Environmental concerns, economic uncertainty, the cost of living crisis and global trade issues are just a few of the macro issues facing businesses today. In this uncertain environment, the challenges faced by CFOs are constantly changing and so is the need for the best methods and tools to help finance teams be more agile.

Old-fashioned manual processes are no longer enough, and companies need to embrace technologies that provide a more accurate picture of the business to help make more reliable future predictions. CFOs are best positioned to harness the power of greater insight, informed forecasting, and strategic thinking – enabling businesses to manage and succeed in the face of unexpected change and provide a competitive advantage in times of uncertainty.

How the role of the CFO has changed

Over the past few years, we’ve seen the need for many businesses to go digital at scale, not just to keep the lights on, but to survive. However, digital transformation is not just about moving to the cloud or overhauling IT systems, it is about integrating technology into strategic discussions and processes throughout the organization. For finance leaders, this means moving away from manual processes and adopting financial automation – freeing up teams to spend more time on strategic tasks, but also empowering Get access to real-time data and gain visibility and control – all improving the bottom line.

Gone are the days when a CFO’s job was to be responsible for managing the finance and accounting departments of a company. Today, he wears hats more than ever. But as businesses navigate murky waters, it is essential for future-minded CFOs to harness technology to better prepare for the potential challenges of today and tomorrow.

Technology is allowing CFOs to do more

Traditionally, manual methods of managing business expenses have been frustrating and time-consuming. This can involve manual spreadsheet updates, email exchanges, and lengthy month-end adjustments. Paper invoices can be manually collected and checked before being stored in a filing cabinet. And when it comes to expenses, corporate cards can be shared among individuals, or employees can be asked to pay for meals or fuel before claiming a refund. These old data collection methods are unreliable and may produce incomplete or erroneous data. When this happens, it is difficult for finance teams to make an accurate assessment or adapt to new needs when conditions inevitably change.

In addition, tedious manual and administrative tasks are often repetitive and can make the most promising positions unsatisfying and frustrating. By adopting technologies such as cost management tools, unnecessary administrative work can be eliminated, making work more enjoyable and fulfilling as employees can focus on their work. creativity and strategy.

Unlocking a treasure trove of data

Enterprise-wide spending visibility and control are more important than ever as CFOs tighten their wallets in today’s economic landscape. CFOs need to understand spending in real time because they can no longer wait until the end of the month to realize cash in and out. Soldo’s expense management platform provides a deep dashboard – unlocking quick, data-rich reports without the risk of errors, repeat entries or data gaps – for managers Financial managers can be more confident to take action backed by clear decisions. As a result, the finance team can better control how a company’s money is spent while providing more strategic insight and more informed forecasting for other areas of the business. Together with these easy-to-use mobile apps for employees to file expenses, it reduces manual processing time and errors.

The businesses that succeed in today’s environment are those that use the right tools to maximize people’s time and productivity so they can be as productive as possible. Freeing financial teams from tedious data entry not only achieves nirvana but also provides full visibility to financial managers, enabling greater adaptability than ever before. With effective tools and practices provided, CFOs can not only overcome the series of challenges that continue to plague today’s uncertainties but also build business resilience through financial oversight. more effectively.