CFOs consolidate their position after the pandemic

Almost 50% of CFOs estimate that the pandemic crisis has consolidated their position as Business Partner among the company’s other activities. This means that his figure is increasingly committed to digital transformation.

For this reason, Yooz has investigated this figure by analyzing in his latest white paper the new powers expected of the Chief Financial Officer (CFOs). Among them, data analytics supported by the application of modern technologies based on the digitization of functions, the automation of processes and the creation of value for the company stand out.

“CFOs and their teams are more obliged than ever to position themselves as Top Performers, and to do so they must acquire a series of skills such as data analysis, communication and a permanent curiosity for innovation”, explains Magali Michel, COO of Yooz.

Role of the CFOs

In 2022, faced with the rapid rebound in post-pandemic business activities, Finance and Accounting Departments must master the new operating codes and modalities based on hybrid work environments, half face-to-face, half remote, as well as the unstoppable trend towards the virtualization of offices. infrastructures and payment for the use of resources in flexible and scalable installments instead of acquiring them definitively.

In fact, according to a study by Yooz-DFCG [The state of automation in Finance: ¿qué hay después de la digitalización? (2021)] one in three companies plan to prioritize cloud and SaaS over the next twelve months.

Yooz outlines the success attributes of Finance’s new Top Performer: CFOs

“This trend was already very evident before the health crisis, but the breakdown of working methods, with almost generalized teleworking, has highlighted the immediate benefits of the cloud and the use of SaaS-style software (flexibility, cost control, infinity of functionalities, adaptation to needs, billing based on usage, etc.), also applauded by employees in a context of remote work”, explains Magali Michel.

In this context, the automation of Accounts Payable processes in real time becomes the new norm in the finance function, and Yooz calculates that they can bring a reduction in their management costs of up to 80%.

Another piece of information revealed in the white paper is that 70% of companies want solutions that are compatible with other software (accounting, ERP, etc.), capable of extracting and analyzing massive data in real time while remaining easy to use, and Yooz In this sense, it has more than 250 connectors to the main ERP and accounting systems.

But it is not the only challenge that remains open. These new modes of operation also concern financial managers on two other fronts:

• 36% consider that cybersecurity challenges will also be a priority for 2022
• 90% of CFOs think that CSR data will have the same level of quality, robustness and auditability as financial data five years from now