Tesorio and Tipalti surveyed 160 Global CFOs on how to future-proof finance operations in new report “How CFOs Are Navigating Change”
Tesorio, an A/R Cash Flow Performance Platform, and Tipalti, the leading Global Payables solution, today announced the release of a new report on how CFOs are adapting their finance functions to become more “future-proof” in today’s fast-changing environment.
The report, titled How CFOs Are Navigating Change, is driven by the results of a CFO Dive survey of 160 CFOs and other financial executives at organizations with less than $1B in annual revenues. In addition to exploring research into CFOs’ current priorities and plans, the report highlights how automation investments can help CFOs address talent challenges and optimize their contributions to the business.
The research found that 72% of CFOs have experienced higher-than average turnover in the past two years, with outdated manual processes and technology being the top pain points for CFOs’ new hires (54%). CFOs have been future-proofing their finance functions by digitizing payments (46%), improving reporting and real-time data (45%), and automating manual workflows/processes (42%), but that leaves a lot of room still available for technology to make an impact. Only one out of four CFOs (25%) say their organizations have invested in accounts receivable (AR) automation, for example, and only three out of ten CFOs (29%) say their organizations have invested in accounts payable (AP) automation.
“By postponing investments in A/R and A/P automation, organizations are missing out on low-hanging opportunities to minimize manual work for their employees, codify knowledge about their customer/supplier relationships, and leverage data to optimize cash flow performance. The outcomes of these investments address staff pain points to improve retention while derisking business continuity in the event of turnover, and simultaneously help drive sustainable growth,” says Carlos Vega, CEO and Co-founder of Tesorio.
The report finds that CFOs understand the impact of AR and AP automation. Two out of five CFOs (40%) selected accounting (AP and AR) as one of the core financial functions that would benefit the most from advanced technology. Meanwhile, 45% of CFOs believe creating a culture of cash flow excellence should be a top priority in the next six to 12 months.
“When it comes to achieving cash flow excellence, updating an organization’s technology and embracing automation is a critical step, as real-time visibility into cash flow can help businesses make better, faster decisions,” says Sarah Spoja, CFO of Tipalti. “We are confident the insights found in this report will help more organizations embrace the kinds of solutions that help CFOs address their challenges and support future growth, business resilience, and talent retention in a fast-changing environment.”
Read the complete report: How CFOs Are Navigating Change
Tesorio is revolutionizing the way mid-market businesses manage their Accounts Receivables. In a world where it’s all about cash flow, Tesorio's A/R Cash Flow Performance Platform turns revenue into cash now. Improving cash performance is critical in a time of inflation and rising interest rates, Tesorio helps businesses accelerate their collections and put them at the front of the line to get paid first. Tesorio is trusted by the world's best finance teams at companies like Slack, Box, Veeva Systems, Twilio, Domo, and others. The company has raised a total of $37.6 million in funding to date from investors such as BAMCAP, First Round Capital, Floodgate, Madrona Venture Group, and Y Combinator.
For more information, visit https://www.tesorio.com.
Tipalti comes from the Hebrew expression for "We handled it." Tipalti is the only company handling both Accounts Payable and Global Partner Payment workflows for high-velocity companies across the entire financial operations cycle: onboarding and managing global suppliers, instituting procurement controls, streamlining invoice processing and approvals, executing payments around the world and reconciling payables data across a multi-subsidiary finance organization. Tipalti enables high-growth companies to scale quickly by making payables strategic with operational, compliance, and financial controls. Companies can efficiently and securely pay thousands of partners and vendors in 196 countries within minutes. Thousands of companies, such as Amazon Twitch, Roblox, GoDaddy, Roku, Wordpress.com, and ZipRecruiter use Tipalti to reduce operational workload by 80% and accelerate the financial close by 25%, while strengthening financial controls and spend visibility.
For more information, visit tipalti.com.