Date: 08.01.2025 (2025-01-08)
Sally Jones (08.01.2025) Context: • https://www.linkedin.com/in/sally-jones-1000a43/ • ZUR based • Worked as fractional CFO - atm: • Charity: Brighton and Hove Speak Out • FloBiotech (10ppl) • My message: • I came across your profile because I saw that you are working as a CFO in multiple settings. • We are developing proprietary AI models for Controlling & Accounting. Right now, we are primarily automating the posting of invoices. • The next step is automating the monthly closing and controlling process, with the goal of reducing the workload by roughly 50%. • Given your experience, I’d love to get your feedback on our approach (not a sales call) - happy to do a quick 15-minute phone call. I’d really appreciate it! • Reply: • Hi Maximilian • I have some time tomorrow or Thursday
Notes: • Automation: • Not working in a company at the moment -> she does fractional CFO to companies • Selector • Aviation company • Common problem: • Limited cash to pay for anything else - develop sth or pay for an external tool -> no WTP • Fear that big AI models are expensive • Depends on the industry as wel • What she reads in finance forums • Quick wins: predictive forecasting • -> change position on LinkedIn to CFO • People using prediction forecasting is better than standard forecasting -> less biased - one person she talked to spent 5 Mio. EUR on building that product • Accounting takes a lot of time • Processing of invoices / AP - OCR does not work • Payment processing: • Balance sheet reconciliation: Check out Flowcast • Reporting: • Put basic data -> and let AI create the presentation - seems many companies do that already • Some people use ChatGPT • Data from other sources • PowerBI is used to pull data together -> use AI to link it to other things • Biggest objections / challenges in his daily life? • • Most valuable flows for him? • • Context: team setup? internal and external? • • Which tasks are the biggest pain? With magic wand -> what would he solve? • Processing of invoices first • Aviation: they managed aircrafts on behalf of owners; they pay all the costs for the aircraft and then charge the customer -> huge task • A check is important -> e.g. invoice match it with dispatch tool • A lot of errors happen • Last company: Selector (vending machines at airports etc.) • AP was not that bad • AR was confusing -> set fees, variable fees, usage volume -> match it with some usage information to get invoicing right • Mostly manual • They did not have an ERP system -> she would first introduce an ERP system first -> then think about AI • FloBiotech: • Startup • She is processing invoices -> three entities • Low volume • They use Excel, they use BDO as tax advisor and bank templates • Which tasks would he focus on? • • Do they already have automations? Which ones? How well do they work? • • Which companies would he target? • • General feedback to pitch? •