Welcome to another Haslle blog. This week, we will discuss which tools will help your CFO (Chief Finance Officer) achieve the best efficiency and effectiveness in managing the financial performance of your company.
In previous years, CFO’s were only experienced accounts or simply the positions that figured out the company’s revenues and losses.
However, nowadays CFO’s have a much more complicated position in a company. From consulting the business to being an important asset to the shareholder’s leadership, they need to be able to make much more intensive business decisions.
• As a result, the need to make sure they have the right hand to help them and therefore have a say in people management and HR.
• Speaking of HR, they also may decide on changes in payrolls due to challenging periods.
• They need to make sure they are strategizing to their best business abilities to ensure the best performance in the companies financial well-being.
• CFOs also have to handle a large quantity of data due to the nature of their position and therefore analyzing data is one of their core activities.
• Finally, just like any other position, there are also some hidden administrative tasks that they need to deal with too.
As businesses are becoming more and more aware of the technological advances, finance departments can also use new tools to automate some day-to-day tasks as well as managing new challenges in the business.
Without further ado, let’s jump right in to the best tools and platforms your CFO can benefits from.
We will dive into four important categories:
- Accounting Tools
- ERP Systems
- Payment Tools
- Expense Management Tools
XERO : Online Accounting Platfrom
We know that a lot of the companies are still using classic excel spreadsheets for accounting and financial purposes. And whilst it may be still useful due to the mass knowledge of the platform, today there are online cloud accounting platform such as XERO which give you the ability to make your accounting smooth and accessible and to eliminate unnecessary and time-consuming steps.
Xero’s biggest advantage is it’s huge range of integrations, including everything from payment processing and travel tools to spend management platforms.
If you want something easy to use, but also industry standard for growing companies, this UK based online accounting platform is for you.
Biggest pros for CFOs
• Removes the need for Excel and manual data entry for accounting
• Designed to be highly intuitive
• Cloud-based, so your accounts are available from wherever you are
NETSUITE: ERP System
Another crucial tool for your CFO is an ERP System.
Oracle’s NetSuite is one of the best-known and most popular cloud ERP platforms available.
Oracle NetSuite functions as an ERP, CRM, business process development tool, and eCommerce platform in one.
It’s used by companies ranging from small businesses (2-10 employees), all the way up to large enterprises.
The clear benefit of a comprehensive platform like this is the ability to keep all your important data in one place.
If your CRM and ERP can talk to each other, that’s the ultimate power. So this tool can be very precious for your CFO and the rest of your company’s ultimate performance achievement.
Biggest pros for CFOs
• Highly customizable without too much trouble
• Good search functions to help users find reports
• Very good user interface
• Goes beyond the typical scope of a CRM
Stripe: Payment Tool
If your customers pay online via credit card, Stripe is just about the industry standard. It lets you easily issue invoices and accept credit payments through your app or website, without too much technical development.
Which should be vital for CFOs: easier payments means faster payments, which means overall better cashflow management.
It also simplifies the process of receiving payment, because every customer can pay the same way.
Biggest pros for CFOs
• Good financial reporting tools and can be integrated easily with your accounting suite
• Removes the administrative burden of receiving and processing payments
• Supports payments in most major currencies
• Quick to set up
Haslle: Expense Management Tool
Last but not least, we offer an excellent solution to stay on top of your company expenses:
At Haslle, we strongly believe that technology will enable CFOs and their teams to shift from completing repetitive tasks to proactively interpreting their companies’ financial data in real time and spending more time for identifying opportunities.
Haslle strives to offer automated tools which will not only streamline finance teams’ workflows, but also assist in making decisions and predicting risks.
Using Haslle, you can:
- Issue virtual and physical cards to your employees, teams, projects and subscriptions
- Define spending limits for every spending category
- Fund cards when employees need to spend real-time
- Approve limit and purchase requests on the go
- Make smart decisions with recommendations on purchases before approval
Biggest pros for CFOs
• Real-time tracking of all company spending across departments
• Single-use or recurring virtual cards to spend online
• Digital receipt capture and storage
• Digital Budget requests and approvals
• Physical cards for every employee to use while travelling
• Re-issuance of company cards to adapt sustainability
Read more here on why Haslle can make a huge difference in your company’s expense management.
We hope you have benefited from this article on tools your CFO needs to improve the financial performance of your business.
As the roles of CFOs have changes in business, they make more executive business decisions and to help them achieve the best outcomes, your business can adapt new technologies and tools to help your CFOs.
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