Your weekly go-to guide to transform your finance function into a strategic powerhouse.
Welcome CFO Techstack Community š,
To this weekās edition of CFO Techstack! Last week, we focused on stepping into the role of a strategic partner, recognising that the evolution of the finance function in 2025 demands more than just number crunching and compliance.
This week, as we continue to set the stage for a successful 2025, weāre tackling one of the biggest challenges finance teams faceāmonth-end. In this issue, we highlight actionable strategies to help you overcome common pitfalls and streamline your process. Tyler Caskey shares his expert tips to help your team navigate month-end with greater efficiency and accuracy.
FEATURED ARTICLE
Mastering month-end: Top finance teams share their 2025 success strategies
As we kick off the new year, weāre focusing on how top-performing finance teams are preparing for success in 2025. In the coming weeks, weāll highlight how these teams are avoiding common month-end mistakes and adopting best practices to set themselves up for smoother operations and greater efficiency. Think of it as "New Year, New Me" energy, but for your finance team!
In a recent poll within our CFO Techstack community, we asked: What's the most common issue your team faces during month-end?
Hereās how the results broke down:
58% said misclassified transactions.
33% said delayed approvals from stakeholders.
8% said incomplete data submissions.
Misclassified transactions came out on top as the biggest challenge for month-end. So, how can you tackle this issue and streamline your process? We turned to Tyler Caskey from TheBeanCounters for his expert advice.
Here are four actionable tips:
Start Early: Regularly review your P&L and balance sheets throughout the month, especially if you manage multiple entities. Early checks help you spot and resolve anomalies before they become major issues. I recommend using a Xero consolidations app like Joiin, Syft Analytics, DataSights, or Fathom to review your P&L across the group. I personally review our companyās balance sheet weekly for any anomalies to ensure its accuracy. If your balance sheet isnāt right, your P&L will never be right.
Leverage Tech: Utilise tools like Mayday to identify intercompany imbalances. A weekly check can highlight discrepancies and ensure your data stays accurate. If you check in at least once a week, and possibly more as month-end approaches, you can identify any red flags. It doesnāt have to be done in real-timeāyou can backdate it by a day or two, which is a simple but effective strategy.
Do It Once, Do It Right: One principle Iāve introduced with my team is āDo it once, do it right.ā This means handling a transaction correctly the first time. If youāre unsure, ask a questionādonāt just dump it and hope to fix it at month-end. This approach helps prevent issues from building up and ensures long-term accuracy.
Sense-Check: The final step is to perform a sense check, especially when identifying missing transactions. I always consider GST or sales tax as an example. For instance, if your business generates $2 million in revenue per month, in Australia, you should expect around $200,000 in GST on sales to pay, unless your expenses are unusual. Keep a mental note of how much your sales or input tax should be. This sense check can be applied to almost any figure in your balance sheet or P&L. While it might seem a bit meticulous, itās important to trust your gutāif something feels off, whether itās too high or too low, investigate. You may uncover an error or find a large invoice that was just processed.
By adopting these strategies, you'll not only improve your month-end process but also foster a culture of efficiency and accuracy within your finance team. As we move into 2025, these best practices will help you stay ahead of common pitfalls, streamline operations, and ensure your team is always prepared for success. Stay tuned for next weekās top tips, where weāll share even more expert advice to help you tackle the month-end with confidence.
COMMUNITY INSIGHTS
š¤ How I stacked it
Tom Benians, Finance Director at Uptick, shares their tech stack
Uptick is an international B2B SaaS company with offices in Melbourne, London and Denver. Theyāre one of the leading job management software platforms for fire and security businesses that keep your buildings safe and secure.
Tom told us, āAs an ICAEW Chartered Accountant who began my career in Deloitte Audit, I transitioned into the SaaS startup world in 2015 as a co-founder and successfully exited. Since then, Iāve combined my finance expertise and founder experience as a mercenary Finance Director, with a strong passion for SaaS tools, to build and optimise finance functions in tech startups.
I thrive on the multifaceted role of a startup Finance Director, serving as the CFOās right hand while leading a lean, efficient team. I oversee multiple Xero entities across international markets, with a focus on scalability, automation, and integrating cutting-edge tools. At Uptick, my mission is to create one of the leanest and best-in-class global finance functions in the SaaS landscape.ā
Here's what Tom and their team are using:
Xero for General Ledger: At the core of our financial operations lies Xero. Despite functioning as a multinational group, weāve customised Xero to suit our needs by integrating connected apps and leveraging Superblocks to create a GSheets-linked data warehouse. Superblocks allows us to extract raw data from Xero across all entities into a centralised data warehouse, which also integrates HRIS and CRM data. This unified dataset streamlines our reporting and financial consolidation processes with efficiency.
Google Sheets for Reporting:Google Sheets has been an integral part of my tech stack since 2015, replacing MS Excel for various workflows. Its advanced connectivity features, like live data exports from our data warehouse, make it a highly versatile and powerful tool for real-time reporting and analysis.
Equals for Dashboards:Equals has proven to be a cost-effective dashboarding solution with robust integrations. It enables us to create comprehensive reports on critical business aspects, including financial data from Xero, customer billing, and HR information. A firm favouriteāwe are able to send dashboard updates automatically each week to key parties.
Mayday for Intercompany:Mayday has transformed the way we manage intercompany processes in our multi-entity business. It automates intercompany loan account reconciliations, complex recharges, FX balancing, and monthly postings. When used to manage Xero tracking codes, Mayday significantly enhances our reporting and reduces the time required for month-end tasks.
Fathom for Consolidation:Fathom streamlines our consolidation process by automatically importing data from Xero to generate instant group-wide financial statements. It makes forecasting and budgeting effortless, saving us valuable time. Although it requires some upfront setup, the benefits are well worth it, offering excellent value for its cost.
Airwallex for Expenses, Banking and FX:Airwallex has been a game-changer in our tech stack, simplifying banking, FX, expense management, and corporate card issuance. Its intuitive interface makes expense submission easy for staff, while low fees and competitive FX rates enhance cost efficiency. Setting up banking for new entities across different geographies is far quicker than with traditional banks. Additionally, the customisable approval flows enable us to establish efficient processes for expenses and payments.
GoCardless for Billing:GoCardless has transformed our recurring billing process. Invoices are issued at the start of each month, with payments collected automatically via direct debit for UK and ANZ customers and via ACH for US customers. Its seamless integration with Xero and early alerts on failed payments help us maintain low accounts receivable. Moreover, its fees are significantly lower than alternatives like Stripe.
HiBob for HRIS:HiBob allows us to manage a multi-entity, multinational group effortlessly, fostering strong connections across our UK, US, and ANZ teams. Its intuitive platform features extensive app integrations, including Pento, our UK payroll solution, which boosts efficiency across HR and payroll operations.
Pento for UK Payroll: Switching UK payroll from an outsourced provider to the Pento platform addressed ongoing challenges like high fees and lack of flexibility. Pento offers similar costs to outsourcing but delivers enhanced automation, strong software integrations, and seamless synchronisation with HiBob. Though the setup required an initial time investment, monthly payroll now takes only 20 minutes.
Rippling for US Payroll: As our US entity has rapidly grown, Rippling has streamlined HR and payroll operations. Once set up, it automates US payroll, including Xero integration, staff payments, medical insurance, 401(k), and compliance with city, state, and federal tax regulations. While the platform is more costly than our UK and ANZ solutions, its comprehensive features make it indispensable for managing our fast-scaling US operations.
HelpScout for Finance Mailbox:Help Scout has revolutionised how we manage our finance mailbox by implementing a ticket-based system. It efficiently handles inquiries related to customer and supplier emails, invoices, HR, legal matters, and expenses. Tickets can be assigned to the appropriate team members, ensuring no request is missed. The tool provides exceptional value, saving time, and its upcoming AI features are set to further boost efficiency.
When Tom isnāt busy crafting one of the leanest, best-in-class global finance functions at Uptick, he took the time to write us this brilliant poem as a review:
THE STACK EXCHANGE
š§µ 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 eventsāhelping you transform your finance function into a strategic powerhouse.
Here are this week's top 3 discussions from The Stack Exchange:
Kicking off 2025, we want to hear all about your month-end struggles and biggest challenges. Keep an eye out for our pollsāyour input will be invaluable! We'll use your insights, alongside advice from top finance influencers, to share game-changing tips for mastering month end in 2025.
If you could have one superpower for month end, what would it be?
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