CFOs: key strategic leaders for business growth

CFOs are vital strategic leaders who work with CEOs to promote business growth. As the business world constantly changes, these leaders need the right tools and team to maintain visibility, control, and make smart decisions. This helps to increase growth and maintain ongoing business operations.

Although many technology solutions support CFOs, some organizations use separate manual tools. This can cause inconsistencies and mistakes, negatively affecting productivity. As a result, it’s crucial to have a unified system that helps achieve financial goals.

The CFO’s responsibilities range from routine tasks to complex decision-making that sustains and grows the business. At Simetrik, we understand the vital stages financial leaders must consider to manage their areas effectively, and we also recognize the most relevant tools to facilitate their work.

1. Obtaining reliable and timely financial information

To create a solid plan and reach financial goals, the first key step is getting accurate and current information from different sources both inside and outside the company. But it’s about more than just gathering data.

It’s also essential to manage and interpret the data until it becomes reliable financial information.
This process is crucial to ensure the information is understood correctly and the data is ready to be reviewed and used.

“One of our client’s biggest challenges is the need for a single source of truth for their financial data. CFOs and their teams require accurate and up-to-date information to make informed decisions that drive business growth. A reliable system that provides this data is critical for success”.

Juan Pablo Boccardi, Head of Strategic Accounts at Simetrik

Effective data management often calls for teamwork. Separate files in spreadsheets, in-house developments, RPAs, Visual Basic tools, SQL, or different tech platforms can increase the risk of errors, leading to potential audit non-compliance.

Moreover, to grow their business, companies require more than just manual solutions and in-house developments; regulatory changes can happen quickly. The right systems to support financial operations are crucial.

Simetrik addresses these issues by providing a unified solution consolidating all financial and operational information into one easy-to-use interface, serving as the single, trusted data source.

2. Financial planning

Data-driven decision-making technology offers organizations reliable information and traceability from the beginning, assisting in planning and forecasting to foster business resilience and expansion while adjusting to industry shifts.

At this juncture, companies can harness technology to consider ‘what-if’ scenarios, generate financial predictions, and enact strategies for revenue protection and expense management

“Companies are rapidly innovating and expanding; nowadays, finance departments need to make decisions and predict scenarios in just a few days. Achieving this with tech solutions is efficient and risky. Therefore, CFOs require solutions that streamline information and aid in constructing informed forecasts, and automatically sync with the company’s operational and financial data sources”.

Felipe Pardo, Head of Finance at Simetrik

3. Results and measurements

Analyzing outcomes is a crucial phase where the CFO guides top management in steering the company’s strategy using prompt and precise financial analysis. In addition, the CFO plays a vital role in translating complex financial terms into practical language, establishing themselves as a key player in assessing efficiency and utilizing existing resources.

“Over the past decade, there’s been a notable rise in CFOs transitioning to CEO roles. This shift can be attributed to the evolving role of the CFO, moving beyond financial control to providing critical insights that guide the company’s strategy”.

Felipe Pardo, Head of Finance at Simetrik

In light of these insights, CFOs work closely with various departments to create financial plans that help the organization meet its business goals. These plans entail making financial projections, evaluating profitability, assessing risks, and more.

To execute these tasks effectively, many organizations have embraced the FinOps movement. This approach involves working with the finance and technology teams to streamline financial operations and minimize costs, leveraging cloud-based solutions and automation tools.

Utilizing key software is crucial for performing the above tasks efficiently. This includes:

Billing and expense management software

Organizations leverage sophisticated management platforms to manage payments, guarantee tracking, streamline workflows, and speed up invoice settlements, ensuring expenses align with the corporate budget.

Account Reconciliation Software

For accurate transaction recording and maintaining precise balances, it’s essential to have a tool that supports error and fraud detection, provides a comprehensive view of income and expenses, and aids in making informed decisions.

Risk Control Software

These tools are vital for identifying and evaluating financial risks in real time, giving organizations a complete overview of all processes. This enables them to spot errors promptly, make superior decisions, adhere to regulations, and enhance operational efficiency.

Today’s CFOs do more than just budgeting and financial control. They need reliable tools that automate processes, allowing teams to shift from manual work to focus on data analysis and strategic tasks that boost company growth and profitability.

Acknowledging these needs and challenges, Simetrik has designed a universal conciliator using no-code/low-code technology. This supports CFOs and their teams in achieving their goals, with a particular focus on the following areas:

  • Secure trustworthy information and maintain visibility throughout the entire process.
  • Promptly and accurately transform all company transactional data into accounting entries to ensure reliable indicators.
  • Establish a unified system that encompasses all data and their respective sources.
    Make educated decisions based on precise information.
  • Achieve total transparency over gathering transactional data from operational areas, organizing the data, conducting necessary transformations, and making accounting classifications. This ensures readiness for audit and control procedures.

Simetrik offers a flexible and robust solution for automating financial and operational reconciliations. Trusted by decision-makers, it strengthens teams and supports controlled business growth.

Easily automate your company's reconciliation processes with Simetrik