CFO Best Practices in 2025: Beyond Financial Reporting and Into Strategic Decision-Making 

The world is moving faster than ever. This very article, which would have taken days to get to you just five short decades ago, can now be delivered in an instant. That Teams message you just got would have taken days to be sent out as a letter, or minutes if it had been a long-distance phone call. And your latest balance sheet would've taken three, maybe four times longer to create back when Microsoft was just a twinkle in Bill Gates' eye.  

Everything is accelerated, and everything is changing. The role of Chief Financial Officer (CFO) is no exception -- and together with it, the office of the CFO is shifting too. What once was a finance leader's job to report on past financial performance has transformed into a strategic and data-driven position that requires constant adaptation and evolution. 

The good news? These transformations open doors for CFOs to play an (even) more integral role in driving business growth and success. In this article, we'll explore the key best practices for CFOs to thrive in 2025 and beyond.  

In this article, we will explore what it takes to be a successful CFO in 2025 and beyond. Read on if you want to learn CFO best practices that will supercharge your skills and help you excel in your role. 

The Key Responsibilities of a Modern CFO  

If this article were written in the 1980s, the key responsibilities of a CFO would be quite different. Back then, the focus was mainly on financial reporting and compliance, ensuring that the company's books were in order and taxes were paid on time. Today, however, a modern CFO has a much more expansive role.  

In addition to traditional financial management duties, today's CFOs are expected to use data-driven insights to inform strategic decision-making, drive business growth, and identify cost-saving opportunities. They must also have a strong understanding of technology and automation to streamline processes and improve efficiency within their finance departments and across the organization. 

Here's a more detailed breakdown of what modern, strategic CFOs are expected to do (and why this matters so much) 

1. Strategic Financial Leadership 

No less than 82% of CFOs say their role has significantly grown over the past five years -- turning them from financial reports, into strategic stakeholders for corporate strategy, growth planning, and investment decisions. From financial gatekeepers to financial objective influencers and drivers, CFOs now must align financial objectives with a range of other responsibilities and business goals -- including, but not limited to corporate environmental and social governance. 

Nowadays, CFOs are expected to have a seat at the table with other C-suite executives to provide critical insights and recommendations for sustainable business growth and success. 

2. Collaboration Between CFO and CIO  

According to PwC's 2024 Pulse Study, 44% of CFOs say increasing the use of tech to reduce costs is very important to fund in the next 12 months. Plus,  58% of CFOs have also noticed they tend to spend more time on tech investment and implementation—and as a result, they need to collaborate with Chief Information Officers (CIOs) for better financial planning, reporting, and strategy execution. It makes sense: no matter what kind of business you're in, IT plays a paramount role in driving growth. As such, aligning financial and IT strategies can help your organization improve data integration, real-time analytics, and digital transformation. 

CFOs who work closely with CIOs are better equipped to leverage new technologies and improve decision-making. More even, the collaboration between CFOs and CIOs has plenty of room for growth too, as it can foster better cybersecurity best practices. Collaborating on cybersecurity matters is particularly important, considering that, according to PwC's Global Digital Trust Insights, only 2% of global finance and tech leaders have implemented cyber resilience action points across their organizations. 

3. AI-Powered Financial Operations  

Automation in Finance is playing a bigger role than ever. AI (Artificial Intelligence) is almost completely overhauling financial operations, including, but not limited to: 

• Data modeling 

• Data transformation 

• Data processing and analytics 

• Reconciliation 

• Fraud detection 

• Financial forecasting 

Automation helps reduce manual workload, improve accuracy, lower the likelihood of human error, and enables CFOs and Financial Analysts to make proactive decisions. In a world where information is more precious than gold, Data-driven decision-making is like mining for gold—it helps you uncover valuable insights hidden within raw information. 

AI is no longer this far-fetched, will-it-won't-it, future technology. It's here, and it's changing the way finance leaders do their jobs. According to the PwC 2024 Pulse Survey, 28% of Finance departments are already using AI in forecasting. 

Now is the time to invest in AI adoption, ride the wave of change, and reap all the benefits that come with it. 

The good news is there are very good tools to help you with that. Zebra AI, for example, helps you create dashboards in seconds, interact with your data, collaborate with co-workers to get down to the nitty-gritty of your business numbers, and draw the best insights for sustainable growth. It’s like having your own super-human assistant analysts that knows how to model, analyze, and communicate insights anytime, anywhere—no coding needed too, so anyone in your organization can pick up where you left off and use natural language to get to the bottom of their data-related questions.  

4. Optimizing Financial and Business Reporting: Enhancing Speed and Accuracy of Decision-Making  

Efficient reporting is essential for clear insights and smart decisions. By automating and standardizing reporting processes, you can cut errors and boost efficiency. From the way you build your reports and visualize your data to the way present and share them, every detail can make a massive difference.  

For example, research from Technische Universität München (TUM) shows that adopting IBCS standards can speed up analysis by 46% and improve decision-making accuracy by 61%. Simplified reports, unified visuals, and focused insights make financial data easier to understand—and easier to act on. 

Visualizing data according to IBCS standards is, of course, just one part of the process. However, along with healthy data interpretation and report sharing processes, good visualization can jumpstart a project and set you on the right path for enhancing speed and accuracy in decision-making (precisely because it promotes an easy identification and understanding of data and insights.) 

5. Efficiently Communicating Financials to Stakeholders  

Modern CFOs are (a lot) more than just data-crunchers, they must also ensure financial information is easily digestible for stakeholders. And while traditional financial statements often fail to provide a clear, actionable overview of a company's financial health, Modern CFO best practices help financial teams and executives turn data into clear, compelling stories. 

The CFO of the 2020s needs to leverage advanced visuals that enhance data storytelling by enabling interactive analysis, dynamic scaling, and up-to-date financial insights. By adopting these tools, CFOs can ensure that financial reports are not only compliant and structured but also engaging and easy to interpret for key stakeholders.    

CFO best practices for turning data into stories 

Turning financial data into stories non-financial professionals doesn't have to feel like a chore for the modern CFO, nor does it have to involve thirty follow-up questions on your internal instant messaging tool, four separate email threads, and diagrams no one can make sense of. 

Here are some of the best CFO best practices you should keep in mind when you want to make sure everyone in the room understands the data and can draw the most beneficial conclusions for the business: 

Include Variances to Previous Year, Plans, and Forecasts  

Understanding performance requires context. By including variances to the previous year, plans, and forecasts in your financial reports, you provide immediate answers to key questions: Is the performance good or bad? How good or bad? And why? These insights help decision-makers quickly assess results and take action where necessary. 

Move from Plain Tables to Visual Tables  

Plain tables can make it difficult to interpret financial data effectively. Instead, adopt visual tables that highlight the significance and contribution of each financial item. Visual elements such as charts and color coding make financial statements easier to digest and draw attention to key takeaways. 

Sort Tables to Reflect Metric Calculations  

When using tables to calculate specific metrics or KPIs, the sorting order should align with the calculation logic of how subtotal, totals, and KPIs are calculated. For instance, if your gross margin is the same, your table should be sorted like this:  

This ensures clarity and helps readers follow how each value contributes to the overall metric or KPI, making the calculation process transparent and intuitive. 

Show Trends to Understand Seasonality  

Seasonality can have a significant impact on business performance. By showcasing trends in your financial reports, you make it easier to identify and understand seasonal patterns. This allows businesses to plan ahead and better manage fluctuations in performance. 

Use Comments to Explain the Why Behind the Data  

Context is crucial for understanding financial figures. Use comments and comment markers to explain the reasons behind the numbers, connecting historical business decisions to the latest financial outcomes. This approach helps stakeholders see the bigger picture and understand the "why" behind the data. 

Emphasize Standardization with Visual Communication  

Standardization is essential for ensuring effective communication in financial reporting. Visual communication standards, like those outlined by the IBCS (International Business Communication Standards), help create consistent and clear reports. From unified table and graph interpretations to standardized use of colors, adopting these practices ensures everyone speaks the same language and understands the data. Structure reports hierarchically, starting with top-level summaries and drilling down to detailed pages, rather than overwhelming users with complex, hard-to-read tables. 

Leverage Interactivity Features for Dynamic Reporting  

Static reports limit engagement and exploration of data. Instead, use interactive features such as expandable and collapsible hierarchies, annotations, slicers, and on-the-fly quick calculations. These tools allow users to interact with the data dynamically, exploring trends and insights in a more engaging and personalized way. 

Using data visualization tools, dashboards, and simplified reports can facilitate better understanding.  

6. Ensuring Best Practices in Business Intelligence (BI)  

According to BARC, in 2024, only 25% of organizations achieved meaningful BI adoption. Meanwhile, almost three-quarters of employees feel overwhelmed by data. 

Adopting BI tools allows for better financial planning, budgeting, and forecasting. And CFOs should lead the charge in selecting and implementing the right BI tools for their organization.  

It is worth mentioning that not all BI tools are created alike. In fact, choosing the right business intelligence tool can be like choosing a screwdriver from your toolbox: each of them is designed for a specific task and caters to users of varying skill levels. Read below if you would like to learn more about choosing the best BI tool for your needs.  

7. Adoption of a Comprehensive Tech Stack  

According to PWC Pulse Survey from June 2024 44% of CFOs say increasing the use of tech to reduce costs is very important to fund in the next 12 months .

A well-structured CFO tech stack includes:  

• ERP Systems for streamlined financial management  

• Business Intelligence (BI) Tools for data visualization and analytics  

• Cash Flow and Liquidity Management Software for real-time financial insights  

• Financial Planning & Analysis (FP&A) Tools for scenario planning and forecasting  

8. Planning and Forecasting Processes  

As compared to one year ago, 58% of all CFOs surveyed by PwC say they dedicate more time to financial planning and analysis, as well as business performance.  

Clearly, CFOs play a critical role in financial planning, forecasting, and overall ensuring that budgets align with business objectives. They have to oversee the entire planning process, approve final outcomes, and effectively communicate these financial plans to non-financial stakeholders.  

According to PwC, 46% of CFOs say forecasting accurately is a significant challenge to achieving their priorities. Once again, the right tools can help you clean, process, analyze, and visualize your data to gain accurate insights for better decision-making. 

9. Cost Management in Finance and ROI Optimization  

CFO’s hold critical responsibilities in ensuring efficient resource allocation, maximizing return on investment (ROI), and driving cost optimization. Cost analysis and real-time financial reporting enables CFOs to:  

• Identify cost-saving opportunities and efficiency improvements  

• Monitor key financial KPIs and adjust strategies accordingly  

• Ensure resource allocation aligns with high-value business activities  

• Use data-driven insights to balance cost reduction with long-term growth potential  

• Identify risks and opportunities within financial plans and forecasts  

CFOs need smarter tools to keep finances on track. Advanced cost management, BI solutions, and predictive analytics help monitor spending, predict challenges, and ensure long-term financial health. 

Want to learn more about cost management (and doing it efficiently)?

Check out our webinar recording, for free: Master Cost Management—Elevate Reporting, Tracking, and Efficiency.  

10. Pricing Strategy and Profitability Optimization  

Pricing plays a crucial role in financial strategy and directly impacts revenue and profitability. Many CFOs are responsible for:  

• Developing data-driven pricing strategies  

• Monitoring market conditions to adjust pricing models  

• Aligning pricing with customer value and business goals  

• Using predictive analytics and AI to optimize pricing decisions  

• Ensuring pricing transparency and alignment across sales and finance teams  

By leveraging pricing analytics and business intelligence tools, CFOs can ensure that pricing decisions support long-term financial sustainability while maintaining competitiveness in the market.  

The modern CFO needs to go beyond basic revenue tracking. They need to adopt price-volume-mix (PVM) analysis to understand the specific factors driving changes in revenue (and make the right strategic decisions for the business going forward.) 

11. Leadership & People Management  

A successful CFO is not only responsible for financial oversight but also plays a crucial role in building and leading a high-performing finance team. Despite significant challenges (two-fifths of CFOs say it's harder to attract financial talent as compared to two years ago), leadership development and talent management are key aspects of ensuring long-term business success. In fact, more than half of CFOs say hiring the right people with the right skillset is a top priority: 

As such, CFOs must:  

• Hire and retain top financial talent who align with the company's strategic goals.  

• Develop training and upskilling programs to keep finance teams equipped with the latest financial technologies and analytical skills.  

• Foster a culture of continuous learning and professional development.  

• Ensure cross-functional collaboration between finance and other business units to drive strategic decision-making.  

• Lead with transparency and clear communication to align finance teams with overall business objectives.  

By prioritizing leadership and people management, CFOs can cultivate a finance team that is agile, data-driven, and capable of supporting long-term business growth.  

CFOs don’t act alone. They rely on their Head of Financial Planning & Analysis (57%) and their Controller or Chief Accounting Officer (49%) the most. These two roles are particularly important as the path CFOs take to the role has shifted.  

Looking for a clear, actionable course on Power BI your entire team can take to upskill and better leverage one of the best BI tools in the world? Check out Zebra BI Academy—it’s free, it was created by people with decades of experience in Power BI, and you can do it at your own pace.  

Best Tools for a CFO’s Office 

If everything presented so far sounds like a lot of work (with a lot of ramifications) for one person, it's because it is. Thankfully, CFOs are not alone in their endeavors, as there are a lot of digital tools they can use to optimize operations and enhance decision-making: 

Financial Planning & Analysis (FP&A) Software  

FP&A software like Anaplan, Adaptive Insights, and Datarails help businesses streamline budgeting, forecasting, and financial planning processes, enabling data-driven decision-making. 

Enterprise Resource Planning (ERP) Systems  

Solutions such as SAP, Oracle NetSuite, and Microsoft Dynamics integrate core business functions like finance, supply chain, and operations into a centralized system for improved efficiency. 

Business Intelligence (BI) Tools  

Platforms like Power BI, Excel, Tableau, Qlik, and Zebra AI enable organizations to visualize data, create reports, and uncover insights to drive strategic decisions. 

Automation and AI-driven Accounting Tools  

Software like BlackLine, Xero, and QuickBooks automates accounting processes, reduces manual tasks, and ensures accuracy in financial reporting through AI-driven solutions. 

Collaboration & Communication Platforms  

Programs such as Slack, Microsoft Teams, Asana, and PowerPoint enhance team collaboration, streamline communication, and improve project management across departments. 

Expense & Budgeting Tools  

Tools like Expensify, Coupa, and Workday simplify expense tracking, budgeting, and approval workflows to manage finances more effectively. 

Liquidity Management Solutions  

Platforms such as Kyriba, Trovata, and HighRadius help businesses monitor cash flow, optimize liquidity, and manage financial risks with real-time insights. 

How to Choose the Best Tools for Your Finance Team 

Selecting the right tools is essential for CFOs to optimize financial management, streamline operations, and improve decision-making. When evaluating and implementing tools, CFOs should consider the following criteria:  

Integration Capabilities  

Choose financial tools that seamlessly integrate with your existing ERP, BI, and financial reporting systems. Smooth integration ensures streamlined workflows, reduces errors, and eliminates the need for manual data entry, saving both time and effort. 

Scalability  

Select tools that can grow alongside your business. Scalable solutions adapt to changing financial needs, making them ideal for businesses experiencing growth or fluctuations in operations, ensuring long-term usability. 

User-Friendliness  

The tool should be intuitive and easy to use for finance teams. A user-friendly interface reduces training time, encourages team adoption, and increases overall productivity by simplifying daily financial tasks. 

Automation and AI Features  

Look for solutions that leverage automation and AI to minimize manual work. Advanced features, such as AI-driven insights, can provide smarter forecasting, budgeting, and quicker decision-making, ultimately saving time and boosting efficiency. 

Customization and Flexibility  

Choose tools that offer customization options for dashboards, reports, and workflows. Flexibility to tailor these features to your company’s unique needs ensures the solution aligns perfectly with your business requirements. 

Security and Compliance  

Prioritize tools that ensure robust data protection and comply with financial regulations and industry standards. Strong security measures safeguard sensitive financial data, while compliance ensures adherence to global benchmarks. 

Cost and ROI  

Evaluate tools based on their pricing models and the potential return on investment (ROI). Cost-effectiveness is key, and the right tool should provide measurable value that justifies its expense over time. 

For example, if you want to know the ROI of implementing Zebra BI, you can easily calculate that using our ROI calculator here. Doing this will give you a better idea of how your investment will pay off.  

Support and Training  

Opt for tools that come with comprehensive support and training resources. Robust documentation, reliable customer support, and hands-on training ensure your team can fully maximize the tool’s potential. 

Adoption of Emerging Technologies  

Ensure the tools you select leverage the latest advancements in data analytics, artificial intelligence, and cloud-based solutions. Keeping pace with emerging technologies helps maintain a competitive edge and future-proofs your financial operations. 

Industry Best Practices Compliance  

Choose tools that adhere to global standards like IBCS, GAAP, and IFRS. Compliance with these standards ensures accurate, transparent, and reliable financial reporting, building trust and credibility in your financial processes. 

Best Practices for CFOs to Work Smarter  

As a CFO, staying ahead in today's fast-paced financial environment requires a combination of strategic thinking, efficient processes, and adaptability. Below are six impactful strategies CFOs can implement to drive success and ensure financial stability within their organizations. 

1. Implement Automation to Reduce Manual Work  

Automation is a game-changer for finance teams, cutting down on repetitive tasks like data entry and manual reporting. By leveraging AI-powered tools, CFOs can free up valuable time for their teams to focus on strategic activities such as financial planning and analysis. Automating routine processes not only saves time but also reduces errors, improving overall efficiency.  

2. Foster a Data-Driven Culture  

A data-driven culture ensures that financial decisions are grounded in facts, not intuition. CFOs can encourage teams to prioritize analytics tools and insights that provide a deeper understanding of company performance. This approach builds confidence in financial strategies and leads to more informed decision-making across the organization.  

3. Optimize Financial Processes  

Streamlining financial workflows is crucial for maximizing efficiency and maintaining control over resources. CFOs should focus on improving processes like reporting, budgeting, forecasting, and procurement to eliminate bottlenecks and improve speed. By optimizing these functions, organizations can allocate resources more effectively and focus on growth opportunities.  

4. Strengthen Risk Management in Finance  

Proactive risk management is key to safeguarding a company’s financial health. CFOs can use predictive analytics to identify potential financial risks before they become major issues. Implementing clear mitigation strategies ensures resilience, helping the company stay prepared for economic shifts or unforeseen challenges.  

5. Improve Financial Transparency  

Transparency is a cornerstone of trust in any organization. CFOs can create clear dashboards and visual reports that simplify complex data, making it accessible to executives and non-financial stakeholders alike. This fosters collaboration and ensures everyone is aligned on the company’s financial performance.  

6. Promote Continuous Learning and Skill Development  

With the rapid evolution of financial technology, CFOs and their teams must stay current with industry trends. Encouraging ongoing learning and upskilling ensures finance professionals can adapt to new tools and methodologies. This commitment to growth positions the finance team as a strategic partner within the organization. 

Conclusion  

CFOs used to be financial leaders. 

They still are. It's just that modern CFO best practices and shifting tides in technology enrich the role of the CFO, requiring them to be strategic, tech-savvy, and data-driven. 

Embracing Business Intelligence in finance is about more than just hopping on the latest trends. It is about automation, real-time financial analytics, optimizing operations, enhancing reporting efficiency, and, overall, contributing to the success of their organizations. 

Implementing best practices and leveraging the right tools will ensure that CFOs stay ahead in today’s dynamic business landscape.