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Empowering Tech-Savvy CFOs
While some CFOs count themselves amongst the more tech-savvy people in an organization, many tend to be quite risk averse by nature – and therefore – late technology adopters. However, today’s business landscape is changing—how customers evaluate products, the volume of real-time data available to chart the course of your business, and the mobile access employees have to critical systems.
The same technology driving this wave of change and challenge can also be the rising tide that propels CFOs forward. Today’s CFOs are increasingly becoming tech-savvy individuals that enjoy seeking out ways technology can make them more productive at home and at work.
Recent studies have shown that these finance executives are eager to adopt financial technology designed for the digital age, stay ahead of the competition by gaining deeper visibility into their businesses, and accelerate processes that position their companies to win today and in the future.
Using a product like Intacct is a giant step in the right direction and a cornerstone on which to build a finance organization that’s empowered by the latest technology. But there are many other areas that need to be addressed. For example, look at the four main ways that companies generally disperse funds: payroll, taxes, travel and expense, and accounts payable (AP). By now, most businesses use technology to make three of these processes more efficient, and for too long have neglected AP.
Every company has to pay bills, but many of today’s finance departments rely on centuries-old, paper-based methods for this obligatory task. In fact, MineralTree recently surveyed 161 professionals involved in the AP process about their organization’s bill paying habits and 81 percent of respondents said they use paper checks frequently or exclusively. In their personal lives, however, it’s a different story: 55 percent of people reported that they rarely or never use paper checks when handling their own finances.
The requirements for processing invoices and making payments in a business setting are much more complex than they are for a family or individual, so it’s easy to see why so many companies still rely on paper. But B2B payment technology is starting to catch up and provide the conveniences that finance professionals have become accustomed to in their personal lives.
AP automation solutions like MineralTree make tedious and time-consuming AP processes more modern, efficient, and secure so finance professionals can spend their time on more strategic tasks. It eliminates the manual entry of invoices, streamlines invoice routing and approval, provides sophisticated controls to ensure proper payment authorization, and offers a range of payment choices to ensure that businesses have maximum control over outgoing cash flow.
The company that makes shopkick, an app with more than 19 million users that connects shoppers to U.S. retailers, has benefited by adopting sophisticated financial technology early in its growth. It relies on Intacct for more efficient financial processes and seamless integration with MineralTree to get its AP completed smarter, faster, and better.
“Intacct for accounting and MineralTree for payments is a strong combination, and one that helps us get rid of inefficient manual processes, and improves our payment controls,” said Priti Ramani, Director of Finance at shopkick.
There’s an exciting new fintech revolution underway and it’s just getting started. As the revolution gains steam, we’ll see more businesses like shopkick empowering tech-savvy CFOs and their teams with the resources necessary to excel in their jobs.
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