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Coworking is a weekly segment where we talk to CFOs and other leaders in the finance space about their experiences, their companies, and the larger economy.Let us know if you are—or you know—a CFO we should interview.
Josh Hyatt is the CFO at the Expert Institute, an AI-driven expert witness service for attorneys.
This interview has been lightly edited for length and clarity.
How would you describe your job to someone who doesn't work in finance?
Bean counter. Joke aside, the way I always view my job is to create the most value for shareholders, whether that be our founders, management team, or institutional investors. That involves traditional accounting functions such as reporting on the historical financials and watching expenses, but more importantly these days, it also involves forecasting future growth and finding ways to accelerate that growth in a cost-efficient manner.
How do you think the CFO role has changed over the past five to 10 years, both for you, and in general?
CFOs are expected to think more strategically and be more forward-looking rather than just recounting historical performance.
In my role, I often have to think commercially, which can consist of negotiating customer contracts, structuring external partnerships, developing pricing for new products, and driving acquisition terms. There is also a significant amount of operational focus, which can include determining what KPIs drive efficiencies and margins for our fulfillment divisions, then translating those KPIs into something employees at all levels can focus on and be motivated by.
Most successful high-growth companies take a “fail fast” approach to growth initiatives. As the CFO, I often find myself having to look around the corner and quickly come up with what the downside risks are of a new initiative.
What advice do you have for future CFOs?
Use the budget as a tool to translate the key business drivers into KPIs and variable comp plans for all departments. To get buy-in for those KPIs, illustrate to other team members how achieving the KPIs allows our company to win and drives shareholder value.
Who's a CFO you admire or you try to model yourself after?
Barry McCarthy. He is currently CEO of Peloton; however, he was previously CFO of many companies. He was dealt a tough situation at Peloton and has handled it quite admirably.
If you weren't a CFO you would be…?
Professional skier. I am very adventurous and love activities like skiing, skydiving, surfing.