Finance professionals (especially those in the CFO role) have to make not only good but the best decision-making all the time. Their directives are crucial for the success or failure of businesses. And, considering the pace at which the business world evolves, they need to be prompt with their decisions.
But how can CFOs ensure that they make the best choices instantly? The answer lies in data and real-time decision-making tools. In this episode of CFO Weekly, Rose Punkunus, Founder and CEO of Sudozi, joins Megan Weis to discuss how finance professionals can leverage real-time decision-making tools to make better-informed decisions and drive businesses to success.
In this episode, we discuss why finance professionals should automate business processes, real-time solutions for strategic finance teams, how the right data can leverage business decisions, among other interesting topics.
A CFO With Automation= Better Opportunities, and Even Better Decision-Making
Spreadsheets are great. But by using spreadsheets for every part of the process, financial professionals miss out on opportunities to be more efficient. If business processes change often, it is advisable to use Excel or Google Sheets. But as the process gets more regular, and the forecasting and the business model stabilize, you should apply more automation.
“I feel passionate about bringing more automation to finance and accounting. I think if the data is not systematically tracked in a workflow and it's not digitized, it's hard to do the forecasting”
Real-Time Solutions for Strategic Finance Teams
Sudozi offers finance professionals three primary features: the vendor management system, requisition automation, and budget tracking.
“We want to enable those small but mighty finance teams to automate more of the reporting component and spend more of their time partnering with different department leads to help drive growth for the company”
A CFO is Often Seen Wearing Multiple Hats for Better Decision-Making
The CFOs role is becoming more about business partnership and driving growth for the company. A CFO trajectory should be more analytically inclined and focused on forecasting.
“The best CFOs I've seen could wear multiple hats”
Choose the Right Data
Have a hypothesis before starting a project and chase the data that validates or invalidates it. Be aware of when to extrapolate data and if you should apply it. Then, make decisions based on that.
“If you look at a data set in enough ways, you can almost always prove something”
Instructions on how to follow, rate, and review CFO-Weekly are here.
Learn more about our accounting solutions to support your financial teams.