Today’s CFOs often have to undertake a lot more responsibilities than before. Apart from the management of an organisation’s assets and liabilities, ensuring regulatory compliance and being part of strategies that would define how the business will function in the near future, sometimes CFOs are also involved in operations, HR and IT. With such a broad set of roles, modern CFOs most often than not, have to employ technological solutions in order to make their lives easier.
Leveraging real-time data
In today’s fast paced world, businesses are built or lost in months. It’s important for any strategic decision maker to always be on their toes and measure business performance. Keeping track of operational and overhead costs are important to determine the exact burn rate of a company. Without real-time insight on expenditure, it would be very difficult for anyone to strategise effectively.
Cloud and mobile
Not too long ago, much of the accounting and financial data was recorded and analysed through physical ledgers or locally stored spreadsheets documents. This was time consuming as it reduced accessibility and increased the number of tasks an accounting team performed. Today cloud based ERP solutions and expense management solutions help accountants, financial advisors and CFOs to process expenses faster with a better user experience.
Though fixed costs are easier to track, operational ad-hoc expenses, travel & entertainment expenses and petty cash expenses can be a large part of a business’s spends but are much more difficult to track. This is because it’s dependent on accurate and timely reporting. Through expense reporting automation, CFOs gain from accurate data which allows them to predict spend patterns and take proactive actions.
Apart from insights gathered from automation, business expense management solutions can also save a considerable amount of time and resources for any organization. Indian personal care retailer, Health & Glow managed to increase productivity by 50% through Happay Petty Cash Expense Management while cloud telephony outfit Knowlarity also cut down their expense processing time from 15 days to 2 days. Apart from visibility, they also gained from enhanced spend controls with the solution. Cloud based, mobile expense management solutions are an easy way to bring efficiency into any organization.
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