey also believes there will be an increase in demand for chief financial officers who have experience working with startups or business divisions where they can wear different hats from time to time. It is clear from this interview with CFOs from 2021 – Gary McGaghey that they will need to be dynamic and versatile with a diverse skill set.
Apart from the technical skills, CFO’s of 2021 will also need to handle an increasingly complex risk environment where they will most likely be working alongside other experts such as cyber security experts and compliance officers. It is exactly these types of experts that Gary McGaghey has worked with in the past at Williams Lea Tag; he was even promoted after his work on understanding cybersecurity risks! This shows how important it is for finance professionals to constantly learn about emerging technologies to manage them in the future effectively. More information here about Gary McGaghey: https://www.f6s.com/gary-mcgaghey
When it comes down to it, no matter what changes are introduced by this date, CFOs of 2021 should remember to focus on what they value most.
“The one piece of advice I’d give to any CFO, whether it’s now or ten years from now, is that you need to be an expert in financial management and the finance function,” says McGaghey. “But, more than anything else, you need to believe in what you’re doing.”
CFOs of 2021 will have immense power over businesses with their ability to make decisions. They need to understand accounting aspects and know-how each decision impacts the business as a whole. CFOs must understand all parts of the company’s operations, which require complex skillsets often overlooked by people who don’t work in this field. It is not just about making numbers bigger on a spreadsheet but working together with different departments and employees to create a better bottom line.