Finance Monthly October 2019 Edition

THE CONFORMIST Sitting comfortable but reluctant to change Conformists relyon triedand testedsystemsandpracticesand are reluctant to adopt newer approaches and technologies. However, sitting still may mean that their business misses out on upgrades and innovations that could otherwise impact potential savings and support business growth. Highlighting this, Barclaycard research found that Conformist CFOs typically take advantage of only 52% of the early payment discounts available, securing an average of £68,478 per business each year – the lowest of all four CFO personality types. Many Conformist CFOs told us that their finance system does not even allow them to take advantage of early payment discounts in the first place. THE RESOURCEFUL TRADITIONALIST Optimising familiar processes Do you prefer refining and perfecting tried and tested processes and systems, rather than trying something new? If so, it’s most likely that you’re a Resourceful Traditionalist. Tending to place the emphasis on insights gained from previous experiences, Resourceful Traditionalists are likely to stick to what they know. They are more risk-averse, too; Resourceful Traditionalists are more likely than the other personality types to factor in potential risks and uncertainties when making key financial decisions. While this may not all be bad news, it does mean that you could be missing out on the many benefits of investing in accounting software that accurately reflects the needs of your business today. In fact, our research identified that nearly half (48%) of finance leaders are frustrated that their current finance systems are not sufficiently digitised, with four in ten (40%) saying that they are too labour intensive. The impact that your ‘type’ could have on your business The role of a modern CFO goes so far beyond reporting and managing day-to-day finances – it’s about actively driving profit by exploring new technologies to secure greater efficiencies, such as early payment discounts. Those that embrace these new technologies, following in the footsteps of Trailblazer CFOs, can not only achieve tangible savings, they can also reduce paperwork and streamline the way their business operates. Those that are slower to make the shift to new technologies could risk being left behind – and what CFO wants that? www.barclaycard.co.uk 35 www.finance-monthly.com FINANCE CAREERS - WHAT TYPE OF CFO ARE YOU?