Finance Monthly October 2019 Edition

THE TRAILBLAZER Leading from the front to drive business growth Are you motivated to trial new forms of technology and keen to implement improved processes? If you understand the importance of decisiveness, imagination and ambition when making important business decisions, you’re a Trailblazer CFO. Trailblazer CFOs pioneer and adopt new technologies to help drive business growth. As part of this, they look to their accounts payable software to help them achieve their business goals. And it pays off, particularly regarding access to ‘early payment discounts’ – pre-agreed discounts for paying suppliers earlier than their standard payment terms. Our research found that businesses with Trailblazer CFOs at the helm are significantly outperforming their peers; on average, they capitalise on almost 98% of the early payment discounts available, equating to savings of £82,818 per business each year. THE EXPLORER Searching for new and improved technologies to steer the ship forward Do you constantly find yourself evaluating your business’ next technology or process? If so, you could be an Explorer CFO. Explorer CFOs are those prepared to consider alternative technologies, and willing to test new software and processes with pilot projects and trials. It’s not all full steam ahead, however. The one thing holding these Explorers back is a degree of caution when it comes to converting these ambitions into action. The CFO has an increasing responsibility for advocating and piloting the new technologies that will help their organisation to achieve its goals. Explorers that do take the leap will find new opportunities to maximise efficiency and make cost savings, with our research indicating that they could tap into as much as £36,200 in unrealised early payment discounts for their business, each year. 34 www.finance-monthly.com FINANCE CAREERS - WHAT TYPE OF CFO ARE YOU?