The Finance and Accounting Technology Expo (FATE) at Manhattan’s Javits Center this week served as the inaugural kickoff for the Chief Executives Group’s trade show focused on accounting-specific technology. While the show featured startup pitches and speakers similar to events like Finovate Fall, it distinguished itself by combining an opportunity to learn about new technology with a chance for familiar faces to reconnect.
Outside of keynotes from Shark Tank’s Daymond John, Eventus’ Glenn Hopper and Kapitus’ Anthony Rose, the show offered unique insights on technology’s role in accounting and several panel discussions, including one about sports tech stacks featuring CFOs working in professional sports and AI’s practical applications.
Below are five takeaways from the event:
1. Relationship building reigns supreme
Though the showcase emphasized technology offerings via booths and sales representatives, many attendees spent their time in conversation with one another. Unsurprisingly, many conversations overheard by CFO.com were less about finance and accounting and more about thought leadership, family, return to office and even some politics.
2. Finance leaders understand the importance of AI awareness
Despite concerns over data sources, energy consumption and profitability, engaged attendees seemed to understand the importance of staying aware of AI’s potential impact on finance. Although much of finance is already automated, questions remain. The chance to address these questions in a group setting was valuable for CFOs who either lack a go-to person or don’t want to ask questions their CEO or CIO may expect them to know.
“What FATE provided to CFOs over the past two days was reinforcement that they don’t have to shoulder this [AI] burden alone. Instead, they can lean into the support, recommendations and counsel from their peers,” said Nick Araco Jr., founder and CEO of the CFO Alliance and a speaker at the event. “Finance leaders are more likely and willing to tell each other what not to do, what mistakes or pitfalls to avoid, than chest pound. They are true ‘chief reality officers.’ In fact, as CEO and founder of the CFO Alliance, I’m seriously considering a name change for our community.”
3. Female-led sports panel hits a home run
One of the most interesting panels at the event focused on the tech stack in sports, titled “Data and Technology Driving the Future of Sport.” The moderator Angela Ruggiero is a four-time Olympic champion and gold medalist in ice hockey for the United States. She was joined by Pauline Phillip, CFO of the National Women’s Soccer League, and Dr. Tim Naddy, vice president of finance at the Savannah Bananas.
“Sitting on a panel of three amazing women of sports, I was reminded about how it’s not only important to have strong women in various fields of play, but also to have women strongly represented in the front office,” said Naddy. “There is a wealth of talented female leaders out there who, when given the chance to flex their competitive spirits and sharp business acumen through administrative mettle, financial prowess and level-headed decision-making, do so with such poise and panache. I was honored to be included with them.”
4. Though competitors, vendors learned from one another
It was notable to see an event like this, where direct competitors set up next to each other with valuable leads walking by, fostering cross-collaboration and networking among sales representatives and product leaders. Rather than staying in their booths competing for CFO face time, many representatives took time to learn about their competitors’ products. Salespeople who understand both their products and their competitors provide value to CFOs who may find it challenging or time-consuming to determine which technology best suits their business needs.
5. AI will take time and come with challenges, but CFOs are ready
Both Araco and Naddy shared thoughts on the necessity of peer-to-peer collaboration to implement this technology effectively.
“FATE met the challenge from today’s CFOs and finance leaders and did not disappoint,” said Araco Jr. “The mandate facing every finance leader today — regardless of business size, structure, industry or market — to align their talent and capabilities with the most appropriate and agile technology stack and dedicate time and attention to process reengineering in accounting and finance is a significant lift for them. CFOs clearly understand the immediate impact innovation can have on their performance and value.”
“Holding this expo in Gotham City was venue selection at its finest because I feel like a nerdy Batman with how many financial tools I can strap to my belt,” said Naddy. “I am floored by how many CFOs have [the tools] at their disposal to autonomously crush work while handling the nefarious ‘quick question’ with patience and grace. These vendors are the best in their spaces, and while there is much competition, each brings a calming effect to the office of the CFO. Kudos to the fintech professionals.”
