Gary McGaghey — CFOs in 2023: What They Need to Know

ESG issues are becoming increasingly crucial for businesses, and CFOs have a vital role in addressing these issues. CFOs can also look at ways their companies can reduce their carbon footprint and take advantage of credits and incentives offered under the Inflation Reduction Act.

By taking a proactive approach to ESG, CFOs can help their companies achieve their sustainability goals and comply with disclosure requirements while benefiting from the potential advantages of ESG investing.

Looking ahead, CFOs are well-positioned to help their companies take action on ESG. With their financial expertise and strategic perspective, CFOs can play a critical role in driving ESG progress within their organizations. Digitization, standardization, and automation are key drivers of transformation, as they can help companies solve problems and serve customers in new and innovative ways, noted Gary McGaghey.

CFOs have a critical role in accelerating this transformation by investing in technology and building the right team to support it. Still, it’s also essential for CFOs to have a finance team with the right skills and expertise to unlock insights from financial data and inform strategic decision-making.

In addition to investing in technology, CFOs must ensure that their finance teams have the necessary analytical skills and expertise to use these tools and make informed decisions effectively. By building the right team and leveraging the right technology, CFOs can help their companies stay ahead of the curve.

Gary McGaghey: Attracting and retaining top finance talent has always been a challenge for CFOs, but it’s becoming even more critical in today’s rapidly changing business environment. Companies demand greater insights to drive quick decision-making and increase enterprise value, requiring a finance team with broader skills. To meet the growing demands of the finance function, CFOs may need to invest in targeted upskilling or selective hiring.

Mergers and acquisitions can also be a growth strategy, but it’s essential for CFOs to consider the risks involved carefully. By being selective about spending and investment and making data-driven decisions, CFOs can help their companies grow and succeed in leaner times. More information can be found on