Finance Leaders League

🚀 The future of monthly closing processes is evolving, and it’s more effective and efficient than ever! We had the pleasure of hearing insights from Lucas de Jong, Louis Feistkorn and Patrick R. Bellinghausen, hosted by Jana Scharfschwerdt. Here are the key takeaways: 1️⃣ **In-House Accounting**: Moving accounting in-house provides faster data access and reduces risks associated with outsourcing. 2️⃣ **Timely Compliance**: Companies must meet strict reporting deadlines within five working days to maintain good relationships with regulators and avoid reputational damage. 3️⃣ **Collaboration is Key**: A cohesive finance team—including Accounting, FP&A, and Treasury—promotes unity and teamwork by fostering a shared identity as "Finance Managers." 4️⃣ **Navigating Tensions**: Strong leadership is crucial to bridge the natural tension between Accounting and FP&A, promoting effective communication. 5️⃣ **Understanding the Rationale**: Knowing the "why" behind processes enhances team alignment and encourages meaningful engagement in workflows. 6️⃣ **Visible Impact**: Finance teams should showcase their contributions to other departments, illustrating how changes affect revenue and fostering collaboration. 7️⃣ **Technology Integration**: Automation tools like Power Query can streamline processes and reduce manual tasks during month-end closing, although many areas still rely heavily on manual input. 8️⃣ **AI's Evolving Role**: While AI hasn’t yet transformed the monthly closing process, there's optimism for significant advancements in the next 2-5 years, enhancing efficiency across finance functions. 9️⃣ **Continuous Improvement**: The closing process should be viewed as an ongoing effort, with regular assessments for better efficiency and accuracy. 🔟 **Cultural Sensitivity**: Understanding diverse cultures within global teams is essential for effective communication and operational success. Embracing these insights will help finance teams thrive in an ever-evolving landscape! #Finance #MonthlyClosing #Collaboration #Automation #AIinFinance #Leadership #ContinuousImprovement #FinanceTransformation

🚀 The future of finance tech is here, and it's more modern than ever! We discussed the Evolution of Finance Technology with insights from industry leaders including Pleo, Ron Nachum, Atlar, Joel Nordström, Actuals, Peter Engel, and moderated by Sönke-Timo Kisker. Here are the key takeaways: 1️⃣ **Evolving Landscape**: The finance sector is rapidly changing, making it crucial to build cohesive system architectures that minimize inefficiencies. 2️⃣ **Smart Software Selection**: Avoid rushing into software purchases! Assess compatibility and integration capabilities with existing systems to prevent inefficiencies. 3️⃣ **APIs and Integrations**: Leveraging native integrations and standard data formats like JSON and XML can enhance efficiency and enable proactive decision-making. 4️⃣ **Stakeholder Engagement**: Successful implementation relies on collaboration among CFOs, IT, and finance managers, starting with clear discussions about data integration. 5️⃣ **Empowering Data Access**: Financial data should be accessible to all departments, enabling non-finance teams to independently retrieve insights and fostering a data-driven culture. 6️⃣ **Talent Training and Retention**: Continuous training is essential to maintain tool adoption and onboard new hires effectively, especially in a landscape with high turnover. 7️⃣ **Building Internal Expertise**: Developing internal knowledge around finance systems reduces reliance on external consultants and deepens understanding of tools and processes. 8️⃣ **Dedicated Project Management**: Hiring a full-time fintech project manager streamlines tool implementation and ensures alignment with IT and vendor partners. 9️⃣ **Investment in Education**: Prioritizing internal training programs cultivates fintech expertise, creating a skilled workforce capable of adapting to new technologies. 🔟 **Proactive Planning**: Gathering input from key users during project planning is vital to avoid costly mistakes and ensure clear communication. Building a modern finance tech stack is a journey worth taking! #FinanceTech #Fintech #ModernFinance #DataDriven #Leadership #DigitalTransformation #TechIntegration #FutureOfFinance

🚀 Building a data-driven culture in finance is no longer a choice – it's essential for success! At 𝗡𝗲𝘄 𝗘𝗿𝗮 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗲, Sebastian Schilling gave us insights about how finance can harness the power of data. Here's what we learned: 1️⃣ **Data Competence is Crucial**: In today’s tech-driven world, finance teams need strong data skills to drive effective decision-making. 2️⃣ **Rethink Traditional Reporting**: The shift from monthly reports to real-time insights is changing how departments operate and prioritize data. 3️⃣ **Diverse Metrics for a Holistic View**: Finance should integrate data from all departments, from sales to product metrics, to present a complete picture of performance. 4️⃣ **Finance as Interpreters**: Finance teams are in a unique position to interpret various data points, connecting them to overall business performance for strategic value. 5️⃣ **Prioritize Data Quality**: Consistency across departments in how data is defined and measured ensures better alignment and clarity. 6️⃣ **Growth Mindset**: A data-driven culture requires finance teams to understand the importance of KPIs, fostering collaboration and informed decisions. 7️⃣ **Leadership Drives Culture**: Finance leaders must champion both financial and non-financial KPIs, communicating their relevance across the organization. 8️⃣ **Continuous Communication**: Reinforcing the value of data through storytelling creates a shared understanding and alignment on key metrics. 9️⃣ **Service-Oriented Mindset**: Moving from compliance to collaboration transforms finance teams into business partners, driving cross-functional success. Finance teams that embrace data are shaping the future! #DataDrivenFinance #FinanceTransformation #LeadershipInFinance #DataCulture #BusinessInsights #Collaboration #FinanceAndTech #FutureOfFinance

🚀 What does the The Finance Team of the Future look like? We dove into how finance roles are transforming, featuring insights from Steffen Kiedel, Jakub Šimon, and Julian Lange, and moderated by Elmar Broscheit at our 𝗡𝗲𝘄 𝗘𝗿𝗮 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 Event. Here are the key takeaways: 💬 🌟 Evolving Finance Roles and Skills 1️⃣ Expanding Responsibilities: CFOs are now stepping beyond traditional roles, taking on procurement and pricing, requiring a broader range of expertise.  2️⃣ Storytelling & Collaboration: Finance pros need to bridge the gap between financial and non-financial stakeholders through effective communication.  3️⃣ Service-Oriented Mindset: In tech-driven environments, collaboration is key, and strong interpersonal skills are more critical than ever. 🤖 AI and Automation:   4️⃣ AI is automating repetitive tasks, allowing finance professionals to focus on analysis and strategic decision-making rather than traditional roles. 👥 Talent and Culture:   5️⃣ Cultural Fit: To attract top talent, a focus on transparency, positive culture, and hiring for cultural alignment is essential.  6️⃣ Personalized Development: Investing in personal development (e.g., €1,500 annually) is a powerful way to nurture both technical and interpersonal skills. 💻 Tech Adaptation & KPIs:   7️⃣ Embracing Technology: The future demands a shift to user-friendly tools that enhance productivity and move away from outdated systems.    8️⃣ Scaling with KPIs: As businesses grow, finance teams must stay lean and adaptable, with KPIs evolving to reflect changing business needs. Finance teams are no longer just number crunchers – they are strategic storytellers, collaborators, and tech-savvy change agents! #FutureOfFinance #FinanceTeams #DigitalTransformation #AIinFinance #Leadership #TalentAcquisition #TechInFinance

❓How do we become a Change Agent for Digital Transformation? At our 𝗡𝗲𝘄 𝗘𝗿𝗮 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 panel, which was expertly moderated by Sebastian Bourmer, we had the pleasure of learning from industry leaders Markus Harder, Ceylan Gleißner, and Maria Kruber. Here are some key insights from the discussion: 🔄 Transformative Experiences in Finance - Many companies face challenges digitalizing outdated processes due to poor organizational structures. Strong governance and compliance are critical. 📊 Change Management & Collaboration - Agility and transparency are essential for successful finance teams. Tools like Kanban boards, combined with sprints, foster ownership and boost efficiency. 🤖 AI in Finance - AI tools are being adopted to automate processes, enhance contract analysis, and streamline repetitive tasks, but it's vital to critically assess AI output to avoid errors. 💡 Hiring for the Future - Prioritize soft skills like strategic thinking and adaptability. Cultivating a growth mindset is key, especially as AI technologies continue to evolve. 🌱 Best Practices for Change - Motivate employees by encouraging their contributions, fostering transparency, and turning failures into opportunities for growth. The future of finance is agile, AI-driven, and collaborative! #FinanceTransformation #AIinFinance #Digitalization #ChangeManagement #LeadershipInFinance

🚀 AI is transforming finance faster than we think! At our event 🌟The New Era of Finance🌟 , we explored the question "AI in Finance - Are we there yet?" with insights from Simone Rüschenberg and Ellen Katharina Köhler. Here are the key takeaways: 1️⃣ AI Comes Faster than Expected: Manual tasks are becoming overwhelming, making real-time data and automation essential.    2️⃣ Minimising Manual Work: Automating invoice processing, expense management, and faster budgeting allows teams to focus on strategic decisions.  3️⃣ Current AI Use Cases:    - OCR + AI can automate up to 95% of accounts payable.    - LLMs like ChatGPT assist with emails, research, policies, and month-end closing schedules. Pro tip: Always use enterprise accounts for data security.    - The Future: Automated reporting, scenario planning, data analysis, and more! 4️⃣ Challenges: Legacy systems and cultural resistance slow progress. A "Single Source of Truth" (SSOT) is vital for AI success. Expect a blend of old and new tools.  5️⃣ Future of Finance Teams: AI will move teams into strategic roles, with soft skills like critical thinking becoming more important.  6️⃣ Potential Blockers: Clean data is critical. Ensure a clean SSOT for AI to function. Finance teams must embrace change and adopt a growth mindset.    7️⃣ Practical Tips: Appoint an AI champion! Keep up with AI trends and train your team. LLMs like GPT can already assist with email templates, accounting guidelines, and complex formulas. Start using AI in your daily tasks now! #AIinFinance #FutureOfFinance #Automation #FinanceTransformation #NewEraOfFinance

What a day! 💥 A huge thank you to the 120+ Finance professionals who joined us last Thursday for the New Era of Finance. 🎤 Special thanks to the amazing speakers for the amazing talks and panels: 1️⃣ We kicked off with a presentation on “AI in Finance – Are We There Yet?” by Simone Rüschenberg and Ellen Katharina Köhler. 2️⃣ This was followed by an insightful panel discussion on “Digital Transformation in Finance: Becoming a Change Agent” featuring Markus Harder, Ceylan Gleißner, and Maria Kruber, moderated by Sebastian Bourmer. 3️⃣ Next, we explored “The Finance Team of the Future: The Perfect Team Setup” in a panel with Steffen Kiedel, Jakub Šimon, and Julian Lange, moderated by Elmar Broscheit. 4️⃣ Sebastian Schilling then gave us valuable insights into “Building a Data-Driven Culture in Finance Teams.” 5️⃣ Following that, we had a panel on “Building a Modern Finance Tech Stack” with Pleo, Ron Nachum, Atlar, Joel Nordström, Actuals, Peter Engel, moderated by Sönke-Timo Kisker. 6️⃣ We wrapped up with a panel on “Month-End Close: More Effective and Efficient” featuring Lucas de Jong and Patrick R. Bellinghausen, hosted by Jana Scharfschwerdt. The conversations were inspiring, and we walked away with so many valuable insights that we’re excited to share with you soon. 🚀 Stay tuned as we share the key insights from each session! A special thanks to our sponsors, Marie Weidmann Franziska Steinbeck from Pleo and Paula Wehmeyer (Hübner) from General Catalyst, for making this event possible, the fantastic venue and delicious food. We’re already looking forward to the next edition and continuing the conversation on the future of finance! #NewEraOfFinance #ThankYou #FinanceTransformation #DataAnalytics #GrowthMindset #FPA

LAST CALL for our webinar on 𝗛𝗼𝘄 𝘁𝗼 𝗺𝗮𝗻𝗮𝗴𝗲 𝘆𝗼𝘂𝗿 𝗲𝗻𝘁𝗶𝗿𝗲 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗹𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 𝗶𝗻 𝗼𝗻𝗲 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 tomorrow. Are all your contracts still 'organized' in your email inbox, Gdrive and desktop drawers? 😳 Then this one is for you. 📆 𝗗𝗮𝘁𝗲: 𝟭𝟳𝘁𝗵 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿, 𝗮𝘁 𝟭𝟮𝗽.𝗺. 𝗖𝗘𝗦𝗧 🎤 Speakers are: Sebastian Müller , GC & Procurement Everphone Sebastian Wengryn, Founder and CEO ContractHero | Digital Contract Management Jana Scharfschwerdt, FLL CoHost and CFO on Demand 👉 Registration Link in Comments! 👈 This webinar is especially relevant if: 📍 You need far too long to scrape all your relevant contracts investors ask for in your DD 📍 You 'organize' your contracts in your email inbox, Gdrive and desktop drawers?    📍  You constantly miss deadlines to re-negotiate contracts and costs or cancellations 📍  You waste a lot of time reading and understanding vendor contracts 📍  You wish to stack up your contract standards and drafting skills, since you are also covering parts of legal stuff in your company Happy to see you all in our next webinar. Simone Rüschenberg, Stevan Lutz, Sebastian Bourmer , Sebastian Schilling  🧡 #webinar #tools #Finance #legal

🚀 Introducing the CFO Playbook 🚀 Tomorrow, two FLL members are launching their brand-new newsletter: The CFO Playbook! We’d love for you to subscribe. This bi-weekly newsletter is designed for CFOs, Finance teams, and anyone interested in MODERN FINANCE. Ellen Katharina Köhler & Simone Rüschenberg bring together 36 years of experience in Finance—now ready to share it all. For more details, check out the info below! 📬 Don’t miss out! Subscribe now: www.cfoplaybook.io 💼 Follow us on LinkedIn for regular updates: CFO Playbook Sneak peek of the first edition: ▪ What data-driven decision-making means ▪ How finance teams can support data-driven decision making ▪ Example of collaboration between Sales&Finance based on data ▪ Quick wins in better stakeholder management

Are all your contracts still 'organized' in your email inbox, Gdrive and desktop drawers? 😳 This one is for you. A new tool webinar is coming up: 𝗛𝗼𝘄 𝘁𝗼 𝗺𝗮𝗻𝗮𝗴𝗲 𝘆𝗼𝘂𝗿 𝗲𝗻𝘁𝗶𝗿𝗲 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗹𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 𝗶𝗻 𝗼𝗻𝗲 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 📆 Date: 17th September, at 12p.m. CEST 🎤 Speakers are: Sebastian Müller , GC & Procurement Everphone Sebastian Wengryn, Founder and CEO ContractHero | Digital Contract Management Jana Scharfschwerdt, FLL CoHost and CFO on Demand 👉 Registration Link in Comments! 👈 This webinar is especially relevant if: 📍 You need far too long to scrape all your relevant contracts investors ask for in your DD 📍 You 'organize' your contracts in your email inbox, Gdrive and desktop drawers?    📍  You constantly miss deadlines to re-negotiate contracts and costs or cancellations 📍  You waste a lot of time reading and understanding vendor contracts 📍  You wish to stack up your contract standards and drafting skills, since you are also covering parts of legal stuff in your company Happy to see you all in our next webinar. Simone Rüschenberg, Stevan Lutz , Sebastian Bourmer, CFA , Sebastian Schilling and thank you Dr. Veronika von Heise-Rotenburg for connecting us to Sebastian! 🧡 #webinar #tools #Finance #legal