{"id":10054,"date":"2021-09-02T18:18:54","date_gmt":"2021-09-02T17:18:54","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=10054"},"modified":"2026-01-29T09:38:09","modified_gmt":"2026-01-29T09:38:09","slug":"best-practices-high-performing-finance-leaders","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/best-practices-high-performing-finance-leaders\/","title":{"rendered":"The 5 best practices of high-performing finance leaders in financial services firms"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-gb\/blog\/category\/people-leadership\/\" class=\"entry-header__link\">People &amp; Leadership<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tThe 5 best practices of high-performing finance leaders in financial services firms\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2021-09-02T18:18:54+01:00\">2 September, 2021<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"The 5 best practices of high-performing finance leaders in financial services firms\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-gb\/blog\/best-practices-high-performing-finance-leaders\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-gb\/blog\/author\/ruhulmoksud\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2020\/04\/Ruhul-Moksud-350x350.jpg\" class=\"entry-author__image\" alt=\"Ruhul Moksud\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2020\/04\/Ruhul-Moksud-350x350.jpg 350w, https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2020\/04\/Ruhul-Moksud.jpg 600w\" sizes=\"auto, (max-width: 40px) 100vw, 40px\" \/>\t\t\t\t<span class=\"entry-author__name\">Ruhul Moksud<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p>Over the past decade, finance leaders have been taking advantage of the developments in computing power, machine learning, and artificial intelligence (AI).<\/p>\n\n\n\n<p>The focus has shifted from productivity to efficiency, and an increasing amount of time is spent on value-added activities such as financial planning and analysis, policy setting, operational risk management, and treasury.<\/p>\n\n\n\n<p>The modern CFO bridges the gap between finance and strategy using state-of-the-art technology to make better predictions and manage data to drive business growth.<\/p>\n\n\n\n<p>Read on to find out how you can do the same.<\/p>\n\n\n\n<p>Here\u2019s what we cover:<\/p>\n\n\n\n<p><a href=\"#let-anchor-link\">1. Let data drive your strategy<\/a><\/p>\n\n\n\n<p><a href=\"#automate-anchor-link\">2. Automate, automate, automate<\/a><\/p>\n\n\n\n<p><a href=\"#go-anchor-link\">3. Go beyond the GAAP<\/a><\/p>\n\n\n\n<p><a href=\"#twitter-anchor-link\">4. \u2018Twitterise\u2019 your chart of accounts<\/a><\/p>\n\n\n\n<p><a href=\"#get-anchor-link\">5. Get all your data in one place, in real time<\/a><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"#gate-9ff064c7-c6b7-4cb3-abe4-42452d9d5586\">Download your free copy of Success guide for financial leaders in financial services<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"let-anchor-link\">1. Let data drive your strategy<\/h2>\n\n\n\n<p>Data is one of your most valuable resources\u2014if you know how to use, organise and interpret it, that is.<\/p>\n\n\n\n<p>You can break this down into three main areas to work on:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">People<\/h3>\n\n\n\n<p>It\u2019s not just about having the tools you need to analyse data, but having the skills in-house to understand and interpret information to offer the kind of practical advice that allows you to make operational decisions.<\/p>\n\n\n\n<p>Upskill and inspire your team to be curious, creative, analytical people who can monitor data, identify trends, and offer predictions on how to achieve company goals.<\/p>\n\n\n\n<p>Offer support for learning and development to help your employees continue to refine their skills, keep up with the latest developments in tech, and add value to the business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Processes<\/h3>\n\n\n\n<p>Just <a href=\"https:\/\/www.imanet.org\/insights-and-trends\/technology-enablement\/how-to-embrace-data-analytics-to-be-successful?ssopc=1\">33% of management accountants<\/a> believe their organisations have effective strategies in place using the latest analytic techniques and technologies.<\/p>\n\n\n\n<p>It\u2019s crucial that you review and refine existing processes to make sure you and your team are <a href=\"https:\/\/www.sage.com\/en-gb\/blog\/power-of-data-business-decisions\/\">working smarter<\/a>, not harder.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Technology<\/h3>\n\n\n\n<p>There are three main technological capabilities to master to be a <a href=\"https:\/\/www.sage.com\/en-gb\/blog\/finance-futurists-good-great-cfo\/\">data-driven CFO<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Automated financial operations<\/li>\n\n\n\n<li>Analysis of key metrics from every angle you need to view<\/li>\n\n\n\n<li>Data synchronisation with other systems in real time.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">In practice: the benefits of being data-driven<\/h3>\n\n\n\n<p>Let\u2019s say your organisation is looking for central administration and IT maintenance. We\u2019re talking complicated reporting workarounds, inefficient accounting workflows, paper-based processes, the works.<\/p>\n\n\n\n<p>Sound familiar?<\/p>\n\n\n\n<p>Enter, <a href=\"https:\/\/www.sage.com\/en-gb\/sage-business-cloud\/intacct\/\">cloud-based accounting software<\/a>.<\/p>\n\n\n\n<p>Your monthly close process is cut in half. You\u2019ve got access to granular insights that make it possible to plan for your department more effectively. You could see a 40% increase in A\/P efficiency and save around 120 hours every year on reports.<\/p>\n\n\n\n<p>That\u2019s time you and your team could work on fresh projects or business-critical processes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"automate-anchor-link\">2. Automate, automate, automate<\/h2>\n\n\n\n<p>An increasing number of CFOs are delving into the world of AI, machine learning, and robotics, says Alex Bant, Gartner\u2019s chief of research.<\/p>\n\n\n\n<p>\u201c2021 is the year to pivot from discussions about the future to making real investments, seeing short-term wins and costs off-set, and having a clear plan for the future,\u201d he says.<\/p>\n\n\n\n<p>Automation is the modern CFO\u2019s greatest ally. It has the power to increase productivity, knock down costs, and eliminate silos\u2014and they\u2019re not the only benefits.<\/p>\n\n\n\n<p>Others include the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Improves the flow of information through different departments<\/li>\n\n\n\n<li>Precision through AI-powered algorithms<\/li>\n\n\n\n<li>Works in real-time to speed up your financial processes<\/li>\n\n\n\n<li>Minimise human error<\/li>\n\n\n\n<li>Streamline processes<\/li>\n<\/ul>\n\n\n\n<p>Automating standard accounting tasks frees up your time for more strategic decision-making and your employees\u2019 &nbsp;time to drive innovation.<\/p>\n\n\n\n<p>Automating processes means cutting down on\u2014or cutting out completely\u2014the time your financial services firm spends on things such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consolidating financial information in Excel<\/li>\n\n\n\n<li>Calculating revenue recognition in Excel after compiling information from sales and HR systems<\/li>\n\n\n\n<li>Manual data reconciliations<\/li>\n\n\n\n<li>Manual data re-entry between systems<\/li>\n\n\n\n<li>Processing vendor payments<\/li>\n\n\n\n<li>Manually routing paper approval sheets<\/li>\n<\/ul>\n\n\n\n<p>If you\u2019re already using automation, but want to step things up, consider changing your focus from low to high-end automation.<\/p>\n\n\n\n<p>This means using machine learning and AI to handle and optimise capital allocation, financial planning, and auditing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"go-anchor-link\">3. Go beyond the GAAP<\/h2>\n\n\n\n<p>To make the most of your data, you need to put the General Ledger (GL) at the heart of your data strategy.<\/p>\n\n\n\n<p>The GL is packed with all the key financial information you need to create Generally Accepted Accounting Principles (GAAP) reports, including income statements, balance sheets, and financial ratios.<\/p>\n\n\n\n<p>Your financial metrics need to align with wider business needs.<\/p>\n\n\n\n<p>By enhancing the GL with non-GAAP statistical data, you can track and report on key metrics that reflect your company\u2019s success in relation to your organisational goals.<\/p>\n\n\n\n<p>This kind of multidimensional analysis gives you far better insights into your business.<\/p>\n\n\n\n<p>Combining financial and operational data improves visibility across your organisation, which means better-informed decisions and collaboration across departments.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"#gate-9ff064c7-c6b7-4cb3-abe4-42452d9d5586\">Download your free copy of Success guide for financial leaders in financial services<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"twitter-anchor-link\">4. \u2018Twitterise\u2019 your chart of accounts<\/h2>\n\n\n\n<p>Being able to slice and dice your data\u2014or add dimensions to your chart of accounts\u2014brings that all-important simplicity to your data, with richer context to boot.<\/p>\n\n\n\n<p>Think of these dimensions as hashtags on Twitter.<\/p>\n\n\n\n<p>Hashtags are widely used as a form of user-generated tagging that allows for cross-referencing of content sharing a similar subject or theme.<\/p>\n\n\n\n<p>They make it easier to search, sort, and organise your reporting data and to give context to what\u2019s happening across your organisation.<\/p>\n\n\n\n<p>Just as you can look at hashtags over time, you can analyse your financial reports over time.<\/p>\n\n\n\n<p>Just as you can view real-time trending Twitter statistics, you can analyse your financial performance across one or multiple entities in a <a href=\"https:\/\/www.sage.com\/en-gb\/sage-business-cloud\/intacct\/financial-reporting-dashboards\/\">real-time financial dashboard<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"get-anchor-link\">5. Get all your data in one place, in real time<\/h2>\n\n\n\n<p>Real-time reports empower you to make more accurate predictions to help drive your business forward.<\/p>\n\n\n\n<p>The impact of these reports goes does not stop at the finance department. It\u2019s become an integral part of wider company strategies.<\/p>\n\n\n\n<p>Your cloud accounting software should come with the ability to synthesise information from multiple data sources.<\/p>\n\n\n\n<p>This allows for more informed analysis and better decision-making.<\/p>\n\n\n\n<p>Look for solutions that come with Application Programming Interfaces (APIs). An API allows two applications to talk to each other.<\/p>\n\n\n\n<p>Every time you use an app such as Facebook, send an instant message, or check the weather on your phone, you\u2019re using an API.<\/p>\n\n\n\n<p>In the world of finance, these are designed for real-time integration, so you can spend less time waiting for entries to be posted, and more time analysing that information.<\/p>\n\n\n\n<p>Smooth integration with third-party apps is non-negotiable for the modern CFO.<\/p>\n\n\n\n<p>Pre-built connectors to popular systems like Salesforce, Automatic Data Processing (ADP), and Bill.com make life easier for everyone, from your finance team to sales, to payroll and IT.<\/p>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Success guide for financial leaders in financial services<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Discover how you can drive strategy and performance at your financial services firm with data-driven decision-making.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-9ff064c7-c6b7-4cb3-abe4-42452d9d5586\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Download your free guide<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-643644406-1440x810.jpg\" class=\"single-cta__image\" alt=\"Working on business accounts\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-643644406-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Join more than 500,000 UK readers and get the best business admin strategies and tactics, as well as actionable advice to help your company thrive, in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-b1a63862-3fa0-4a5e-bb67-c76b88bbc6b8\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1073797282-1-1440x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1073797282-1-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Want to know how you can excel as a financial leader? Check out these best practices and put the learnings into action at your firm.<\/p>\n","protected":false},"author":1027,"featured_media":9149,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[10],"tags":[135,126],"business_type":[3],"lilypad":[],"context":[],"industry":[59],"persona":[68],"imagine_tag":[77,96],"coauthors":[521],"class_list":["post-10054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-people-leadership","tag-business-finances","tag-data-analytics","business_type-medium-sized-business","industry-financial-services"],"sage_meta":{"region":"en-gb","author_name":"Ruhul Moksud","featured_image":"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2021\/04\/DELMORALCONGELADOS_2019_X3_EnterpriseManagement_20-1.jpg","imagine_tags":{"77":"Accounting software","96":"Medium businesses"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice UK","distributor_original_site_url":"https:\/\/www.sage.com\/en-gb\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts\/10054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/users\/1027"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/comments?post=10054"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts\/10054\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media\/9149"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media?parent=10054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/categories?post=10054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/tags?post=10054"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/business_type?post=10054"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/lilypad?post=10054"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/context?post=10054"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/industry?post=10054"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/persona?post=10054"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/imagine_tag?post=10054"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/coauthors?post=10054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}