CFOs everywhere have the same challenge: figuring out how to handle large amounts of data from across the company and make sure it all matches up. This is a major task even if every team in the business uses integrated software, but in many cases much of the necessary data is contained in disparate systems that don’t talk to each other.
As a result, CFOs these days are on an ongoing hunt for tech tools that can enhance finance workflows by automating processes and enabling collaboration. Doing so helps finance teams better meet the demands of the strategic role they are increasingly taking up in today’s companies.
The financial stack is evolving
Finance is seen as a strategic function in today’s businesses; CFOs and their teams are expected to support sales to close deals and to advise C-suite leaders on financial repercussions of important decisions. Tapping into evolving tech resources is essential for CFOs as finance takes a more central place in company operations.
The spreadsheets that have typically been put to use for finance workflows like annual planning, quarterly reporting, and reconciliation lack automation and collaboration features. While spreadsheets certainly have their place, modern-day CFOs know that other tools, especially more integrated and collaborative systems, are sometimes necessary to ensure accuracy and provide essential analysis.
As new tools come online, CFOs have the chance to transform workflows from manual and disconnected to automated and collaborative. And as a result, the CFO tech stack is in a state of constant evolution, getting better and more helpful all the time. CFOs are able to tap into resources that suit their unique business model in order to grow revenue fast.
For subscription-based businesses in particular, tech is an essential element of finance teams’ success, as the processes they must handle are more complex than retail or traditional software licensing. As these businesses increase in number, so do the tools that serve their particular needs.
Automation is key in finance software
Finance teams are busy, as they must keep up with many competing priorities, all of which require handling data. Automation can vastly speed up processes, especially those repeated demands that can take up large amounts of employees’ time.
Considering the high expense of headcount in today’s market, helping employees do more in less time is imperative. By automating rote tasks, software tools help finance team members devote more time to higher-value work that helps push the company forward. Tools can also reduce the ramp time required when onboarding new employees that may not have worked with usage-based billing, sales tax, headcount planning, or the many other tasks at hand.
Another advantage of automation is accuracy; less manual intervention leads to cleaner data. Accuracy is paramount for finance teams, especially when their work contributes to executive decision-making that can have major repercussions. Automated tools reduce errors without requiring extra time and energy from the finance team.