Chief Future Officer

According to you, what makes a successful CFO?

‍I believe that a successful CFO is a "business CFO." This role involves more than just crunching numbers; it requires a deep understanding of every aspect of the business.

A business CFO thoroughly explores the different nuances of a company. For example, in manufacturing, he doesn't take on the role of a production manager; in retail, he doesn't simply chase after sales orders. Instead, he examines all these functions from a financial and commercial perspective. By doing this, he can visit a manufacturing shop floor not to interfere with the production process but to better understand how it operates. 

This multidimensional approach enhances the CFO's effectiveness and ensures that the entire organisation benefits from a more comprehensive view of its operations. This, in turn, leads to smarter, more strategic decision-making across the board.

What does working with family groups entail, and could you elaborate on that?‍

I'll be specific to the UAE context. Here, family groups could include a combination of family members like parents, siblings and children. Families operate in their ways; sometimes, their decisions can be eccentric and change unexpectedly.

I describe family groups as exciting, challenging, rewarding, and innovative. They are primarily focused on results rather than elaborate presentations or optics. Now, as simple as it sounds, it is not that simple.

In family groups, each member may have contributed to the business, and as a CFO, I must respect that. I'm a technocrat at the end of the day. They are the owners. They have every right to decide where they want to take the business, which presents a challenge for every CFO. The key is to find the right solutions while listening to their perspectives. The most important challenge is to how do you influence them. How do you convince them?  How do you get the job done? And that needs a lot of skill set.

‍How do you deal effectively with board ownership and decisive wins?

Here's what I will suggest to all who want to deal with the board and make their point successful. First, you must recognise that they are the family owners. They are the owners because they deserve this, and you have to respect what they have earned so far.

One challenge we face as CFOs is believing that our professional perspective is the only one that matters, leading to a mindset of "my way or the highway." However, my focus is on finding solutions. At the end of the day, it's not just about you or me; it's about the journey and achieving the best results. There is simply no room for ego. You have to adjust your communication style to that of a listener. 

For instance, I have never worked in sales before but have dealt with sales teams on multiple occasions and learned the importance of adapting my communication style. Instead of talking to people in my way, I needed to speak in a way they understood—essentially, to speak their language. If I didn’t do that, my message wouldn’t get through, and my point would not even go across. For that to happen, one of the things you have to do is keep your ego out of the window. If one can imbibe these things, half the battle is won. 

‍What is your view as a CFO on the recent trends of technology, digital transformation, and AI in finance?‍

Since COVID, digital transformation in finance has become more important, but I’m a bit cautious about it compared to the current excitement. 

I focus on cash flow and profitability rather than jumping into full digital changes. I've been part of three ERP implementations—two worked well, and one didn’t. These experiences showed me that transformations need careful planning and significant investment. It’s not just about new software but a complete strategy involving everyone. You need clear goals, strong support from leadership, and teamwork. Ultimately, success in digital transformation hinges on aligning new technology with core business goals.

Bio‍

Anand Soni is a seasoned CFO with three decades of experience in finance, primarily in family-owned businesses across the UAE and the Middle East. As a certified CPA and CA, he has managed finance functions in diverse industries, including real estate, construction, logistics, services, retail, manufacturing, and contracting, with a strong focus on cash flow management and profitability. He is known for his collaborative approach and excellent stakeholder management.

He is the Group CFO of Gulf Land Property Developers and is based in Dubai. Outside his CFO role, Anand shares his knowledge and experience through writing and speaking at industry events. He enjoys mentoring finance professionals and addressing the challenges CFOs face in family businesses in the UAE and the Middle East.

Where do you see the future of finance headed in the Middle East in the next 5 years?

In the next five to ten years, we'll be moving away from a very traditional approach in finance towards a more structured, compliance-driven framework. This is due to new corporate taxes and regulatory measures being implemented. As a result, finance professionals in the Middle East must adapt to increased scrutiny and the need for transparent operations. It's a huge shift that requires us to be more precise in our financial reporting and decision-making.

‍Ever since AI has been introduced to the finance function, how do you think it has impacted finance professionals?

I find AI's introduction to finance to be a game changer. It has revolutionized finance by automating tasks and improving accuracy, thus reducing human errors. It enables us finance professionals to shift from mundane bookkeeping to strategic tasks like analysis and decision-making. This transition allows for a focus on value-driven activities, enhancing the finance function's efficiency and effectiveness.

With AI and digital transformation being in the picture, what sort of challenges do you see the finance function facing in the Middle East?

The integration of AI and digital transformation brings several challenges. The reliance on third-party data providers and the need for accurate data synchronization between different systems pose significant risks. If the data isn't accurately reflected in our systems, it can lead to substantial issues in financial management and reporting. Ensuring data accuracy and integrity is a major challenge as we move towards more automated processes, highlighting the need for robust systems to manage these changes effectively.

Bio

Abhishek Tak is a Finance Manager at GuestReady, a leading global hospitality and property management tech company. With over 9 years of experience in finance, Abhishek's qualifications from ACCA (UK), CIA (USA), and Accounting Tech (India) have been pivotal in his roles. At GuestReady, Abhishek has been instrumental in enhancing financial reporting and aligning the company with UAE tax regulations. His prior role as a tax advisor for high-net-worth individuals in the UK has honed his skills in navigating complex financial landscapes. Renowned for his pragmatic problem-solving approach, Abhishek's contributions have been crucial in driving GuestReady's financial growth and stability.