Can you be a work from home CFO – successfully?
Table of Contents
Alongside AI and automation, remote work is one of the biggest disruptors to the traditional ways of operating in finance. The Covid-19 pandemic proved that remote work was feasible, and since then, it has become a key requirement for many professionals. But can the top position in finance accommodate a remote or hybrid working pattern?
There are evident personal benefits, such as more personal freedom and improved work-life balance. Yet, what are the challenges, and how can they be overcome? Where are the successful examples of this model?
Being a work-from-home CFO is certainly possible, particularly with advancements in technology and the growing acceptance of remote work. Many companies have embraced remote work arrangements, including for executive roles like CFOs.
Running a hybrid finance team
Alex Triplett, CFO/COO at Appfire, shared insights on the GrowCFO Show about running a hybrid finance team. As CFO, he operates similarly to the rest of the finance team. In the finance function, hybrid working can be particularly advantageous, as much of the work involves data analysis, report preparation, and financial modeling, which can be effectively performed using digital tools. However, organizations must carefully plan and implement the hybrid work model to address potential challenges and ensure smooth and efficient operations.
Alex noted that their organization has been hybrid since its inception, emphasizing flexibility and the significance of in-person interaction through hubs and departmental gatherings. He also mentioned the global locations of their finance team and the efforts to hold virtual and in-person meetings for collaboration and connection.
The discussion included the flexible working approach, highlighting the importance of collaboration and output over fixed working hours. Allowing employees to work remotely and integrate work with personal life leads to better productivity and work-life balance.
Alex discussed the challenges of working from home and the importance of balancing deep work with social interaction. He emphasized the need for varied meetings, regular one-on-ones, and in-person gatherings to foster collaboration and build relationships within the team.
He highlighted the costs and benefits of hybrid work, including savings from not having offices in every location and the additional travel expenses. Alex also stressed the importance of intentionally building relationships and the value of in-person meetings and employee travel opportunities.
Moving to a remote first organisation
The GrowCFO Show also featured Airbase CFO Aneal Vallurupalli who shared his views on Fintech in 2024. Joining a company with a remote-first culture became a significant talking point. Aneal explained that being fully remote has allowed them to access talent globally and punch above their weight compared to companies limited to local hiring. It also changed how they recruit, make decisions, define roles, and build a written culture.
Aneal acknowledged the trade-offs, such as challenges in gathering the team. However, he emphasized that a remote-first approach was part of Airbase’s founding vision and crucial to their ability to scale the product and expand their customer base. He provided valuable insights on how leading a fully distributed team as a startup CFO has impacted their strategy and culture-building.
Work from Home or Work from Anywhere?
Once the remote model is adopted, not being in the office isn’t restricted to being at home. In theory, one could be anywhere, even in a different country. This brings challenges, such as visas, work permits, and taxes, making it more complex than initially anticipated.
John Lee, CEO of Work From Anywhere, discussed these issues on the podcast and introduced his company’s solution to the internationalization of the remote workforce. The conversation covered the challenges of managing compliance in remote and hybrid workforces. John discussed his background in finance and startups and how he enjoys working remotely with his family while navigating complex global tax laws.
John highlighted various tax, legal, and employment risks companies face with international employees, such as visa requirements, individual and corporate tax, social security, and permanent establishment risks. Different countries have varying rules that can lead to penalties if not managed properly.
The discussion also covered the challenges of approving remote work locations and hiring overseas employees. John’s platform provides real-time risk assessments and compliance checklists to help businesses navigate these issues, saving companies time and money compared to external advisors.
So, can a CFO work successfully from home, or anywhere?
The answer is definitely yes, but heed the advice from Alex and Aneal about communicating with the team. Balancing social interaction is as important as achieving deep work. And do not overlook legal compliance, as it can be a potential pitfall.
Responses