Leveraging Sage Intacct for strategic financial leadership

Gary Govender, Business Development Manager, ALNET Technologies. (Image: Supplied)

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Sage Platinum business partner, ALNET Technologies, reveals how Sage Intacct can be used to transform the role of the CFO.

ALNET says the days when businesses turned to the CFO to discern if they had enough budget for a specific business expenditure are long gone.

According to Gary Govender, ALNET Technologies Business Development Manager, the CFO's role in businesses has changed considerably. “Today, companies turn to the CFO for leadership on a range of matters, including providing greater insight into the business; advice on emerging financial trends; and how to use financial reporting in decision-making. Traditionally, the CFO would have been charged with monitoring, controlling and reporting on the company’s financial resources. The main responsibility at that time was maintaining financial controls, ensuring compliance, managing budgets and supporting the overall financial health of the company. However, this has evolved considerably over time,” says Govender.

He says from the 1990s to the 2020s, businesses have been significantly influenced by technology and this has deeply permeated every part of the business. “Global trade expansion has fostered a more interconnected global economy, pushing businesses to adapt and compete on an international scale. The rise of start-ups and disruptive technologies has forced traditional businesses to constantly innovate to remain competitive. As businesses grew into larger, more complex organisations, various parts of the organisation have become more reliant on the use of technology to create efficiencies and drive smarter decision-making,” he says.

Govender explains the role of a CFO has now become more dynamic, strategic and integral to shaping the overall direction and success of an organisation. “Organisations actively recruit CFOs to play a pivotal role in shaping business strategy and direction, including playing a part in investment decisions and long-term planning. They look to CFOs who can drive change and foster innovation within their businesses. CFOs who embrace digital transformation and leverage technology to improve financial processes and decision-making are positioning their organisations for greater agility, resilience and the competitive advantage.”

How a financial system can make a CFO more pivotal in their role:

Govender emphasises that CFOs today need to be forward thinking and have the right technology to empower and maximise their impact. “Spending time on manual tasks or piecing together data from various sources restricts a CFO from being strategic and seeing the company’s bigger picture. A robust financial management system is vitally important for a CFO to effectively fulfil their role. From Gartner’s 2024 CFO report, we gather that CFOs have the right mindset, which is to accelerate the transformation to an autonomous finance function, optimise costs while boosting growth and improve the insights finance delivers to its stakeholders.”

Govender says by focusing on these aspects, CFOs aim to create a robust financial infrastructure that supports growth, drives innovation and enhances business performance.

“Having an autonomous financial system will streamline finance operations, enhance accuracy and free the CFO's time to focus on more important tasks. Sage Intacct offers advanced features that automate and streamline key finance and accounting processes. With features such as multi-entity consolidation, revenue recognition, spend management, vendor payment services and more, manual tasks are reduced and accuracy is improved, thereby making the CFO more efficient and effective,” confirms Govender.

“Investing in technology, encouraging innovation and enhancing the procurement process are some of the ways a CFO can optimise costs and boost growth,” he adds. “A cloud financial system such as Sage Intacct is designed to integrate with other business functions and provide CFOs with a real-time view of budgets and how they are trending. This makes the finance team a more influential part of the business by delivering data-driven insights and vital information.”

Govender says as businesses and markets undergo rapid transformation, it is imperative for CFOs to stay ahead by adapting to emerging financial trends. “CFOs face mounting pressure to reconsider their strategic and operational roles. Forward-thinking CFOs recognise the gap between tech-savvy leaders and those lagging behind. It is imperative to craft a robust plan to modernise finance, ensuring readiness that aligns with contemporary business demands,” Govender concludes.