In the boardroom, financial reports can be dense, technical, and—let’s be honest—a little intimidating for non-finance professionals. Directors and senior executives are expected to oversee financial governance, yet many don’t have a deep financial background.
So how can you ensure you’re fulfilling your duty without getting lost in the numbers?
Ask this one simple question:
“Is there anything else I need to know?”
This question is deceptively powerful. It shifts the burden of disclosure onto the CFO or finance team, ensuring that important details—especially those not immediately obvious in a standard financial report—come to light.
Why This Question Works
Many directors focus on reviewing the financial statements—profit and loss, balance sheet, and cash flow statements. But numbers only tell part of the story. Critical risks or warning signs are often buried in assumptions, trends, or discretionary accounting treatments.
By asking, “Is there anything else I need to know?” you:
- Encourage full disclosure – Sometimes, finance teams assume directors don’t need to know certain details. This question removes that assumption.
- Identify early warning signs – It’s not always the numbers that matter, but the trends behind them.
- Shift the CFO’s mindset – Instead of just presenting numbers, they start thinking about financial oversight from your perspective.
- Signal due diligence – It shows you take governance seriously and won’t settle for surface-level reporting.
What This Question Might Reveal
A CFO’s response can give you critical insights beyond the financial statements, including:
- Cash Flow Pressure – “We’re seeing some delays in customer payments, but nothing too concerning yet.” (Translation: Watch for liquidity issues.)
- Budget Blowouts – “Costs in certain areas are tracking above budget, but we have contingencies.” (Translation: Expect a request for more funding.)
- Operational Challenges – “Revenue is holding steady, but churn is up.” (Translation: The business model may be under strain.)
- Pending Liabilities – “We’re in discussions about a legal claim, but it’s not in the financials yet.” (Translation: There could be a financial impact soon.)
- Accounting Treatments – “We had to make an adjustment in this quarter that won’t be repeated.” (Translation: Watch for artificial smoothing of results.)
How to Use This Question Effectively
Simply asking the question isn’t enough—you also need to:
- Pay attention to hesitation – If your CFO struggles to answer, it could mean there’s something they’d rather not disclose.
- Follow up – If they mention something vague, probe further: “Tell me more about that.”
- Encourage a culture of transparency – The more often you ask, the more likely your CFO will preemptively bring issues to your attention.
A Real-World Example
At a small advertising agency, the principal would regularly review sales projections. Each month, the revenue target included rolled-over sales that hadn’t materialized from the previous month. The problem? Those sales weren’t secured—they were wishful thinking. If a director had simply asked, “Is there anything else I need to know?” they might have uncovered the real issue: a consistently unrealistic sales forecast that could have led to cash flow problems.
Bringing It All Together
Financial governance isn’t about micromanaging your CFO or becoming a finance expert overnight. It’s about asking the right questions that lead to better oversight.
So next time you’re in a board meeting or reviewing financials, don’t just accept the numbers at face value. Ask:
“Is there anything else I need to know?”
It could be the one question that saves your organisation from a financial blind spot.
