A new study by Sage, the leader in accounting, financial, HR and
payroll technology for small and medium-sized businesses (SMBs),
has found that over four-fifths (83%) of finance leaders believe
the industry needs a new breed of CFO.“The Redefined
CFO” study investigates how finance leaders today take a more
holistic approach with a reliance on data to engage with the wider
strategic priorities of organizations. Stepping out from the shadow
of the CEO, the CFO has become a hub of business information -
diversifying their expertise, recruiting the right talent, and
ensuring they implement emerging technologies and purpose-driven
programs to remove friction and deliver insights. The Chief
Facilitative, Fairness and Future Officers represent this new breed
of CFO.
“Within our organization, my role extends beyond the finance
function,” said Sudesh Galhenage, Chief Financial Officer, Hope’s
Home. “My efforts help drive our operational excellence and IT
strategy, particularly as we embrace remote and hybrid work. I
guide the organization in making important decisions that will help
us succeed into the future – from investing in the right technology
for our needs to attracting and retaining the best talent.”
See below for highlighted findings from the report. Click here
to download a copy of the full Canadian report.
Cryptocurrency and the metaverse embraced by
SMBs
The research found that finance officers within SMBs are
increasingly embracing cryptocurrencies and the metaverse as
digital payments technology forces an evolution.
While only 17% of global finance teams reported currently
accepting cryptocurrency transactions, one-third (33%) plan to
accept decentralized currencies within the next 12 months. Just
over half (52%) believe these currencies will prove ‘extremely’
viable as a long-term payment solution. The biggest hurdles
surrounding adoption of cryptocurrencies were internal ESG policies
(22%) and finding the right talent to manage it (22%).
The research revealed that over two-fifths (44%) of finance
leaders have used cryptocurrency as payment for personal
transactions, whilst nearly half (48%) have personally invested in
cryptocurrency. Another half (49%) plan to invest in it. When it
came to the metaverse, SMBs may be further ahead in embracing the
new technology than many anticipate. Over one-third (36%) of
finance teams say their company has already entered the metaverse,
while half (52%) say they plan to increase their presence over the
coming year. Over half (54%) of respondents are planning learning
programs in the metaverse, and almost half (42%) are purchasing
virtual real estate (via NFTs). Global
Breakdown
SMBs are accessing new capabilities all the time, supported by
AI, machine learning and blockchain, to better manage their
finances, and run their businesses more effectively.
Finance leaders in the US were the most bullish: almost half
(46%) of US SMBs have already entered the metaverse, compared with
only 30% of UK and 32% of Canadian businesses.
US finance teams were amongst the most likely to already be
accepting cryptocurrency transactions, with a fifth (21%) already
accepting these payments. The US trails only Australia – where 29%
of businesses already accept decentralized payments. These figures
were substantially higher than those seen in the UK (13%) and
Canada (12%) which are lagging behind. In terms of the long-term
viability of cryptocurrency as a SMB payment source, 60% of US
finance teams believe it to be extremely viable. This compares with
44% of UK and half (49%) of Canadian finance executives.“I’m
passionate about elevating the work of humans. By this, I mean
letting the machines take the admin burden, spot anomalies, and
automate repetitive tasks – freeing up humans to focus on what they
do best,” said Aaron Harris, Chief Technology Officer, Sage. “The
metaverse is a great example of the convergence of our digital and
physical lives - integrating human touchpoints through digital
means to knock down barriers. And while it’s still early days for
most, the metaverse is normalizing some emerging technologies like
cryptocurrencies for SMBs which in turn, removes friction and
delivers insights.”
Purpose and people ahead of profit
Finance teams are now prioritizing technology skills over
financial experience in recruitment, and it’s impacting the hunt
for new skills. One-third (32%) of finance teams say they are now
looking for candidates with either coding, developer, or AI
algorithmic building experience. In fact, candidates with a strong
AI experience were even more appealing than strong finance
candidates willing to train and develop AI skills (38% compared to
34%, respectively). However, both are more attractive candidates
than professionals without any technical skillset at all.
Organizations are also prioritizing people and empathy in
business decisions. Just over three-quarters of financial decision
makers are encouraged by their organization to prioritize people
(77%), account for empathy and understanding when making business
decisions (75%) and put purpose over profits (74%).
“Yet despite the appetite for new technologies and business
models, the availability of skills remains an industry-wide issue
that, as a community, we need to solve. Offering more than the
traditional finance roles, I hope this will help our profession
appeal to an increasingly wider demographic," concluded Harris.
To download the full Canadian report, click here.
Media Contact:
Monique DanielSagemonique.daniel@sage.com (905)
781-0758 NOTES TO EDITORS
Methodology 1,900 responses from finance
leaders in the Healthcare, Nonprofit, Financial Services,
Professional Services, Hospitality, SaaS / Tech, E-commerce /
Retail industries at organizations with <1000 employees and
annual revenue of at least $50M for the US, UK, Australia, and
South Africa and at least $5M for Canada. Survey respondents were
provided by Torfac, a global market research
leader with expertise in reaching niche audiences, and
Op4G, a global market research panel built to
support data collection while simultaneously benefitting
non-profits. Field dates: 7 January – 28 January 2022.
About SageSage exists to knock down barriers so
everyone can thrive, starting with the millions of small- and
mid-sized businesses served by us, our partners, and accountants.
Customers trust our finance, HR, and payroll software to make work
and money flow. By digitizing business processes and relationships
with customers, suppliers, employees, banks, and governments, our
digital network connects SMBs, removing friction and delivering
insights. Knocking down barriers also means we use our time,
technology, and experience to tackle digital inequality, economic
inequality, and the climate crisis.
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