CFOs are often responsible for selecting the technology tools their greater company uses to get the job done efficiently and correctly. As technology is changing, it is important to get a pulse on how CFOs are using their technology tools in the present and what their future plans are.
AccountingToday interviewed CFOs and other financial thought leaders to learn their tips and tricks for success with accounting technology. Compiled below are some of their words of wisdom.
According to Paul Riegel, regional director of CFO Centre, all companies need a solid base accounting system. A reliable and robust accounting system that manages the procure-to-pay cycle and related workflows is a necessity. A solid, base system should include a general ledger, accounts payable and accounts receivable functionality, bank reconciliation functionality, management and reporting systems, payroll functionality, and a budgeting module.
Next up is a financial forecasting system. AccountingToday specifies that forecasting and budgeting aren’t necessarily the same thing. A good forecasting system will look to the future and attempt to select datasets to predict financial outcomes based on past results. Some organizations will depend on Microsoft Excel for financial forecasting, but dependent on company size and scale, Excel is often not the most efficient or effective solution.
Another recommendation of many CFOs is moving to the cloud. For mid-sized organizations, this is pertinent because it allows organizations with limited resources to both automate traditionally manual functions as well as gain automatic visibility. It’s the wave of the future and it makes the most of your staff’s time and resources.
A CRM system is incredibly important for organizations with complex accounting needs, like multi-entity organizations. A user-friendly solution will help keep track of all of your customer relationships to get a pulse on how things are going across the board for your clients.
Additionally, comprehensive spend management for enterprise organizations is imperative. There is more pressure than ever before to support business continuity, with the ultimate goal being agile supply chains. In an age of disruption, CFOs need to pay special attention to these needs.
Above all else, CFOs need to be measuring cost, quality, and ease of use when choosing new financial tools.
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