Posted by Alyanna Tagamolila
Apr 02, 2024
Share
One of the core tasks of CFOs is being able to effectively manage their company’s finances. Their responsibilities range from being able to properly account for all transactions and overall cash flow, ensure accurate financial data as well as handle all financial matters such as investments, building a company’s financial portfolio and the like.
However, as the trends of the economy shift towards integrating technology into our daily lives, CFOs are placed in a unique position – to revolutionize their financial management practices with financial technology.
Read: The CFO's guide to Data Analytics
The development of financial technology or FinTech comes at the advent of finance and accounting technology. It has changed traditional financial management practices such as banking, payment processes and even investment opportunities.
While it may seem unrelated for companies that operate as an entity as innovations such as online banking and digital wallets mainly affect us on an individual note, becoming updated and incorporating these seemingly individualistic trends can actually help boost your company’s finances.
Benefits of Financial Technology
Modern CFOs who are looking to further improve their financial management can incorporate FinTech trends such as online banking, payments and investment opportunities into their everyday workflow. For example:
Adopting Online Payment Methods
Integrating online banking in the form of online payments for your company’s transactions effectively widens the range of consumers that can avail your products and services. By not confining yourself to one traditional banking method, you can begin to branch out to consumers as far as another country as they can easily pay and arrange for the consumption of the service or product through online means.
Online payment methods also allow for accurate and real-time tracking as each transaction will have a corresponding reference number along with the exact amount, date and time it occurred, giving your company accurate financial date for financial management and audit purposes.
Investment Opportunities
With FinTech, the movement of money has become more flexible. This allows you to diversify your company’s financial portfolio. You can look into worthy investment opportunities and employ the ease of online methods to build an impressive portfolio.
A diverse financial portfolio easily attracts investors and partners as it shows that your company is financially secure and has the ability to adapt to shifting economic trends.
Secured Finances
One of the greatest benefits that technology has given us is the ability to secure our data – the same can be said with a company’s finances. By employing FinTech trends such as cloud accounting and AI for fraud detection, companies can give their finances an added layer of security and minimize any risks and vulnerabilities.
While FinTech trends and the rise of digital finance practices are positioned to benefit individuals, finding a way to integrate it into your company’s workflows and financial processes positions your company as an accessible company for potential partners, investors and consumers – fulfilling the goal of your CFO.
By keeping up with these trends, you solidify your presence in the market, allowing you to stay ahead of the competition.
Read Next: A CFO’s Guide in Choosing a Business Intelligence Platform
Stay on Top of the latest Finance and Accounting Trends today!
D&V Philippines has made it our priority to stay on top of all the developments in the finance and accounting industry. With our readiness to adapt to any changes in the field, we are equipped with the necessary tools to help companies achieve success. Contact us today and we’ll help you find the right solution for your needs.
Download our Outsourcing: How to Make it Work guide today and find out how we provide quality and secure services.
