Ultimate AI-First Tech Stack for Next-Gen CFOs in Fintech
NOV 19, 2024

NOV 19, 2024
As a Fintech CFO, do you struggle with manual workflows and cost overflows? How do you cope with it with outdated tools? It's time to upgrade your organization with the latest fintech stack! But when choosing the best fintech stack, you must consider factors like integration, saving costs, and strengthening workflows. In a perfect world, an ideal fintech stack for CFOs would check all these boxes, but it doesn't work like that in real life.
With more than 10 years of industry experience, we believe that having a great tech stack in your arsenal can be a game-changer in decision-making and business growth. We'd advise you to adapt to the latest fintech stack for CFOs in the market to put yourself in a superior position when it comes to dealing with unexpected downturns or failures.
But with so many great tools, how do you ensure that the fintech stack you are currently working with is the best? Leave that up to us! In the following blog, we will introduce you to some fantastic tools, finalized especially for CFOs in fintech, that can automate billing processes, improve cash flow management, handle payroll and reimbursement, optimize your budget, and ultimately boost your annual revenue.
Are your account managers struggling to optimize spending? Use this cloud-based expense approval system, Pleo, for startups and SMBs. It will save your account managers valuable time. Pleo offers a wide range of tools you can choose from to optimize your expenses and maintain transparency in your finances. To help out more than 36,000 companies across 217 countries globally, Pleo has joined hands with Oracle Netsuite. One of the biggest ERP solution providers by its side, Pleo, has automated the export of transactional data and automated expense reconciliation. No wonder it is one of Europe's most reliable spend management tools!
Imagine managing risk and compliance seamlessly integrated into your daily operations—a scenario made possible with OneTrust GRC. OneTrust GRC enhances risk visibility, vendor engagement, and business continuity. It equips your fintech organisation with a flexible, user-friendly platform that simplifies identifying, measuring, and addressing risks across your enterprise. As a CFO, you’ll benefit from a centralised view of associated risks. OneTrust strengthens IT and security posture by mapping threats to relevant controls and scoring risks with impact-driven metrics. This platform centralises collaboration from enterprise risk to audit, controls, vendor, and policy management.
Can't figure out how to have control of your financial budget? Check out this excellent cloud-based procurement spend management system called Spendex. It was the first European platform to completely integrate procurement and spend management for businesses with a vast workforce. It gives you real-time control of your operational spending and offers a payment system you can count on. Spendesk makes it easy for stakeholders to keep up with every stage of the procurement process. As corporate purchasing becomes more complicated, this software can streamline collaboration between internal stakeholders, improve visibility in the procurement process, and automate workflows.
Source: www.spendesk.com
Does your finance team manually conduct billing operations? Let Chargebee take care of that. Chargebee is a cloud-based billing and subscription management system that automates tedious billing procedures and lets you experiment with many pricing models. With this tool, you can cover a broader demographic by offering a variety of plans. You can monitor overall performance by conducting an in-depth analysis of your monthly plan income and average revenue per user (ARPU), transaction summary, and more! SuperFoods Company, a firm that provides premium-quality products fresh from their farms, saw a 4x growth in their revenue after using this product.
Recruitment and employee data management can be a headache for your organization's HR department. However, Personio can lower that burden off their shoulders and help them efficiently track and analyze key HR metrics. It is an all-around HR and applicant management software for companies with a workforce ranging from 10 to 1000. So, it is an excellent tool for any small and medium-sized enterprise (SME) like yours looking to improve human capital management. Its user-friendly design and customization feature distinguish it from other human capital management tools. You can adjust it manually to align with changing business needs and the organization's goals.
CrowdStrike Falcon Endpoint Protection offers advanced, cloud-based security designed specifically for today's ever-evolving cyber threat landscape. With its sophisticated endpoint detection and response (EDR) technology, Falcon detects even the newest threats, like zero-day attacks. Its threat-hunting capabilities mean it identifies unknown malware in seconds, stopping it before it can infiltrate your system and disrupt your operations. CrowdStrike blocks known malicious code before executing and leveraging AI to identify and prevent ransomware threats. With CrowdStrike's penetration testing, you gain insights into potential vulnerabilities and strengthen your defences against targeted attacks.
The business planning process can be extremely tiring and time-consuming. One easy way to plan is to use this excellent spreadsheet-native FP&A platform called Cube. "What's unique about it? I can get the same real-time data insights with Excel and Google Sheets," you'd argue. However, this tool is a deadly combo of the simplicity Excel offers blended with the standard structure of a purpose-built FP&A platform. You can integrate your reports and templates with real-time data without having to rebuild and reset. Not just that, you can try out several models based on different scenarios in mere seconds with its forecasting features.
Is your F&A team fed up with slow transaction speed and manual processing methods? To get superfast accounting speed and provide your team with a great user experience, consider using Odoo. Known among the best ERP systems for CFOs, Odoo offers many options for the automation and management of business processes and can handle many users simultaneously. Your F&A team can use it for invoicing, customized reporting, real-time processing of payments, and handling transactions in multiple currencies. It's also compatible with CRM and project management tools, so integration-related issues are out of the picture. Odoo's flexibility allows you to compare your profit and loss reports for different periods, making it an ideal ERP tool for CFOs in fintech.
Source: www.envertis.com/ways-how-odoo-can-optimise-your-banking-financial-operations
Setting up your business on the Internet takes a lot of work, and ensuring that the payment processors are up to date with the trends in e-commerce is an add-on worry. Yes, there are a bunch of tools you can use to collect payments. But there should be a quicker way to accept payments over the Internet. That's where the role of the stripe tool comes into play, which can eliminate intermediaries's involvement in streamlining payments. It's a power-packed, fully integrated tool that offers features like fraud detection, fixed rates, and an API that makes it so simple for app creators to incorporate card processing into their apps easily. Millions of companies use Stripe to process payments and power their custom revenue model.
Keeping track of where your customers are and staying updated with tax laws and rate changes is difficult. But what if we told you that you could easily monitor, evaluate, and remit tax across any financial stack? Anorak simplifies and automates software companies' tax compliance. With Anrok, you can integrate and gather invoices, payments, and systems in one single space. It handles everything end-to-end, from registrations to VAT ID validation. Anorak recently upgraded itself by integrating a reconciliation tool, advanced exemption certificate management, and robust VAT and GST compliance support.
Manual management of financial data can waste a lot of your valuable time. You don't want that, do you? Introducing Agicap, a cloud-based business expense software that maintains visibility on cash flows across several bank accounts and legal entities. It provides super-accurate cash projections and in-depth variance analysis. As Miraj Koradiya, the co-founder of Webelight Solutions Pvt. Ltd., rightly states, "Effective cash flow management is less about merely tracking numbers and more about utilizing the data for meaningful insights." You can manage your liabilities and cash flow by utilizing this software's valuable data insights. As per G2, Agicap has more than 8000 clients across Europe and the USA and has achieved a staggering client satisfaction rate of 98%! That's something worth acknowledging.
As a fintech CFO, you shouldn't have to deal with late payments and slow transactions. If you are looking for a reliable option to create and manage direct debits, you should try GoCardless. It is an online payment processing solution that has connections with more than 2300 banks around the UK and Europe. Manual bank transactions can be tedious, but on GoCardless, money gets debited from the consumer's account as soon as they sign up. It's a win-win situation for you and your customer, as you can collect the payment on the due date. Even if there is a failure in the payment process, users can switch on automatic retries, which will help them find the best day to try again.
Does your HR team struggle to manage onboarding new employees and payroll? Consider using Deel, a versatile HR platform to help you find the finest talent. Every employee, from a worker to a manager, can keep track of their withdrawal details and look after the total payroll spending. Back then, people had to open regional offices and deal with taxes and equity to handle payroll. With Deel, your HR team can operate from one place, hire talent from more than 150 countries, and streamline payments in over 100 currencies. There is no need to worry about compliance, as Deel adheres to international regulations and hiring laws. This makes it the perfect option to hire the right talent globally.
Procurement processes are full of errors and time-consuming for your F&A team, aren't they? But with Precoro, your team can create transparent, automated, and predicted workflows. It is one of the best cloud-based procurement spend management tools for process optimization that helps budget and monitor reimbursements. It can be easily linked to accounting and financial reporting software. In just a few clicks, your team can generate, approve, and monitor POs and manage supplies and inventory. Are you concerned about data security? Its SSO and reliable 2-factor authentication keep vulnerable data safe and secure from cyber threats.
Looking for some suggestions that can show you how to plan your fintech business? Let us introduce you to Pigment, a dynamic business expense software that smoothly aligns with your objectives. You can model various scenarios and make a strategy that suits your business vision. It centralizes financial data from multiple business tools and provides the latest data with minimum errors, making it a perfect choice for a financial reporting software. You'd argue, "But what about the rapidly changing market conditions?" To answer your question, Pigment offers an adaptable and innovative interface to help your team set up the financial model quickly. This way, you can quickly adapt your financial planning software to the market demands.
Feeling held back by manual currency conversions and improper back office processes? You don't deserve to rely on manual processes or legacy systems. So, let's introduce you to the Netsuite enterprise resource planning tool, a platform where you can centralize all accounting processes and automate routine financial tasks. Netsuite can manage complicated revenue recognition scenarios and help you adhere to regulatory requirements. The Netsuite enterprise resource planning tool provides real-time consumer behaviour analytics and enables you to adapt to market shifts. Stay calm about its integration with CRM, as this ERP tool for CFOs is simple and easy to integrate. After integration, you can track leads, personalize your offerings, and convert them into customers.
Yes, we have got you all covered with the best tools for CFOs in fintech. These are our top picks for the ideal fintech stack every CFO must know. With this knowledge, you now have tools for everything: optimizing your cash flow, speeding up money transactions, standardizing your organizational workflow, streamlining the recruitment process, and much more! There's plenty of stuff to explore with this tech stack. Keeping yourself updated with such hacks is crucial to staying competitive in the fintech industry. With the right tools, you can scale your fintech business exponentially and get astonishing results.
As one of the best artificial intelligence and fintech solutions provider companies, we ensure that our workforce constantly stays updated with the changing dynamics and innovative tools in the market. Our proficiency with the latest tech stack in the market separates us from others. At Webelight Solutions Pvt. Ltd., we will always work with modern, innovative technologies for fintech software development. We are incredibly passionate about providing the most advanced futuristic AI/ML and fintech software development for financial institutions that generate high ROI for your business.
CFOs in fintech handle complex financial operations, risk management, and strategic planning. An AI-first tech stack automates data processing, enhances financial forecasting, and improves compliance, enabling CFOs to make faster, data-driven decisions.