Your weekly go-to guide to transform your finance function into a strategic powerhouse.
Welcome CFO Techstack Community đ,
Itâs the last CFO Techstack newsletter of 2024! As we wrap up 2024, itâs time to look ahead and ensure your finance function is ready for a successful 2025.
In this edition, weâre sharing our top tips for future-proofing your finance function, from embracing new technologies to aligning finance with business strategy.
On behalf of all of us at CFO Techstack and Mayday, we wish you a wonderful holiday season and a Happy New Year!
FEATURED ARTICLE
Your 2025 finance function roadmap
Future-proofing your finance function
As we close out 2024 and look ahead to 2025, the finance function is at a pivotal moment. With rapid changes in technology, regulation, and the global economy, finance teams have a bigger role to play than ever before.
To set yourself up for success in the coming year, itâs essential to align your team, tools, and strategies with the evolving needs of the business. Here are some practical tips to help you prepare for a standout year in 2025.
1. Step into the role of a strategic partner
Gone are the days when finance was all about bookkeeping and compliance. In 2025, finance teams are expected to act as strategic partners, using data to drive smarter business decisions. Hereâs how to make that shift:
Invest in advanced analytics: Go beyond the basics. Tools like predictive analytics and scenario modelling can give you a clearer view of whatâs ahead.
Collaborate across departments: Break down those silos. Work closely with marketing, operations, and HR to make sure financial data is guiding decisions across the board.
Upskill your team: Help your team build their expertise in data visualisation, storytelling, and communication so they can make insights actionable.
2. Double down on digital transformation
A well-executed tech stack is no longer a ânice-to-haveââitâs a must-have for any forward-thinking finance function. Here are the essentials to prioritise and some experimental options to explore:
Automate repetitive tasks: Save your team valuable time by automating processes such as accounts payable, accounts receivable, and reconciliations. This allows them to focus on higher-value strategic activities.
Integrate your tech stack: Ensure all your tools seamlessly communicate with each other. Smooth data flow reduces errors and enhances efficiency. For expert guidance, connect with one of our CFO Techstack Advisors here >
Experiment with AI: Emerging technologies like artificial intelligence can uncover patterns and opportunities, from fraud detection to optimising processes, helping you stay ahead in a competitive landscape.
3. Stay agile and build resilience
If thereâs one thing weâve learned over the past few years, itâs that agility is key. To thrive in 2025, your finance function needs to pivot quickly when the unexpected happens.
Adopt rolling forecasts: Say goodbye to static annual budgets. Regularly updated forecasts let you adapt to changing conditions.
Plan for risks: Use scenario planning to prepare for disruptionsâwhether economic, geopolitical, or environmental.
Keep a close eye on cash flow: Strong liquidity management is your safety net in uncertain times.
4. Get serious about sustainability and ESG
Environmental, Social, and Governance (ESG) factors are no longer just buzzwords. Theyâre front and centre for stakeholders and customers alike.
Weave ESG into your metrics: Make sure ESG goals are part of your financial reporting and decision-making.
Look into green financing: Consider funding projects that improve environmental outcomes, like energy efficiency or sustainable supply chains.
Stay ahead of regulations: Proactively address ESG reporting requirements to avoid getting caught off guard.
5. Align finance goals with business objectives
Finance doesnât operate in a vacuum. Aligning your teamâs goals with the broader business strategy ensures every financial decision supports the bigger picture.
Identify key drivers: Work with leadership to pinpoint the metrics that matter most.
Set clear KPIs: Choose performance indicators that align with both financial and operational goals.
Track your impact: Regularly measure how the finance function contributes to achieving business objectives.
6. Communicate clearly with stakeholders
Good communication builds trust and shows the value of the finance teamâs work.
Upgrade your reporting: Make your reports not just accurate but also visually appealing and easy to understand.
Stay connected: Keep investors, board members, and other stakeholders in the loop with regular updates.
Tell a story: Use your numbers to craft a narrative about the organisationâs performance and plans for the future.
A final look ahead
Planning for success in 2025 means taking a proactive approach to the evolving role of finance. By embracing tech, building resilience, and aligning with your organisationâs goals, you can position your team as a key driver of growth and innovation.
Remember, finance isnât just about the numbers anymore. Itâs about shaping the future of the business. Equip your team with the tools, skills, and mindset they need to thrive, and youâll be ready for whatever 2025 brings.
COMMUNITY INSIGHTS
đ¤ How I stacked it: A year in review
In the first installment of our year-in-review special, we highlighted the top 10 most-mentioned app categories and the standout apps in each. In this second installment, we turn our focus to the specific apps that finance leaders rely on to drive efficiency and innovation. Across this yearâs newsletters, certain apps emerged time and again, becoming clear favourites among the community. Today, weâre counting down the top 10 most-mentioned Xero App Store picks of 2024, each a testament to innovation and the value they add to finance teams.
Top 10 most mentioned apps
Mayday - The best of breed app for multi-entity businesses using Xero. Automate intercompany balances, recharges and cross-entity bank recs to mend month-end.
ApprovalMax - Streamline your approval process by allowing users to create automated workflows to approve bills and invoices. Unlock powerful efficiencies for accounts payable and accounts receivable functions in any finance team.
Dext - Remove the effort of collecting and processing invoices and expenses. With bookkeeping automation from Dext, you can free up time to grow your business.
Fathom - Combines insightful reporting, fast cash flow forecasting and actionable financial insights into one refreshingly easy business management solution.
Joiin - Automate how you consolidate financial, sales and KPI data with Joiin to create great-looking reports quickly and seamlessly.
Pleo - Centralise your business spending for complete financial efficiency and balance the books effortlessly with Pleo.
Hubdoc - Leverage cloud computing and machine learning to automatically collect and analyze business documents for financial reporting, reconciliation and audit proofing.
Syft - From simple reports through to integrated forecasts, businesses and accountants use Syft to create, collaborate and explore beautiful financial reports.
Employment Hero - An all-in-one employment solution for businesses with big ambitions and their teams. Receive support at every stage of the employee lifecycle, from recruitment to HR, compliance and payroll, unleash your teamâs full potential.
Airwallex - A leading global payments and financial platform for modern businesses, offering trusted solutions to manage everything from business accounts, payments, treasury, and spend management to embedded finance.
These top 10 apps of 2024 tell a compelling story about the evolving priorities of finance leadersâfrom automation and accuracy to scalability and collaboration. Whether youâre just starting to build your tech stack or looking for new ways to enhance your existing setup, these apps provide tried-and-tested solutions trusted by your peers. As we step into 2025, letâs continue to share insights, refine strategies, and build stacks that power financial excellence.
Got a few favorite apps or a success story from your own stack? Weâd love to hear from you in next yearâs âHow I Stacked Itâ series! Reach out to hein.vanzyl@getmayday.com.
THE STACK EXCHANGE
𧾠This week's top threads, from The Stack Exchange
The Stack Exchange is a Slack forum for connecting with peers, sharing insights, and staying updated on apps and industry eventsâhelping you transform your finance function into a strategic powerhouse.
Here are this week's top 3 discussions from The Stack Exchange:
ApprovalMax now lets you create and approve accrual reports directly within the platform, making it easy for customers using Xero to manage accruals and related journal entries. Learn more.
This webinar features Clay Sandoz of Wellstead Solutions. Clay will present on how nonprofit organiSations can leverage G-Accon to automate financial reporting, improve data accuracy, and gain real-time insights, thereby empowering more effective decision-making.
Being a great finance business partner (FBP) isnât just about being good at finance, itâs about influencing decisions. This taster session will cover the most important FBP tool: the communicatorâs secret. Youâll learn how to take tonnes of data and quickly turn it into 3 key points that get your message across in just 90 seconds.
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