# Why a liberated CFO and fintech solution are a dream partnership for navigating economic uncertainty
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-09-27
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Why CFOs in the UK need fintech for business survival
Meta Description: Discover how adopting fintech can free up your CFO's time, allowing for improved strategic decision-making and better financial reporting to drive
URL: https://financedigest.com/why-a-liberated-cfo-and-fintech-solution-are-a-dream-partnership-for-navigating-economic-uncertaintyhtml

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_![Anita Szarek - CFO at Pleo](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/198-1736815145552-compressed.jpg)_

_By **Anita Szarek** – CFO at Pleo_

Read the collective minds of UK business leaders right now and you’ll find a preoccupation with business survival. That’s because barely a day goes by without hearing of record-high inflation, the cost of living squeeze and a looming recession.

[Businesses are set](https://www.financedigest.com/acca-sets-out-magnificent-seven-attributes-vital-to-success-in-modern-business.html "ACCA Sets Out ‘Magnificent Seven’ Attributes Vital to Success in Modern Business") for a tricky tightrope walk, where making money and chasing down profit is key, all while cutting costs and making their money work harder for them.

The spotlight is therefore [set to shine even brighter on the role](https://www.financedigest.com/negotiating-our-future-youth-set-to-grab-power-roles-at-cop27.html "‘Negotiating our future’: Youth set to grab power roles at COP27") of the CFO – that figurehead of financial strategy and insight. Yet the worry for most [businesses is that their CFO](https://www.financedigest.com/5-ways-cfo-and-cio-collaboration-can-benefit-the-business.html "5 Ways CFO and CIO collaboration can benefit the business"), instead of being ready to refine the company’s financial strategy during this time, might be tied up with the time-intensive nitty gritty of payroll, expense management and other financial processes long overdue a refresh.

To ensure they are in a good place to weather the coming economic storm, businesses need to acknowledge that now is the [time for CFOs](https://www.financedigest.com/cfos-its-time-to-own-the-business-model.html "CFOs: It’s time to own the business model") to step up and advise on business strategy, and that adopting the proper technology to make this shift a reality – namely, fintech – is a must.

**How [fintech can free up your CFO to become a strategic business](https://www.financedigest.com/fintechs-support-of-ukraines-digital-businesses-can-be-used-as-blueprint-across-the-world.html "Fintech’s support of Ukraine’s digital businesses can be used as blueprint across the world") partner**

As with most digital technologies, [fintech is designed to make life easier when it comes to finances](https://www.financedigest.com/3-key-ways-you-can-transition-from-finance-to-fintech.html "3 key ways you can transition from finance to fintech"). Without a [fintech solution](https://www.financedigest.com/meet-tilak-joshi-the-fintech-ceo-building-modern-solutions-for-the-gig-economy.html "Meet Tilak Joshi: the fintech CEO building modern solutions for the gig economy"), a company’s outgoing and incoming finances are prone to data silos and inaccurate data, with some businesses still (deep breath) using paper-based processes.

[Fintech brings accuracy and accessibility](https://www.financedigest.com/why-make-fintech-products-accessible-for-all.html "Why Make Fintech Products Accessible For All?") into proceedings and for any CFO, it’s a huge asset to have. With an extensive range of processes to manage, [CFOs can employ technology to automate](https://www.financedigest.com/10-ways-automation-has-changed-the-role-of-the-cfo.html "10 ways automation has changed the role of the CFO") the day-to-day, but still get the insights they need for accurate financial reporting.

This means less [time sifting through receipts and more time co-piloting the business](https://www.financedigest.com/why-the-new-year-is-the-best-time-to-start-your-dream-tech-business.html "Why the New Year is the best time to start your dream tech business"). An especially important transition given that, according to [CFO.com’s latest survey](https://www.cfo.com/strategy/growth-strategies/2022/09/navigating-volatility-growth-strong-leaders-strategy/#:~:text=Data%20from-,CFO%E2%80%99s%20recent%20survey,-found%20few%20finance) 37% of businesses say they are “experiencing accelerated growth” while 29% say they are “building business resiliency”. Two business states where your [CFO is most definitely needed](https://www.financedigest.com/cfos-need-a-focus-on-forex-in-financial-planning-tools-accountagility-reveals.html "CFOs need a focus on forex in financial planning tools, Accountagility reveals").

Freeing up your [CFO’s time](https://www.financedigest.com/deliveroos-financial-hot-potato-time-for-new-cfo-to-step-up-to-the-plate.html "Deliveroo’s Financial Hot Potato: Time for new CFO to step up to the plate") isn’t just about creating workplace efficiencies. It’s about [enabling them to become a strategic](https://www.financedigest.com/enabling-strategic-growth-across-the-circular-economy.html "Enabling strategic growth across the circular economy") partner to your CEO. As CEOWorld writes, “A CEO choosing their CFO is like a Presidential candidate searching for their VP.”

Theirs should be a [close relationship where ambitions are balanced with financial](https://www.financedigest.com/fast-track-financial-close.html "FAST-TRACK FINANCIAL CLOSE") reality and growth and resilience are fuelled by strategy. It is therefore imperative to employ a [fintech solution to make this balance](https://www.financedigest.com/fintech-and-compliance-managing-the-eternal-balancing-act.html "Fintech and compliance: Managing the eternal balancing act") possible.

**Better** [data and spending insights](https://www.financedigest.com/marine-big-data-market-to-expand-at-cagr-of-21-5-during-forecast-period-tmr-insights.html "Marine Big Data Market to Expand at CAGR of 21.5% During Forecast Period – TMR Insights")

The assumption [businesses have is that by freeing up their CFO](https://www.financedigest.com/how-increased-environmental-and-ethical-reporting-impact-businesses-and-their-cfos.html "How increased environmental and ethical reporting impact businesses and their CFO’s") to focus on strategy, their financial operations will be left unmanned.

Yet by choosing the right fintech solution, these processes not only grow more automated, but they work with the employees they concern, [giving more autonomy and far more visibility around money](https://www.financedigest.com/giving-women-the-power-to-make-money-and-take-control-of-their-destiny.html "Giving women the power to make money and take control of their destiny") in the workplace.

What’s more, the right fintech solution will still provide the [CFO with the insights and financial data](https://www.financedigest.com/the-benefits-of-big-data-how-to-convince-your-cfo.html "THE BENEFITS OF BIG DATA – HOW TO CONVINCE YOUR CFO") they need to operate in their role as a strategy maker. We’ve not arrived in the age of robots just yet, but think of a fintech solution as a CFO’s ideal assistant.

Seeing the big picture of where your money’s going – whether on business travel, subscriptions, client meals or salary – can give CFOs a detailed look into your company’s financial health, and how it might need to [change to turn the CEO’s](https://www.financedigest.com/bayer-hits-8-month-high-as-investors-welcome-ceo-change.html "Bayer hits 8-month high as investors welcome CEO change") ambitions into reality. It can help them analyse [things better and even foresee problems](https://www.financedigest.com/4-things-to-do-if-you-run-into-problems-with-your-leased-car.html "4 Things to Do if You Run Into Problems With Your Leased Car") – and all without keeping them behind a calculator.

Additionally, as we’ll come to explore – by leaning into the responsibility of the CFO, a [business can successfully change its collective mindset around money](https://www.financedigest.com/breaking-down-the-barriers-of-ar-automation-to-help-businesses-save-money.html "Breaking down the barriers of AR automation to help businesses save money ").

**Changing the** [culture around money in the workplace](https://www.financedigest.com/promoting-a-learning-culture-in-the-workplace.html "Promoting a learning culture in the workplace")

Too often, any admin an employee has to do around the business’s [money can feel like a necessary](https://www.financedigest.com/necessary-lessons-in-debt-six-out-of-ten-brits-wouldnt-feel-comfortable-discussing-any-money-issues-with-their-children.html "Necessary lessons in debt? Six out of ten Brits wouldn’t feel comfortable discussing any money issues with their children") evil. Expenses for instance can be a laborious process of being out of pocket, hunting for receipts, logging expense requests, and then waiting to be reimbursed.

Our own research shows that on average, UK employees are £4000 out of pocket every [year and waiting up to 25 days](https://www.financedigest.com/explainer-international-womens-day-date-history-and-this-years-theme.html "Explainer-International Women’s Day: date, history and this year’s theme") between paying for an item and being reimbursed for it. This is a problem that’s set to get worse, as [employees need](https://www.financedigest.com/5-key-things-you-need-to-know-before-hiring-your-first-employee.html "5 Key Things You Need to Know Before Hiring Your First Employee") to keep hold of their money for their own rising personal expenses, while businesses need to ensure their own reporting isn’t offset by money in limbo between their account and their workforce’s.

But with the time and the ability to focus on this, a [CFO can get a culture change underway](https://www.financedigest.com/2017-cfo-outlook-top-priorities-as-new-year-gets-underway.html "2017 CFO Outlook: Top Priorities as New Year Gets Underway") in your workplace where instead of migraines, your company’s financial policies are invested with visibility, trust and autonomy.

Fintech solutions might be seen as a cost, but really they’re a cost saver. That’s because a liberated CFO and a fintech solution is the dream [partnership for your business](https://www.financedigest.com/types-of-business-partnership.html "Types of business partnership"). Yet as many as [22% of companies](https://www.cfo.com/resources/2022/08/cfos-on-inflation-workforce-challenges-and-future-plans/) say their organization’s approach to adopting technology solutions is lagging.

At a time when a CFO’s financial insights are critical, businesses [can’t afford](https://www.financedigest.com/accountants-cant-afford-to-ignore-making-tax-digital.html "Accountants can’t afford to ignore Making Tax Digital") to sleep on the value of their input. Because if they do, they’ll not only be shortchanging their CFO, but themselves too.


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