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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.
Razzak Jallow is the CFO of FloQast, an accounting workflow automation company based in Los Angeles.
This interview has been lightly edited for length and clarity.
How do you think the CFO role has changed over the past five to 10 years, both for you, and in general?
The past decade has changed every aspect of how companies do business, especially at the leadership level. Businesses are more complex, with more diverse revenue streams, business models, partner networks, and technological ecosystems. Payback periods and customer lifetime value has significantly increased, which leads to a greater need to understand these complex models in short- and long-term business plans. As this complexity has risen, so has the need for the CFO’s input on broad strategic and operational initiatives.
The role of the CFO has expanded and CFOs are now taking on more due to their broad business knowledge and skill set. Today, it is no longer enough for a CFO to be merely the financial steward. Organizations look at CFOs as trusted strategic advisors who must be well-versed in the elements of business including things like product development, growth strategy, and customer experience.
What advice do you have for future CFOs?
The goals are much broader than finance. CFOs often think of the customer and product first to better drive influence and value. But as an aspiring CFO, ask yourself: Do you help business partners maximize customer value per dollar spent? Do you drive the right business decisions through operational excellence? You’ll realize optimizing the business goes beyond budgeting and journal entries. Put yourself in your business partner’s shoes; a lot of their goals and priorities are CFO goals as well.
What’s a guilty pleasure for you?
Watching The FX comedy Archer about spy Sterling Archer navigating the changing landscape of the spy world. Sad to see this great animated show coming to an end in December!
Which soft skill do you want to improve?
Celebrating wins. As a CFO, I always want to “fix” everything. We dive immediately into problem areas and start solutioning, which is great for growth, productivity, and efficiency. But taking the time to also celebrate all the things that went perfectly is important for culture and something that I want to pause and do more of.
If you weren’t a CFO you would be... ?
A creator. I absolutely love how creators—from music, to art, to film—create works that can be enjoyed well beyond their passing. The idea that created art can be digitized and preserved for all eternity and shared freely across the world is a great gift to humanity and future generations.