The Evolution of the CFO: Navigating Disruption and Embracing Technology with Bebe Kim

SaaS Expert Voices presented by Maxio

This week on the Expert Voices podcast, Randy Wootton, CEO of Maxio, speaks to Bebe Kim, a seasoned entrepreneur and CEO of Basis, to shed light on the changing landscape of the office of the CFO and the evolving role of finance professionals. They take an in-depth exploration into the intersection of finance, technology, and leadership, offering valuable insights for those in the SaaS industry. Bebe shares the three-stage evolution of the office of the CFO and how financial acumen is crucial in today's fast-paced, software-driven business environment. With an emphasis on data-driven decision-making, cross-functional collaboration, and continuous learning, Bebe provides a wealth of knowledge on becoming a strategic financial leader in the 21st century.

Quotes

• "Growth at what cost is more of the question than growth at all cost.” -Bebe Kim [08:35]

• “As a CFO, you need to move from just reporting to helping your entire executive team become financially literate so they can understand how decisions are made in trade-offs. So you have this team dynamic versus the CFO off by themselves, building their budget and getting it approved.” -Randy Wootton [34:40]

Expert Takeaways

• The office of the CFO is undergoing significant transformation, driven by advances in technology like AI, software managed services, and out-of-the-box financial tools.
• The evolution of the CFO's role can be marked in three stages: working in spreadsheets (no box), software-managed services (out-of-the-box phase), and finally, the incorporation of AI (black box).
• For modern CFOs, successful execution relies on understanding databases, trusting system-driven calculations, and adapting QA methods beyond traditional bottom-up approaches.
• Automation and AI are pivotal in scaling the finance function, necessary to counteract the dwindling pool of accounting and finance professionals entering the workforce.
• Continuous learning and adaptability in finance are indispensable, enabling CFOs to transition from mere reporting to becoming key strategic partners to executive teams.

Timestamps

[01:19] Bebe Kim's journey as an entrepreneur and the evolution of her role

[05:25] Challenges and lessons learned from raising venture capital

[09:47] The importance of growth efficiency and discipline

[11:32] Lessons learned in a growth-conscious, VC-backed company

[12:03] Capital allocation and starting basis

[13:29] The challenge of understanding financials for non-finance executives

[16:47] The three stages of CFO role transformation

[19:47] The importance of cash management for the CFO

[22:06] The skill sets required for stage two CFOs

[23:41] The challenges of working with databases for CFOs

[29:48] The availability of enterprise tools at SMB and mid-market prices

[32:57] AI's potential to replace repetitive tasks

[34:40] The role of CFOs in partnering with fast-growing companies

[37:03] Contact Basis

Links

MAXIO

Upcoming Events

Maxio Institute Report

Randy Wootton LinkedIn

Bebe Kim LinkedIn

About MAXIO

Maxio helps businesses accelerate growth efficiency with the industry’s only all-in-one billing and financial operations platform purpose-built for the needs of B2B SaaS. With Maxio, businesses unify and automate every step of the order-to-cash lifecycle – across billing, payments, accounts receivable, revenue recognition, and metrics/analytics. Maxio enables SaaS winners to operate with confidence, leverage insights they can’t get anywhere else, and scale without limits.