5 min read

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

Role of the CFO

Streamline your finances with Numarics' AI-powered solution

What is a CFO? In both technology companies and startups, the position of the head of finances is titled Chief Financial Officer - or CFO for short. He or she has the main task of monitoring expenses and providing documentation for authorities and investors.

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

Depending on how well equipped the CFO is with technology tools (the tech stack), he or she is either heavily immersed in paperwork or can use real-time data to execute valuable growth strategies, including cash flow planning and expense management.

At Numarics, we are proud to be a fintech company leading CFOs into the paperless and integrative, as well as intuitive, future through technology.

Instead of spending a large part of a CFO's time manually compiling information from various sources and processing it in a spreadsheet, Numarics brings together all the data from current accounting, debt management and payroll into one financial analysis.

Streamlining processes enables new resources, which are not only chronically scarce at startups. Also, with the global recession looming, lean processes for day-to-day business are necessary to have resources for strategic planning.

Sifted, a Financial Times startup magazine, featured Numarics in its latest Fintech Trends Report as one of the solutions for the CFO in 2023. Sifted describes the CFO of the future this way:

Hybrid Chief Future-Predicting Officer

This means that through 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 accounting tech stack, exemplified by Numarics, is not just a technological place where the company stores its financial data. Financial analytics are available digitally at all times for forecasting.

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

In summary, with solutions like Numarics 2023, CFOs are able to expand their position in strategy and manage global teams and therefore international spend and investments.

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