As a CIO, what type of relationship do you have with your Finance/Accounting teams- Proactive, reactive, are you working with them sooner rather than later?
Director of IT in Travel and Hospitality, 10,001+ employees
Contextual Advisor | Investor | Former CIO in Services (non-Government), Self-employed
I've alway maintained a proactive relationship with Finance that goes beyond the daily / monthly / quarterly cadence. Finance is an invaluable partner when translating strategy into execution by developing "what if" scenarios with the budgeting factored into the equation to lend credibilityChief Strategy Officer in Finance (non-banking), 51 - 200 employees
Regular cadence with complete transparency from both sides. CTO(CTO) in Healthcare and Biotech, 2 - 10 employees
Proactive relationship helps, keeps your vendor AP smooth, also keeps partner contract renewals and adjustment easy (you can use your finance team as leverage to push back on adjustment and you have negotiation power) , support of any variance in your budget transparent without a major push back, helps you ensure an tax exemptions are correctly captured, timely quarterly expense sheet helps you keep check on your ops cost as well,In startup mode, this will help in ensuring investor funding is correct captured and available for your IT/Op Expense, be able to easily have your accountants handle correct 1120S filing with right capex/opex, manage K-1 oversight for investors, get timely help to generate 1099-Misc as needed.
CIO in Government, 1,001 - 5,000 employees
We met regularly to discuss what is on their plate and how we can help them. It is a proactive relationship and it works well. VP of Global IT and Cybersecurity in Manufacturing, 501 - 1,000 employees
We meet regularly, talk about what’s going well and what’s not going so well.. CTO in Software, 11 - 50 employees
Proactive and collaborative to prevent surprises and alignment around the why of various expenditures goes an extremely long way when you need to ask for additional budgetCTO in Software, 11 - 50 employees
To add to my response, in past roles I've always had a regular meeting (every 2 weeks) with the Financial Planning & Analysis team, sort of a DevFinOps approach with Sprints and Retrospectives
CIO, Self-employed
We see it as two separate teams/projects. Finance is almost completly proactive, it is reactive only when there are changes on the already revised / implemented subjects/procedures. Part of the planning comes from feedback from accounting.Accouning on the other hand is mostly reactive / collaborative. It's proactivenes depends mostly on the feedback given to finance planning / projects.
Part of the proactiveness involves training on new procedures.
CIO in Finance (non-banking), 1,001 - 5,000 employees
It’s not just a CIO relationship. All our teams having a close relationship with Finance is critical. Our teams stay close and keep each other accountable as we navigate being fiduciaries of the overall budget. Not everything goes according to plan and having support as things change is where the trust gets built. When you have a strong partnership in business and finance, your partners are at your side during planning and budgets not behind you wondering what IT does with the money. Sr. Director, IT Infrastructure in Telecommunication, 1,001 - 5,000 employees
Not so much proactive or reactive, we tend to bring all dept's/business units out of their silos and actually talking to each other. Content you might like
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