What is Accounts Payable workflow automation? Why should CFOs automate financial processes? These are questions that modern financial professionals should look at and give some good answers to.
But if automation sounds new to you, we got you covered. Sarah Spoja, Chief Financial Officer at Tipalti, shares some benefits and solutions of automating accounts payable. Sarah is an experienced director with a demonstrated history of working in the Fintech and Retail industries. She is skilled in financial modeling, operations, pricing strategy, management, mergers & acquisitions, corporate development, and payments.
Before Tipalti, Sarah was a director at KKR Capstone for eight years, where she worked with portfolio companies in the Financial Services, technology, and Retail Sectors.
In this episode, we discuss automating the AP and payment management processes, the implications of Tipalti software for finance professionals, what the modern CFO looks like, and the benefits of automating payables, among other interesting topics.
The Dynamic Role of a CFO
As the company grows, the CFO role changes and evolves too. It's a process that allows you to get diverse experiences while staying in the same business. Sarah sees it as a self-replanting act every six to twelve months while being mindful of what you need to do differently for the company's next phase of growth.
“The CFO job at a hundred-person company is very different from the CFO job at a thousand-person company.”
Automating the Accounts Payable Workflow and Payment Management Processes
Tipalti is the only global payables automation solution to streamline all AP and payment management workflow phases in one holistic cloud platform. The company provides a software platform to help finance teams manage and automate all of their traditional account payable spending or their global partner payments.
“Tipalti is the leading payables automation software solution for mid-market companies.”
The Age of the Modern CFO is Here
Modern CFOs use tech solutions to help manage the business and drive better insights. A successful CFO focuses on building that tech stack to ensure they have solid access to data that can drive business growth, automate as many manual tasks as possible, and retain team members.
“The CFO job has become more and more complicated. And so, if you're not using the best available tools to organize the department and the data correctly, you're going to miss things.”
The Benefits of Automating the Accounts Payable Workflow
It comes down to reducing time and bringing together data in the right ways to make better-informed decisions. CFOs will find that they can bring the data more effectively and get better insights.
“Ultimately, the outcome for the CFO office is to have the best insights that they can about how the business is performing and what levers you can pull to improve business performance.”
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