A recent study by Payhawk and Harvard Business Review Analytic Services has found businesses expect their finance teams to be more strategic, automated and collaborative.
According to the survey, which harvested opinion of 227 business executives, 89% said that finance teams can provide a ‘unique and valuable perspective on the business challenges faced by their organisation.
Meanwhile, 83% said they believed there is a business risk if the finance department does not contribute to an organisation’s strategy. Up to 64% of company executives felt that finance teams could do more in making recommendations on their organisation’s high-level business model and strategy.
The study also found that 89% of executives believed finance teams could provide a unique and valuable perspective on the business challenges faced by an organisation, while 76% said finance departments play an important role in supporting their organisation’s business objectives.
In addition, 64% said finance departments should work more on analysing financial data to make recommendations on the organisation’s high level business model and strategy.
The respondents in the study also said that finance teams must be more collaborative and develop stronger relationships with other departments.
Payhawk CEO and co-founder Hristo Borisov said, “Now is the time for finance departments to automate number crunching and start thinking strategically. This would free them from their administrative burden and enable them to have a more strategic role in their organisation.
“Automation is a key differentiator for businesses that want to use their finance professionals more strategically – they must prioritise it to be successful. There is a desire for finance teams to be more collaborative, but they need to focus on the quality of the collaboration, not just the quantity.”
Payhawk recently raised an additional $100m to extend its Series B round to $215m, propelling the company to a billion dollar valuation.
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