With the flood of new digital technologies and the changing nature of business, the role of the CFO is constantly changing and expanding, according to Matt Goss, Concur managing director Australia & New Zealand.
He says, financial decision-makers are accountable for understanding exactly what’s being spent and where, so they need comprehensive oversight over growing businesses. The right technology platforms and systems can provide them with this oversight.
CFOs that can successfully adapt to and adopt changing technology can gain greater insight, more automation, and more efficient financial management, he says.
“Data consolidation and process streamlining are becoming a larger part of an organisation’s financial activities. It is important for CFOs to broaden their knowledge-base and frame of reference when it comes to seeking solutions to business problems," says Goss.
“At the same time, financial decision-makers are looking for less hassle and simpler ways to track cash flow, including employee spending expense management. Once CFOs wrap their heads around the new technology available to them, they will benefit from more efficient expense processes and greater insight due to the data this technology can provide," he says.
According to Goss, when used right, technology can help CFOs:
- Manage the financial fundamentals as efficiently as possible.
- Stop bad spend before it happens.
- Improve the bottom line.
- Drive visibility into all company spending.
- Attract and retain the best employees.
He says, “The extra capabilities CFOs can gain from new financial technology platforms, such as automated travel and expense management systems, are leading to greater departmental and business streamlining. More importantly, they are also helping to create new strategies for managing expanding responsibilities in an increasingly-complex purchasing landscape.”