The Modern CFO Tech Stack: More Control and Productivity for Your Finance Team

fast company

CFOs who embrace modern tech stacks put themselves in a better position to withstand unexpected economic events — whether gradual downturns or sudden bank failures.

But with so many options on the market, it can be difficult to know exactly what you should be looking for when it comes to software that claims to increase productivity, save time and optimize your business processes.

In a new piece for Fast Company, Mesh Payments CEO Oded Zehavi delved into what characteristics you should be looking for when it comes to assembling a modern CFO tech stack.

Here are some of the takeaways:

1. Prioritize Financial Control

Make sure that you have control of all of your company’s spending by monitoring all transactions, creating and enforcing corporate spending policies, and implementing approval workflows that allow employees to get what they need without bogging down supervisors and budget owners.

2. Empower Remote Teams

At this point, legacy on-premises solutions won’t be able to keep up with your remote and distributed teams. Cloud-based software ensures that all work can be performed from wherever employees are, without siloing information.

3. Embrace Automation

Automation saves time, money and resources. Look for software that automates repetitive tasks that suck up time and take team members away from more valuable work.

4. Integrations = Better Insights

A tech stack that allows you to integrate all of your platforms will create a seamless experience, while also generating more complete and useful insights so you can make the best business decisions possible. 

5. Free Up Your Finance Team

Share the burden of budgeting across your entire workforce to free up finance teams to do specialized work like forecasting and analysis. A system like zero-based budgeting involves all budget owners across departments getting involved and thinking critically about what they actually need in their budgets. 

Check out more of what Oded had to say and see the full Fast Company article here.

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