As their title suggests, a Chief Financial Officer oversees the day-to-day operations of the finance and accounting department. However, they are also responsible for many other things like providing up-to-date information to help the management make decisions, providing strategies to help the firm grow, and calculate risks for the organization.
These responsibilities may sound a bit overwhelming; fortunately, the advancement of technology has enabled CFOs to do more now than ever before. A lot of software are now available in the market to provide CFOs with the solutions that they need for each challenge. The sheer number of software can, however, confuse some and result in purchasing competing tools with the same functionality. To help you in this challenge, here are some essential tools that a CFO like you, must have up their sleeves:
1. Workflows or Productivity Management Tools
Having a productivity management tool is an amazing way for you to keep track of the projects and other activities of your department, the management, and other departments that involves, or is being led by you.
Basecamp is an example of a web-based productivity management tool that has its own to-do list. It is easy to use and can be utilised in keeping track of individual projects. Another great tool is Asana, which has received praises from companies like AirBNB, Intel, NASA, and Uber, among others.
2. Dashboards and Business Analytics Tools
As a CFO, you know that time is always of the essence. There are moments where in you don’t have the luxury of looking everything from the bottom-up.Having a simple dashboard containing the data you need, or one that enables you to pull up data in a snap will be of great help as you make decisions in tight situations.
Business analytics tools, on the other hand, help you interpret data fast and efficiently by breaking down your data according to the categories you want them to be in. One of the known analytics software with great visualization capabilities is Tableau. Tableau can extract and integrate data of various formats from spreadsheets, databases, and other big data sources such as Salesforce, Google Analytics, and the like. It then allows the user to transform these data into visualizations that they desire using a user-friendly drag-and-drop interface.
3. E-Signature Apps
Your roles and responsibilities may require you to move from one place to another, depending on the needs of the organization. However, there are times when you will be in one place, but your signature is needed on another. This is where e-signature apps will come in handy. E-signature apps, like Adobe eSign Services and DocuSign, collects and stores signatures on a cloud server. Signatures can only be used on documents once the owner places the signature through an online app. Having an app like this will save you time, especially during the tax season.
4. Cloud Accounting Solutions
Believe it or not, there are still firms who have not taken advantage of the benefits of cloud-based accounting software. If your firm is one of them, do not fret. Cloud accounting software performs the same tasks of traditional and offline accounting software, and more. The difference is that it runs through the internet and private servers, and can be accessed online with the help of an application, or through your web browser.
Currently, there are tons of available cloud-service providers that can suite the nature of your organization and your needs. All of them enable you to access important accounting files and documents, collaborate with your team, and process transactions, all while you are on-the-go.
It is easy to get confused whenever you are faced with a lot of choices. Choosing the best will surely require a lot of weighing in, but there are some CFO tools that are already a must if you want to keep up with the rest of the world, and make the best impact for your organization.
Planning to take things up a notch? Read how the CFO of Tridant Pty Ltd - an Australian-based consulting firm took advantage of D&V Philippines’ scalable solutions in their finance and accounting processes. Just click the button below to grab your copy of the case study!