Modern Fintech Helps the Finance Suite
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B2B fintech is turning into a surprising catalyst for change in the CFO’s office. With CFOTech’s help, the role of the CFO and finance teams is becoming easier and less tedious. Traditionally, finance teams spent most of their time on transactions and record keeping. As automation and innovation expand to the finance suite, CFOs are increasingly able to focus on the strategic side of the business.
For example, API-driven solutions are able to provide real-time data visibility for finance teams. When CFOs have access to data in real-time, they are able to help the CEO make timely, strategic business decisions. Modern financial tools also automate the highly manual, tedious task of reconciliation, which eliminates the majority of expense reports.
It is predicted that 86 percent of the work done by bookkeepers, accountants, and auditing clerks has the potential for technical automation. Through both real-time visibility and automation of spend management and reconciliation, the tedious and manual month-end close process for finance teams has been massively expedited and reduced.
Modern fintech is making its way into the finance suite. CFOs have found that these tools can automate all sorts of activities and, therefore, free up resources and time for strategic, higher-value functions and decisions.
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About A New Hope
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About The CFO Leadership Council
What began as a personal experiment back in 2006 has evolved into a prominent community, 2000+ members strong, across North America. The CFO Leadership Council offers both in person and online options featuring expert panelists and interactive sessions that foster meaningful connection and drive practicable outcomes. Our collection of resources, similar to this article, contain pragmatic insights and advice created directly by our members and industry experts. Recordings of CFOLC webcasts are made available to our current CFOLC Premium & Virtual members. For a full list of programs, visit www.cfolc.com.
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