At the recent annual CFO Connect Summit, flinder CEO Luke Streeter led an exciting discussion on "The triumphant tool stack: How to choose & enhance your finance systems." The session featured a panel of finance and technology leaders sharing their firsthand experience and strategies for keeping pace with the rapid evolution of finance technology.
Joining Luke on the panel were Rob Goldenberg, CFO at 6Sense; Danielle Keeven, CFO at VIO and Richard Rosenberg, CTO at Spendesk. The session touched on critical topics such as effective tool selection, embracing scalable solutions, and the role of artificial intelligence (AI) in optimising finance operations. Here we breakdown all key takeaways and actionable insights:
Community-driven tool selection
Forget the old-school RFP processes, the panel stressed that today’s CFOs are increasingly leaning on peer networks to guide their tech decisions. The consensus? Recommendations from trusted industry colleagues offer more practical, tailored insights than traditional methods. The shift toward community-driven advice is proving invaluable, helping finance teams align their tool stacks more effectively with their unique needs.
Prioritising scalability and smart spending
Scalability was a major theme of the session, with the panel underscoring its importance for growing companies. As businesses expand, their financial tools need to keep up without incurring unsustainable costs. Companies need to consider not only current needs but also how future growth will impact expenses tied to data and user volumes.
Richard shared how his company successfully implemented Flowcast to automate financial close processes, resulting in improved efficiency and visibility. He emphasised the importance of thoughtful integration, noting that comprehensive demonstrations and consistent team involvement can facilitate a smoother transition to new technologies.
The evolving role of AI in finance
When it comes to finance tech, AI is the game-changer that everyone’s talking about. The panel laid out how AI is reshaping finance operations by automating repetitive tasks like expense categorisation and fraud detection. There is caution to be had however, AI is only as effective as the data it's fed. The importance of clean, reliable data was underscored, as was the need to balance cost and benefit. Danielle spoke about developing standalone AI versus using AI embedded within existing finance tools. For most companies, she explained, the latter approach is more cost-effective and sufficient.
Of course, with great tech power comes great responsibility - security and data privacy remain hot topics. The panel reminded attendees that while AI offers impressive capabilities, protecting sensitive financial data must remain a top priority.
Knowing when to upgrade
ERP systems such as NetSuite were noted as milestones for scaling businesses. The panellists explained that transitioning from basic accounting software, such as Xero or QuickBooks, to more robust ERP solutions is a significant step that requires careful planning. It was suggested that the right time to make this move is when operational complexity demands it - especially for companies managing international transactions or dealing with complex reporting requirements. Rob emphasised that when integrating ERPs, companies should ensure seamless connections between systems like Salesforce and finance platforms to maintain efficiency and data integrity.
Top tools and practical picks
Each panellist was asked to share their favourite go-to tool that help streamline daily operations:
- Slack and Notion for team communication, particularly for distributed teams.
- Airtable for project and data management with easy automation capabilities.
- Bill.com and Moss for expense management in different regions.
Danielle also noted that different tools excel in different markets, so it’s crucial for CFOs to consider regional differences when making choices.
Key takeaways for finance leaders
Wrapping up, the panel urged finance professionals to stay open to innovation but not to chase shiny new tools without a clear purpose. Balancing forward-thinking tech adoption with practical application is the sweet spot for success. Looking ahead, there is excitement about the potential of AI and automation to further transform finance operations, with the panel predicting that more integrated and intuitive tools will become the norm.
When asked about his time at the CFO Connect Summit and this session Luke noted that:
“It was fantastic to see so many engaged finance leaders come together and share their strategies and challenges. I really enjoyed the exchange of ideas and the opportunity to explore how we can all make our finance systems more efficient and impactful.”
‘The triumphant tool stack: How to choose & enhance your finance systems’ had clear takeaways for business leaders: with the right tech choices, finance teams can drive efficiency, scalability, and long-term success, staying ahead in an ever-evolving digital landscape.
Watch the full session below:
