EInvoicing & Automation

By Mark Blakemore, Chief Financial Officer at Compleat Software

With the pound falling, interest rates rising, talk of the UK entering a recession - the Chief Financial Officer (CFO) is yet again at front and centre stage to help provide solutions to the seemingly impossible.

With a recent study of CFOs finding that 73% view economic uncertainty as a significant challenge for their organisation - the CFO needs to find answers, and fast.

CFOs wear many hats and are well-positioned to help to head off costly supply chain disruptions, with the support of their Supply Chain Manager, a profession which has historically faced challenges when it comes to Accounts Payable (AP) processes.

We’ve probably all heard of “The Great Resignation” by now. It’s supposedly a massive trend that has millions of workers getting out of the labour pool as the pandemic had them reassess their work-life priorities. Economists who are digging into labour market statistics are no longer sure that people are dropping out in droves. Instead, they see a more nuanced picture emerge where employees are quitting their jobs in record numbers, but only to seek out better, more rewarding careers elsewhere. The Amherst academic Arindrajit Dube therefore prefers to call this phenomenon “The Great Reshuffling.”

The Problem

A staggering 71% of companies report manual data entry and incompetent Accounts Payable (AP) processes as crucial pain points.

While it's only one element of the entire ‘Procure-to-Pay’ (P2P) process, Accounts Payable remains a vital one. Errors, duplicate invoices, unmatched purchase orders etc, not only waste time and valuable resources but, these inefficiencies can impact an organisation’s bottom line due to inaccurate payments.

Francois Lacas - Deputy Chief Operations Officer - Yooz

While the pandemic continues to form a black cloud of economic uncertainty over businesses, CFOs are being burdened with the pressure of not just maintaining cash flow, but improving it.

Because while the CEO is often seen as being in the driving seat, the CFOs role has transformed during the pandemic - from bean counter to digital innovator.

CFOs are increasingly taking the lead in supporting digital strategies, identifying key areas of focus and investment in all areas of the business as well as the finance department.

But under increasing financial scrutiny, choosing between tightening the purse strings and investing in long-neglected areas of the business is a tough balancing act.

In 2022, there are three priorities CFOs should concern themselves with to see out another successful year, no matter what unforeseen events come their way.