Summer is a time when many chief financial officers vacation with family and friends, trusting the processes they've built and put in place will keep their businesses running smoothly in their absence. Although it may be hard for a number of CFOs to completely sever ties with the workplace while on vacation, new research suggest more of these executives are choosing not to stay in touch during their time off.

According to recent research conducted by Robert Half Management Resources, 51 percent of CFOs who are away from the office won't check in while on vacation. This is almost double the figure recorded during a similar poll in 2010.

"It may indicate that executives have a stronger level of confidence in their teams and processes, and as a result, feel more comfortable skipping regular check-ins," said Paul McDonald, a senior executive director with Robert Half.

Not all CFOs are as willing to allow important processes such as developing business projections to occur without their involvement,though, as 27 percent of respondents said they will call into their office several times throughout their vacation.

"Many leaders continue to oversee lean teams and need to monitor critical initiatives over the summer months, making frequent contact necessary," said McDonald.

While CFOs take several different approaches to how they manage their time away from the office, they all need to make sure that their company is prepared and equipped to handle normal workflow in their absence. Below is a list of components CFOs and their teams should complete or incorporate into their operations to ensure business runs as efficiently as possible when leaders are out of the office.

Budgeting software in the cloud
While CFOs are out of the office, they may still be able to access the web and important business documents using their smartphones, tablets and laptops With budgeting software in the cloud, CFOs will have the option to check and alter their budgets from anywhere with an internet connection. This collaborative software helps all members of a company stay on top of the budgeting process.

"With the prevalence of wireless networks and mobile devices, they know they can be reached easily if needed," said McDonald.

Financial forecasting
By planning ahead, CFOs can take time off knowing that their company has their financial objectives defined and their plan to meet them in place. Financial forecasting months prior to a vacation will provide CFOs with the insights they need to identify the ideal dates for them to be away from the office; the ideal periods being weeks when they expect business to be steady.

Cash flow forecasting
Businesses with a better idea of where they have working capital are generally more successful. This is why CFOs and their team must look months in the future to see where they have have available cash flow to plan for investments down the line. With these processes in place, CFOs will have more peace of mind. No point in laying out on the beach if cash flow analysis is going to be consuming their thoughts.

A defined chain of command
When CFOs leave the office, the last thing they need is several members of their team attempting to talk over one another and become the leader while they are away. CFOs need to make sure their staff knows exactly who is in charge when they are out of the office so projects can be completed as efficiently as possible.

"Placing trust in a solid team to carry on without your guidance can help you identify potential candidates for succession planning and promotion," said McDonald.

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