CFOs are fast turning to the expertise of an experienced payment service provider to help them streamline their company’s internal financial processes, improve overall efficiency and get the very best out of the financial talent at their disposal.
One of the main reasons is because of the sheer amount of time internal transaction processing takes. Though an essential job, it can be incredibly labour-intensive and leave CFOs with little time to work with and develop the incredible talent at their disposal.
Working with payment service providers can help to improve efficiency, streamline internal services by implementing market-leading financial technologies, navigate the complexities of compliance and more to help the business achieve its growth ambitions much more quickly.
The best performing companies, for instance, use about two employees each to process AR per $1 billion in revenue. Those staff levels increase the further down the chain you go.
Choosing a payment service provider can help modernise your business’s financial systems, giving CFOs more time to better analyse and strategise the future of the company.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog 'Can a consultative payment services provider boost SME growth?' to find out more.
Choosing a payment service provider that understands a team mentality
So, how do those larger companies do it? Incorporating technology with a payment service provider has been key to companies accelerating their growth ambitions, but it isn’t the only factor. Rather, it’s the types of technology that they use and how they integrate into their existing setups that is key to success.
Top-performing organisations, for instance, receive 93% of their receipts through electronic or automatic measures, streamlining the transactions process and freeing up CFOs’ time to concentrate on assessing future market trends and working with their teams to better position the financial strategy of the company.
Such is the evolution of the role of CFO that 23% of CIOs and IT executives are reporting directly to the CFO instead of the CEO at mid-level companies, according to research.
With the increasing importance a CFO faces with an organisation, partnering with the right payment service provider can introduce new ways of working between departments to modernise processes, improve internal communications and accelerate business growth.
Payment service providers help you tap into the fintech industry
The future of financial services revolves around personalisation and automation according to several digital banking executives who recently spoke at the American Banker’s Digital Banking conference in Texas.
Not just for traditional institutions when it comes to dealing with customers, but also for internal payment processes and financial strategies when it comes to future company planning. A problem that CFOs face is that there is so much software on the market claiming to reinvent the way people and companies can manage their finances.
Any old software won’t do; implementing the right technology as a senior manager or CFO that works for you, reflects the challenges your market and industries face and solves problems in bespoke creative ways can help take your team and company to the next stage of growth.
If you’re a CFO or senior manager looking to free up more time to strategise your business’s future financial movements and streamline internal payment processes, Fibonatix is a payment service provider dedicated to helping companies grow by implementing the right technological solutions for them.