In September, we hosted Stacked, our first-ever conference exclusively for in-house finance leaders. It was incredible to see so many of you come together to share ideas, ask questions, and tackle challenges head-on. From the lively Q&A sessions to the conversations that spilled over into the breaks, the energy was electric.
Attendees were so engaged that they continued sending questions to our speakers even after the event concluded. To provide more value, we followed up with our speakers to gather their expert advice and reflections. Hereâs a summary of their insights.
What have been your biggest missteps in building or managing the tech stack?
Building and managing a tech stack isnât easy, and mistakes happen. Two common issues are:
- Not involving the right people
- Failing to stick with one solution
Trying to juggle multiple partial solutions can create inefficiencies. Patrick Dobson, CFO and Interim CEO at Sofar Sounds, advises: "I tend to think there is no one perfect solution as every business is unique in its own way. Therefore the best operating leverage you can achieve is by picking a tool and making sure you utilise it as much as possible."
Collaboration is just as important. Tyler Caskey, a Partner at The Bean Counters, shares his experience about a payroll project that fell through because the General Manager hadn't been consulted, and she cancelled the implementation at the last minute.
There are lots of apps to pick from, how do you go about choosing which one to use?
Choosing the right apps starts with peer recommendations, reviews, and a clear understanding of your business needs. Itâs important to ask vendors how their solution handles your specific requirements to avoid mismatches down the line, and always validate what vendors promise during the procurement process.
Steve Jarvis, CFO at Terrafend, suggests checking app store ratings, asking peers, assessing what your team needs, and being prepared to change your mind after testing.
Harriet Hope, VP of Finance at Arbolus, recommends being open to newer partners but being cautious with things like mass payout providers due to potential risks. She suggests comparing different vendors, having several conversations, and digging into how they handle your businessâs unique needs. Harriet shares her past frustrations when sales promises didnât match up with reality, so she urges the importance of asking the tough questions right from the start.
Do you have any cash-flow forecasting advice?
Tyler Caskey, Partner at TheBeanCounters, emphasises the importance of daily cash flow forecasting for businesses with 50 or more staff. It helps keep finance teams on track with deliveries and provides visibility into cash flow peaks and troughs. When done effectively, it takes less than 10 minutes a day.
Any advice for leveraging PowerBI for data insights?
Matt Flanagan, MD at BlueHub, suggests that if you want to take your PowerBI usage to the next level, it's worth investing in training your team on data linking and building reports.
Tyler Caskey, Partner at TheBeanCounters, adds that PowerBI is great for handling large datasets (1,000+ rows) and automating data delivery. But when it comes to financial reporting, itâs better used as a customisable data visualisation tool.
How do you handle a fast-growing business with limited tracking categories in Xero?
Patrick Dobson, CFO and Interim CEO at Sofar Sounds, suggests using data warehouses connected to tools like Tableau for detailed KPI analysis, especially when Xeroâs tracking category limits become a barrier.
Steve Jarvis, CFO at Terrafend, recommends broad tracking codes (e.g., Country-Product-Client-Currency) and then exporting the data to PowerBI or similar tools for more flexibility.
How do you help junior finance team members develop a business partner mindset?
Sophie Conaghan, Finance Lead at CharlieHR, suggests assigning small, relevant tasks, like working with the operations team on monthly accruals. This helps junior team members build confidence, improve cross-functional communication, and gain a better understanding of how to work with non-finance teams. It also teaches them what level of detail to provide, how to explain accruals, and the types of questions the operations team may ask.
How often should finance teams report to leadership?
According to Sophie Conaghan, it depends on the size and stage of your business, but there are a few golden rules for SMEs:
- Check in weekly with your COO and Exec team.
- Use real-time dashboards for quick updates (think MRR from Stripe).
- Close out your financials monthlyâand aim to do it fast.
- Be ready to jump in with ad hoc models for big decisions.
This kind of rhythm keeps everyone aligned and decisions flowing smoothly.
Scaling the finance function for success
The insights shared at Stacked demonstrate how the right strategies and tools can empower finance teams to operate more effectively. Whether itâs refining your tech stack, fostering collaboration, or streamlining reporting, these expert tips lay a strong foundation for overcoming todayâs challenges and scaling for tomorrow.
A huge thank you to our Stacked speakers for continuing to be so generous with their insights đ.
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