CFOs Want More Data In 2017
According to a new study performed by Kaufman Hall, CFOs want better reporting to analyze in 2017. This is not surprising given the movement from the back-office to strategic contributor that the finance team has undergone in recent years.
Top concerns to acquiring the data required to make better decisions is very much tied to cost management and lowering costs overall.
A recent article on CFO.com pointed out: “Although they might not like to admit it, nine in ten finance departments say they’re still using Excel as part of their financial planning and budgeting system.” Wow! Talk about antiquated AP!
Let’s look at how accounts payable automation can help CFOs achieve these very reachable goals in the new year.
- Better Reporting – accurately measure cash flow with a single view into accounts payable awaiting approval, bank account balances and outstanding payables.
- Synced Applications – when you are using tools that improve efficiencies, you want to ensure there is a two-way sync to existing applications for the most accurate picture of your financial state.
- Alerts for Rebate Opportunities – get instant alerts for early-pay discounts and the capability to earn rebates on payments. This is a cost-effective way to reduce the cost of making payments.
- Improve Efficiencies – one the biggest costs for most companies, if not all, is people. Ensure your team has tools in place to reduce mistakes and improve the efficiencies of manual tasks.
- Save Hard Dollars – how much is it costing you to print checks or receive invoices manually? Put that cost right back into your account by having access to electronic payment methods such as ACH, credit card and virtual card.
Learn more about these brands who are going into the new year with the access to data required to make strategic decisions. Read their stories here.
ABOUT THE AUTHOR
Christina Pappas is the Director of Marketing at MineralTree.
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