Learn why CFOs are embracing cash flow tracking software to better their cash forecasts.
Companies that view the CFO function as more about reporting and less about strategy will be at a disadvantage in the near future. Finance executives must ensure that their management teams have access to timely data in order to make informed choices.
Success is driven by strategic planning and cooperation throughout the whole organization. As a result, it’s no surprise that CFO polls consistently demonstrate that trend. CFOs, particularly in small and midsize organizations, wear multiple hats. They’re reviewing cyber security concerns, managing system and data integration, solving skills gaps, and evaluating emerging technologies like Blockchain and AI, in addition to their usual CFO duties.
These are the top five challenges faced by the CFOs:
Treasurers should embrace automated cash flow software to keep up with business growth and complexity and become strategic advisors in the organization.
The following are some of the reasons why using the right cash flow software can help businesses grow:
The function of the CFO is being reshaped by treasury software. CFOs are taking initial steps toward digital processes with AI and machine learning. CFOs can use digital technologies or digital tools to enable decision-making, which is dependent on data accuracy, availability, and adaptability, as well as flexible/scalable technological support.
A global survey conducted by J.P.Morgan with 130 treasury professionals states that companies are investing and enhancing their data skills to support their transformation. Data accuracy and availability are a major challenge, where nearly 60% view it as one of their two largest treasury challenges.
The following are the reasons why CFOs require integrated cash flow tracking software:
The pressure on the CFO to generate more accurate cash forecasts and leverage accurate cash flow tracking tools has never been greater due to the volatile times.
AI and machine learning tools have progressed to the point where CFOs can now deploy them to provide much-needed automation, efficiency, and accuracy to their forecasts. CFOs and their teams can use AI and machine learning to automate modeling across numerous scenarios across numerous cash flow categories.
AI-based cash forecasting software provides the following benefits:
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