Forward-looking finance leaders are already becoming strategic partners to the rest of the business, rather than operating solely as keepers of the accounts. With new technology promising to accelerate this shift, we look at the latest tools designed to help CFOs in small and mid-sized businesses (SMBs) work more productively and drive greater value.
By David Prosser
The CFO of tomorrow: high performance enabled by technology
Finance leaders now have access to a growing suite of technologies that are changing the nature of their roles. The CFOs of tomorrow will spend less time on technical work and more time steering the business towards profitable growth
The role of the finance leader is changing. Whatever the size of the business they work for, modern chief financial officers (CFOs) recognise their responsibilities now go well beyond accounting – it’s the evolution from bean counter to business strategist.
Sage’s latest research, conducted by consultancy Edelman, underlines this trend. It found 90% of CFOs are now in roles that have expanded in scope, with 82% feeling responsible for driving profitable growth. “Finance leaders are focused on performance, productivity and making a real impact on their business,” says Dan Miller, EVP financials and ERP division at Sage.
Other studies have come to similar conclusions. A recent survey from Grant Thornton, for example, found CFOs’ top strategic priority for 2025 is to establish finance as a partner to their businesses. “Today's CFO is expected to lead a team that goes beyond reporting numbers and managing budgets,” says Gill Ellyard, an associate director at the accountant. “They’re expected to play a pivotal role in driving value and improving overall business performance.”
Finance as a partner
In practice, that means finance leaders now need to act as a bridge between finance and other areas of the business, challenging them and sharing financial insights to help them make smarter decisions. It means less time spent on technical work or compliance duties – and more of the day dedicated to the value-additive tasks that drive high performance at their organisations.
How, though, to make this shift? It’s not as if the traditional workload of finance leaders has disappeared; if anything, the burden of accounting and reporting has increased, with more companies facing tougher regulation. Moreover, in their new roles, CFOs are having to develop new competencies – and to broaden their access to insight and intelligence.
The answer inevitably lies in an even more rapid adoption of new digital tools. By embracing technologies that automate manual tasks and workflows, finance leaders will free up time for more strategic work. And with tools designed to support this strategic role, the quality and reach of their outputs will be elevated.
Sage unveils new tech
At its recent flagship Sage Future event, Sage showcased some examples of the next generation of technologies for finance leaders, with a particular emphasis on tools powered by artificial intelligence (AI). It describes its High-Performance Finance Software as “a mission to empower modern CFOs with the tools, skills and community they need to lead in today’s economy”.
“Today’s CFOs aren’t just financial managers; they’re catalysts of growth for businesses, which is especially crucial to position their businesses to lead in tomorrow’s economy,” explains Mark Hickman, managing director North America at Sage. “We’re providing the advanced technology, executive-level training and dynamic peer network that will empower them to lead boldly from the front.”
For example, Sage Intacct, the cloud-based finance software, will increasingly include AI tools that support capabilities such as accounts payable automation, cash flow forecasting and optimisation, and account closing; it will also leverage enhancements to Sage Copilot, the existing generative AI assistant. “With these upcoming AI capabilities, we will be helping finance teams simplify their work, gain trusted insights and stay focused on driving proactive growth rather than reacting to what has happened,” Miller adds.
In the US, meanwhile, Sage has announced a collaboration with CPA.com, the business and technology subsidiary of the American Institute of CPAs (AICPA). This will enable Sage to access AICPA resources to train Sage Copilot.
Indeed, building out Copilot is a major focus for Sage. Sage Future also saw the unveiling of Sage Copilot for Sage X3, which is aimed at empowering sales managers and representatives to query customer orders, shipping timelines and fulfilment issues. That has the potential to help businesses teams to get ahead of customer complaints, to exceed customer expectation and to preserve trust throughout the sales cycle.
It's an example of where finance will now work increasingly closely with other functions of the business to drive growth. Similarly, Sage’s newly-launched Supply Chain Intelligence tool enables finance to work more seamlessly with the procurement and operations functions of SMBs.
Accounting experts are excited about the potential of these emerging technologies. “Finance teams are juggling a lot right now and everyone's looking for a competitive advantage,” says Susan Vincent, managing director at Baker Tilly. “Sage's new AI and automation features create a powerful and innovative finance solution that drives both efficiency and intelligent business management."
New skills needed
To leverage the value of these tools, finance leaders will need to learn new skills. One imperative is for SMBs to train their finance teams on how to use new AI and other new technology effectively. That doesn’t only mean technical competency, important though this is, but also broader competencies that will enable finance staff to work collaboratively with other parts of the business.
“What can be a stumbling block [for finance professionals] is the ability to influence the business,” warns Iain Dewson, lead finance business partnering trainer at the Institute of Chartered Accountants in England and Wales. “The key to success in this role lies in influencing, relationship-building and translating data into meaningful insights.”
Help is available. Sage, for example, is launching a new programme for high-potential finance leaders. Developed in partnership with GrowCFO, the programme is designed to build the skills, behaviours and confidence required to lead in a high-growth, high-expectation environment.
Still, finance leaders need to be bold. One recent survey conducted by EY found just 16% of finance leaders regarded their finance function as best-in-class. “CFOs that push bold change are more likely to drive value both today, and in the future, compared to those pursuing more incremental change,” says Myles Corson, markets leader, financial accounting advisory services, at EY. “These CFOs are placing greater emphasis on changing the culture of their finance teams, transforming technology and analytics, developing leadership skills and identifying the next generation of leaders.”
