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Toolbox for a modern CFO


Eric Cantona

Sep 06, 2023 •
3 mins read
Toolbox for a modern CFO
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CFOs are facing evolving roles, taking on responsibilities from data security to strategy. They must navigate uncertain economic conditions with urgency. Their toolbox has expanded, including tools like automated reconciliation, data warehouse, analytics, data security solutions, and Human Resource software. The lack of previous experience with such tools can leave some CFOs unsure of which ones they really need and which will best suit their organizational requirements. Fortunately, we’re here to share with you what CFOs should be looking out for when it comes to selecting their preferred toolbox;

1. Automated receivables management

Reconciliation is arguably the most important of all legacy activities that holds the most potential to be reduced in terms of time for a CFO. CFOs who use automated reconciliation software like Churpy Reconciliation to save on time, unlock shorter DSO, improve customer experience, grow revenue exponentially and managing debtor risk policy – by automating order-to-cash and invoice reconciliation on a real-time basis.

This enables better cash position accuracy, clear debtor cycles and subsequently data- driven insights such as cash flow forecasting.

2. Data Warehouse and Analytics

CFOs leverage data for strategic decisions, making tools for data warehousing and analytics crucial. Compatibility, aesthetics, licensing and accuracy are vital factors to consider. CFOs must be given tools which not only enable the autonomous and continuous collection of data through ERP connectors but also create intuitive descriptive and prescriptive dashboarding for analysis to take place. Only through having a holistic back and front view mirror of a company’s performance, shall CFOs transform the collection of data into actionable insights for the growth of their businesses.

3. Data security

CFOs face increased data security risks; they can use locally hosted (on-prem) software or Security as a Service (SEaS) tools to mitigate threats. Availability, compatibility, and accuracy of SEaS tools matter the most while looking at factors for choosing a SEaS tool.

With data being both invaluable and a highly sensitive asset, CFOs cannot therefore risk it being tampered with by external factors. Today, malware is rife along with other cyber threats, data security cannot be overlooked by any CFO who is looking to data to inform strategy.

Regulation on data protection has become painful especially during data breaches, where CFOs must then budget for expenses related to punitive fines, penalties and negative reputational damages.

4. Spend Management

CFOs need tools to manage spending effectively. If you think about it – cashflow management is why CFOs need to care about cash burn rate because it eventually affects the DPO cycle which

could negatively affect the CFOs ability to meet payable obligations in good time. A knee jack reaction could involve short-term working capital such as overnight lending which is generally very costly financing option. With powerful data points to help extrapolate spend patterns, it is imperative for the CFO to be ahead of the curve when it comes to business sustainability.

At Churpy, we have built the needed data pipelines to bring data to life for the CFO. The adage that says ‘data is the new oil’ must be the CFOs war cry. Data should be available on a consistent, accurate and timely manner such that the CFO toolbox becomes operational and effective. If you are wondering, data pipelines involve connecting to accounting software ERPs e.g. SAP ECC, QBO, Sage, etc. and Financial data from banks such as KCB, NCBA, Citi, etc.

Finally – from the data warehousing - we expose the data on do-it-yourself dashboards to help you, CFOs and the management team, power your decisioning processes using accurate and verifiable data. Scenario planning then becomes a natural next step for better planning.

Let us partner with you and discover how our new age technology can help you support your data management and insight needs. Please book a demo with us and explore endless benefits.