Unpacking the New Finance Tech Stack Recommendations for 2023: Start with Solid Foundations!Sep 29, 2023
As we steer into the latter part of 2023, the advancements in the world of software and automation improvements is impossible to ignore.
The tools and software available to aid financial management have expanded in capabilities, catering to the diverse needs of businesses.
Given this rapid progression, I thought it's best to release an updated video on Finance Tech stack recommendations, after the one I shared in March 2023.
Before delving into the specifics of the recommended tools, there's a foundational point that needs emphasis: new software cannot and will not fix a flawed process.
Just as a luxurious paint can't mend a cracked wall, advanced finance software won't correct or improve a dysfunctional system.
In my experience as a Finance Director, one common pitfall I've seen is the rush to adopt the latest technologies without a clear understanding or assessment of internal processes.
Companies often invest in these tools hoping for a silver bullet to their financial management challenges.
However, without a solid process in place, these tools can sometimes make the issues worse rather than fixing them.
Here's a simple analogy: imagine equipping a brand new carpenter with the most advanced toolkit. Without the right training or knowledge, the tools, no matter how advanced, would be underutilised or even misused.
Similarly, your financial operations require a well-defined structure, and only then can the latest Finance Tech stack truly make your processes and team really efficient.
In my updated video, I talk about the software that we use with our clients today.
Now, if you're wondering where to begin, start by:
- Mapping out your existing processes: Understand the flow of operations, identify bottlenecks, and document any redundancies.
- Engaging your team: Collaborate with your team members, especially those on the ground, and involve them in the process improvement initiatives. Their insights are invaluable.
- Setting clear objectives: Understand what you hope to achieve with the new finance software. Whether it's faster reporting, more accurate forecasting, or simpler reconciliations, have a clear goal in mind.
- Regularly revisiting and revising: The world of finance is dynamic. Regularly review and adapt your processes, ensuring they're always optimised for efficiency and effectiveness.
So, if you haven't already, check out the updated video on Finance Tech stack recommendations for 2023.
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