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The Role of Automation and the 2017 Priorities of the CFO

In a recent article in Accounting Today, the results of the 2017 Grant Thornton survey drilled down into the priorities of the CFO office for 2017. Survey respondents cited that the biggest obstacle in moving forward with adoption of technologies that make these priorities a reality are budget constraints and cash flow.

“Seventy percent of the CFOs who responded to the survey cited operational improvement as their main area of focus.”

Automation and Operational Excellence

Automation within the finance organization provides several benefits and looking at the chart above, there is a significant connection with nearly every priority. Let’s look at a few of these.

  1. Increasing cash flow – Automation technology enables the CFO to gain full visibility into available cash. Easily see how accounts payable is functioning and the impact on cash flow.
  2. Reducing costs – Automation reduces costs in a number of areas but the largest one is people. Truly ‘doing more with less’ reallocating resources to activities that support these priorities is a huge benefit.
  3. Strategic planning – You simply cannot be successful at planning if you don’t have the data. A majority of automation tools have reporting features that support this priority.
  4. Risk management – With two-factor authentication and built-in fraud protection, automation technology like MineralTree, help you control risks when it comes to your accounts payable.
  5. Regulatory compliance – How are you ensuring you are in compliance? Workflows that force users to request and track approvals ensure you have the proper measures in place to support your compliance priorities.

Want to see how this works? Let us show you a free demo today!

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