Three Best Practices for Building a Comprehensive Corporate Spend Management Platform

Oct 24, 2022
Highnote Team

The last 10 years have been great for Chief Financial Officers and their finance teams.

Gone are the days when CFOs and their teams were forced to choose between one of a handful of legacy financial software systems. In their place is a myriad of SaaS products, each of them offering a better solution for managing a specific area of a company’s finances, from employee expense management to accounts payable to payroll.

In short, the CFO stack has been unbundled.

Overall, this unbundling has been beneficial for CFOs and their teams, empowering them with modern software tools to help them more efficiently complete all of the jobs-to-be-done within corporate finance.

However, it has also come at a cost – the CFO tech stack has become significantly more complex to manage.

Using so many different software tools from a number of different providers means finance teams have created an operational mess. Getting data from one system into another or attempting to conduct an analysis that requires data from multiple systems – for example, calculating a company’s current cash burn rate across payroll, accounts payable, and employee expenses – is often a herculean task, involving custom SQL commands and the development of one-off system integrations.

The net result is that CFOs often, functionally, become CFOs and “amateur CTOs”.

As the corporate spend management space gets more competitive, forward-thinking software providers in this space are moving from providing a single, best-of-breed solution to a more comprehensive platform strategy.

In this Ebook, you will learn the benefits of building a comprehensive corporate spend management platform and three best practices for building one. The time for change is now and we’re here to help you.

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