Your weekly go-to guide to transform your finance function into a strategic powerhouse.
Welcome CFO Techstack Community đ,
Weâre back with our series on how tech plays a crucial role in your success as a finance leader, drawing on insights from our recent event, Stacked.
In Episode 1, we introduced a framework to help you think about the many âjobs to be doneâ in finance and why itâs so easy to get stuck in the weeds of day-to-day tasks. Today, in Episode 2, weâre focusing on how tech can help you break free from those routine tasks and start climbing up the hierarchyâbut weâll also make a point of where tech has limits.
Finally, donât miss Episode 3 next week, where weâll debunk the myth that ERP is always the best answer for finance teams. Weâll show you why automating with Xero and its ecosystem can often be the smarter, more flexible choice.
Letâs explore how you can leverage your tech stack to take on the big stuff and make a real impact.
FEATURED ARTICLE
How tech enables you to climb the finance function hierarchy of needs
Why your tech stack matters
Welcome back to our series on how tech is central to your success as a finance leader. In Episode 1, we took a fresh look at all the different hats finance teams wear and why prioritising tasks is so important.
In Episode 2, weâre diving into how tech can help you move up the hierarchy of needs. But letâs keep it realâwhile tech wonât automatically make you a great finance leader, without a well-chosen and well-implemented tech stack, youâre setting yourself up for a tough climb. Letâs get into how to make tech work for you.
Crowded out from rising up
As finance leaders, weâre constantly pulled in a hundred different directions. Thereâs always a report to run, an account to reconcile, or a new compliance requirement that needs our attention. Itâs all-important, but when we get stuck in these foundational tasks, it leaves little room for strategic thinking and leadership.
Remember last week's newsletter about the hierarchy of needs? Itâs a pyramid where the base is full of those day-to-day, must-do tasks, and the top is where youâre driving strategy and shaping the future. But without adequate systems and processes, the noise of these lower-level tasks drowns out the strategic work that drives true business value. The result? We remain stuck at the base of the pyramid, unable to fully step into our roles as business partners, strategists, and leaders.
Thatâs where the tech stack comes in
Enter the modern tech stack. We've come a long way since the 2012 Fever-Tree days of our Co-Founder and CEO, David Tuck, when his cutting-edge tech stack consisted of Sage50 and Excel (see below).
Today, the rise of cloud technology and APIs has completely transformed the finance function. Just look at the solutions we had exhibiting at Stacked: how Mayday saves days' worth of manual intercompany bean counting, how Joiin saves time on consolidated reporting, how Chaser reduces accounts receivable risk and automates manual chasing, how Tipalti enables accounts payable controls and removes manual entry, and how Payhawk transforms and automates spend management.
With tools like these, the time-consuming, repetitive tasks that keep you bogged down at the base of the hierarchy can be automated, drastically reducing your cognitive load. This frees you up to focus on what really matters: insights, strategy, and leadershipâthe areas where finance leaders truly add value.
While technology is a powerful enabler, itâs not a silver bullet
However, letâs not get carried away. Tech wonât make you a great CFO, nor will it singlehandedly build a world-class finance function. Itâs an enabler, not a substitute for the skills and experience that define great finance leaders.
No amount of automation will teach you how to be a great CFO or give you the skills to be a strategic, T-shaped leader who understands both the numbers and the bigger business picture. Tech can do a lot, but it wonât replace your judgment, your leadership, or your ability to connect the dots. In short, it's a catalyst, not a first-order driver.
The absence of a well-selected and well-implemented tech stack will stop you from becoming a great CFO
That said, the absence of a well-curated tech stack can be a major obstacle to your success as a finance leader. Itâs essential to unlocking your potential as a finance leader and climbing that hierarchy of needs.
Think of it like playing Finance Function Top Trumps. The innovations of the last decadeâautomation, AI, data analyticsâhave fundamentally altered the landscape of finance. In this game, the quality of your tech stack is a critical category, one that could tip the scales in your favour. A weak tech stack doesnât just slow you down; it hinders your ability to drive strategic impact.
Freeing up time to lead
As you reflect on how tech can help you climb the hierarchy of needs, remember: automation isnât just about saving time, itâs about unlocking potential. The right tech stack allows you to focus on high-impact activities, elevating your role as a finance leader. But tech alone isnât the full answer. Itâs your skills, insights, and leadership that ultimately take you to the top. So, embrace the tools that can do the heavy lifting and free up your bandwidth to lead with greater impact.
COMMUNITY INSIGHTS
đ¤ How I stacked it
David Tuck (2012), Financial Controller at Fever-Tree, shares their tech stack
Fever-Tree is the world's leading supplier of premium carbonated mixers for alcoholic spirits by retail sales value, with distribution to over 70 countries internationally.
David provides insights into his tech stack during his tenure at Fever-Tree from 2011 to 2012.
David told us, "I left Deloitte in 2011 to become the first qualified accountant at Fever-Tree, where I implemented a trailblazing tech stack, consisting of Sage50 and Excel... That's not entirely a joke. Back then, your technological proficiency as a finance leader was defined by your Excel capability."
Xero has introduced new updates to Xero HQ, like total cash balance and number of unreconciled items across entities. Check it out. Originally designed for accountants and bookkeepers to manage multiple clients, Xero HQ is now available for multi-entity Xero using groups as a central hub to manage multiple entities. More on that here.
Lightyear users can now quickly and easily find the documents that have no Approvers assigned to them and send tasks as needed. See the latest updates.
ApprovalMax has launched On Hold status for requests. Pause a request without cancelling it and gain extra time to gather more information or delay a decision. Learn more.
WHAT THE DATA SAYS
đ Stat of the week
37% of CFOs say technology transformation is their top priority.
ApprovalMax is hosting a webinar to share the latest product feature updates across all plans and integrations. Join us to explore our latest releases and features.
In today's unpredictable business environment, relying solely on P&L statements can be a risky strategy. â¤â¤Cash flow is the lifeblood of any organisation, and putting it first is crucial for long-term success. â¤â¤Join this in-depth webinar, followed by a Q&A, to learn why a cash-first approach should be at the heart of your financial strategy. â¤
CFO Connect's flagship annual conference returns for its fourth consecutive year! This three-day, fully virtual event is the ultimate gathering of finance leaders, featuring the industry's brightest minds sharing their deep knowledge and expertise to help you become a better finance professional and accelerate your professional journey.
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