What would happen if company spending didn’t happen in silos? Think about it. While marketing is busy spending money on advertising, other departments like IT, HR, and Operations are also chipping away at the company budget.
Without an effective process or clear understanding of how money is being spent, it’s easy for a company to run into trouble—and run out of cash. Organizations that could not adapt quickly to changing economic conditions from COVID-19 were forced to tighten up spending due to a lack of funding and loose spending controls.
As a finance leader, controlling spending is the hidden lifeline of your company. How well do you understand the types of purchases being requested and approved? Every dollar you help your company save will maximize value because these savings can be reinvested in programs that grow revenue and extend your runway. Downturn or not, the new philosophy of spend management gives companies greater control and oversight over the use of company resources to be used for more strategic initiatives to grow the business.
Dani Hao is the head of Community and Events and host of Procurify's Spend Culture Stories, a female-hosted and produced podcast that helps finance leaders learn the tactics, strategies, and processes to build a proactive Spend Culture.
Corinne Hua is the CFO at Thinkific, a Vancouver-based software company that is an all-in-one platform to help you easily create, market, and sell your online courses.
Corinne has a very impressive track record of leading the finance function at many software companies, such as her previous role as VP Finance at Traction on Demand and VP finance at Axia NetMedia Corp in Calgary. She is a chartered professional accountant (CPA) in Canada and has a CPA from the American Institute of Certified Public Accountants.
Marc has a 25-year track record of financial leadership, fundraising, and accelerating growth for early-stage companies, turnarounds, and international organizations ready to scale. He is a builder of businesses that leverage technology to have a positive impact on the world. Marc has extensive experience setting up and running teams in FP&A, Fundraising, Corporate Strategy, Operations, Business & Product Development, Quality Assurance, Customer Service, and Marketing.
Before joining as a virtual CFO at Burkland, Marc was the VP & General Manager of Sitecues. Marc was instrumental in driving the company from an idea whiteboard to prototype, MVP, beta, commercial release, and pivots as it scaled to 100+ customers (Banks, Universities, and the emerging Aging Marketplace). The company was granted 11 patents and sold to Vector Capital.
Chris Sands is MineralTree’s Chief Financial Officer with responsibility for the company’s financial strategy and operations. Chris brings a breadth of financial expertise, having led FP&A, Investor Relations, and Treasury functions at public companies and from several years of investment banking and sell-side equity research experience.