FinTechs advancing finance efficiency in businesses

Every business owner, CEO and CFO or aspiring entrepreneur share a common goal, they want to make a substantial impact and ensure they are well funded or have enough financial resources to do so.

The latter part involves relying on finance teams to perform with maximum efficiency and productivity in order to maximise the returns back to the business.

In practice, the pursuit of an efficient and seamlessly functioning finance function may prove more challenging to establish than initially envisioned. The factors causing challenges to this goal may vary at each stage of business growth. But, it is important to devise a well-thought strategy to mitigate financial losses and resource wastage.

For a startup and founder early on in the journey, navigating the challenges of establishing an efficient financial management can be far from straightforward and can be time consuming. Many founders have resorted to using Excel spreadsheets, outsourcing to accounting firms, or even relying on a combination of methods to keep their finances in check.

For most SMEs, the pain points could be in the manual processes still being done and these manual processes can hinder growth and efficiency, making it imperative for them to find solutions.

For larger organisations that may have figured out a formula to be efficient, they may have their own set of challenges, which could be for example be struggling to extract useful data for informed decision-making, hampering agility and responsiveness.

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The processes of making the finance function efficient is a continuous process. Large companies today still refine their processes and upgrade their tools in order to become more efficient, scale and grow.

This is important because finance needs to play a critical role in ensuring organisations continue to thrive and this requires investment in new practices, technologies, and skills that increase the business’s capacity to adapt at pace.

The fintech landscape is filled with new and exciting technology, mostly for the better. It's essential to understand that not every software solution is a one-size-fits-all , as the suitability of fintech tools often depends on factors such as your company's size and growth trajectory.

Before FinTechs entered the landscape the finance function in a business was synonymous with tedious paperwork, manual data entry, and an over-reliance on spreadsheets (which some companies still rely on). However, today, we find ourselves in a new era of finance, one marked by unprecedented efficiency and innovation, primarily driven by FinTech companies.

For example, payment processing solutions from companies like Square and PayPal changed the way businesses handle payments, making it easier for them to accept payments and manage cash flow. Robotic Process Automation (RPA) tools from fintechs like UiPath and Blue Prism help companies eliminate repetitive manual tasks in finance, reducing errors and boosting productivity. Additionally, the rise of cryptocurrencies, with platforms like Coinbase and Binance , has opened up new possibilities for digital transactions and asset management, with the potential to reduce costs and increase security.

The evolving technologies continues to open doors for businesses to further streamline financial processes, boost productivity, and propel sustainable growth beyond current capabilities and this will pave way for more FinTechs to emerge.

Can we envision a future where the most efficient tech stack incurs zero costs for businesses? That is definitely a complex and uncertain proposition for now, but the goal should be to continuously optimise costs, maximise efficiency, and increase profitability.

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