The role of the CFO (Chief Financial Officer) in 2023

Who is a CFO? In technology companies and startups, the position of Chief Financial Officer bears the title Chief Financial Officer - or in short - CFO. It has the main task of monitoring expenditure and providing documentation to authorities and investors.

As soon as startups in the growth phase are planning to get their first investors on board, it is worthwhile to fill the position of CFO in order to be able to provide all relevant business evaluations and balance sheets before and after the financing round. In addition, a CFO ensures that binding commitments regarding the type of investments are met.

Depending on how good the CFO is with technological means (the Tech-Stack), he or she is either very absorbed in paperwork or can use real-time data to carry out valuable growth strategies, including cash flow planning and expenditure management.

As a fintech company, we at Numarics are proud to lead CFOs into a paperless, integrative, and intuitive future.

Instead of spending a large part of the time as Chief Financial Officer manually compiling information from various sources and processing it in a spreadsheet, Numarics combines all data from ongoing accounting, accounts receivable management and payroll in a financial analysis.

Streamlining processes enables new resources that are chronically scarce not only among startups. Even with the impending global recession, streamlined processes for day-to-day business are needed in order to have resources for strategic planning.

Sifted, a startup magazine published by the Financial Times, has presented Numarics as one of the solutions for the CFO in 2023. Sifted describes the CFO of the future as follows:

Hybrid Chief Future Predicting Officer

This means: With the new fintech tools available to a CFO, the position should be able to bring together remote employees and decentralized teams and departments (hybrid). The new tech stack for accounting, using Numarics as an example, is not just a technological location where the company stores its financial data. Financial analyses are available digitally at any time in order to be able to carry out forecasts.

Numarics is in the trend of tech stacks, which are designed so that their ease of use is intuitive for non-experts, in our case anyone in your business who is not a CFO. Training for new software is omitted and there is no need to find complicated solutions to integrate it into an existing infrastructure.

In summary, with solutions such as Numarics 2023, CFOs are able to expand their position in strategy and manage global teams and thus international spending and investments.

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