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Preparing Your Finance Team For The Next Wave Of Growth

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How SMBs Can Move Beyond Spreadsheets to Modern Reporting Tools and Analytics

CFOs are charged with being business performance leaders, but the finance team and systems aren’t always equipped to take the business to the next level. Smaller finance teams and companies often handle their accounting function using spreadsheets and email. While this cobbled together financial reporting method may get the job done when the company is small, most small to medium businesses (SMBs) don’t intend to stay small forever.

When your mission is to grow your company, manual systems are no longer a viable option. This is especially true of SMBs that are looking to broaden their reach into new vertical markets and expand their customer base.

A recent CFO Research survey of finance executives found that companies that used spreadsheets for budgeting, planning, and forecasting repeatedly experienced problems with data integrity (54%) and version control (45%), among other issues.

The good news is that many SMBs recognize the need to step up their investments in technology. In a separate CFO Research survey of finance leaders of middle-market companies, 39% said that they expect technology investments to account for the largest increase in capital spending over the next two years. Technology spending at SMBs is expected to outpace human capital (27%) and maintaining and improving existing real estate (27%) as companies prepare to expand.

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