CFOs Find a Recipe for Success

We quantified how well-connected CFO offices of today are to the data, talent, and tools necessary to get the job done, as well as further understand what areas of connection are priorities for improvements in the near future. The following is a deeper look at the results of a June 2022 survey of high-level finance leaders, dominated in this case by CFOs and vice presidents of finance. Expect to be surprised by the optimism and firm handle on technology you will find in this report.

The CFO State of Mind

Read any news source these days and the consensus seems to be that accounting and other finance functions faced several struggles in 2022. Chief among these were access to the tools necessary to do their jobs correctly and concerns over implementing the systems and personnel to deploy them. For example, one recent PwC survey found that 68% of current CFOs are investing in digital transformation, tops on the priority list.

The point here is context. What our survey found, however, is that not only is the average finance leader doing the best they can with what they have, but they also have a clear understanding of the essential areas where they need to invest to stay competitive in the future. But what about those other more negative portrayals?

Traditionally, the CFO mandate has been to make sure that the books are in order, and that the accounting point of view is being considered. This is the comfort zone for the CFO of the past. However, “if today’s CFOs are given a mandate to help drive strategic growth for the business, the new question becomes, ‘Do they have the tools they need to actually do that job?’” said Colin Swain, product leader at Bottomline Technologies. “And the answer is ... maybe.”

In a shifting landscape, understanding how to get things done efficiently, and the resources needed, is more essential than ever. It turns out that when it comes to tools, technology, staff and implementation, CFOs are in the center, as we said at the outset.

“There may be a sense that CFOs aren’t happy, or that the Treasurer or Head of AR or AP is scurrying around to give the CFO the data they need. But my question would be: Do CFOs really know what excellence looks like in this space, and what mandate have they been given?” 

Colin Swain
Product Leader at Bottomline Technologies