CFO THOUGHT LEADER

In a special Trouble Shooter episode of CFO Thought Leader, we speak with Tal Kirschenbaum, CEO and founder of Ledge. Together, we delve into his career journey and the foresight that led him to identify a significant opportunity in finance automation. Tal's path, starting from his finance education at the University of Chicago and Tel Aviv University, through various roles at Intel Capital, BCG, Facebook, and Milio, provided him with a broad perspective on financial operations and corporate development.

At the core of Tal's entrepreneurial vision is a keen awareness of the inefficiencies in traditional finance operations. He identified a common challenge faced by finance teams: the reliance on manual processes and siloed systems, which often lead to increased workloads and errors. This insight spurred the creation of Ledge, a platform designed to automate repetitive tasks and streamline financial data management.

Tal's experiences highlighted the critical role of AI in transforming finance functions. He emphasized that AI can address the high volume of unstructured data finance teams deal with daily. For instance, AI-driven solutions can resolve discrepancies in transaction data, such as mismatched names between bank transfers and invoices, significantly reducing manual intervention.

Moreover, Tal sees AI as a powerful tool for financial forecasting. By using AI to predict outcomes based on historical data and user inputs, finance teams can move away from time-consuming manual data manipulation and focus on strategic decision-making. This shift not only enhances efficiency but also addresses the acute shortage of skilled accountants by automating routine tasks and allowing finance professionals to engage in more valuable work.

In today's challenging economic environment, Tal advises finance leaders to prioritize sustainable and profitable growth. He believes that integrating AI into finance operations is crucial for achieving increased efficiency and supporting complex business operations. As the market demands more from finance teams, leveraging AI can be the key to maintaining competitiveness and ensuring long-term success.

“I see the fear of failure as being so detrimental to so many people early in their career. In people’s minds, failing is often outsized, but most of the time, the things you’re dealing with when you’re up and coming are expected to involve some failure. That’s how you learn,” reflects Eric Emans, the CFO of Nintex. Emans tell us his career was built using the power of learning from mistakes and driving an expectation-based culture in finance.

In fact, Emans views failure as a critical learning tool. Starting his career in juvenile rehabilitation, Emans tell us he gained unique insights into human behavior and communication, which later influenced his approach to leadership. When Emans transitioned to finance, he was determined to understand the business holistically, not just through numbers.

At Bluecore, where he first stepped into a CFO role, Emans emphasized the importance of building strong relationships within the organization. He relied on mentorship and collaboration to navigate new challenges, openly seeking feedback from colleagues and industry veterans. This approach helped him avoid common pitfalls and develop a nuanced understanding of financial operations.

As CFO of Nintex, Emans has continued to foster a culture where team members are encouraged to go beyond their job descriptions. He uses the metaphor of the left hand and right hand to describe the importance of both controllership and FP&A in his leadership. “My head of FP&A and my controller need to be my right and left hand. Not only do they need to be talented, but I need to be able to speak to them about almost everything going on in the company,” he says.

Emans believes in empowering his team to think critically, challenge assumptions, and bring new insights to the table. “If a finance person just hands me back the analysis I asked for, that’s great. But if they go further and provide additional insights, that’s what makes the difference between a good and a great organization,” he says.

It perhaps little surprise Emans’s leadership style is driven by continuous learning. He advocates for finance professionals to engage with different disciplines, understand the broader business context, and not be afraid to make mistakes.

By the time Sandeep Aujla arrived at Intuit in 2015, he had already invested 7 career-building years as a senior finance executive at Visa, so his path to the CFO office was presumably getting shorter and shorter. Still, it would be another 8 years before he would be appointed Intuit CFO.

While there’s little question that during those 8 years Aujla could have likely nabbed CFO appointments elsewhere. Certainly, many finance organizations experienced a migration of senior talent during the covid years. Aujla’s decision to stay and complete yet another tour within Intuit reminds us that the shortest path is not always the best.

Aujla’s journey at Intuit began with a dual mandate: to build a forward-thinking finance team and to deeply engage in business operations. Initially, he took on the role of acting chief risk officer for Intuit’s payments business, demonstrating his versatility and strategic thinking. This early experience laid the foundation for his future contributions, as he helped to transition Intuit from being primarily an accounting software provider to representing a broader platform offering services such as payments, payroll, and Mailchimp.

Aujla played a pivotal role in this transformation, co-leading the small business group and driving the strategy that shifted Intuit’s main revenue base from accounting software to a diverse array of services. His ability to adapt and innovate was crucial as Intuit evolved into a high-growth, high-margin company.

Despite opportunities to join other companies, Aujla remained at Intuit, benefiting from the company’s deliberate investment in his growth. Working closely with current CEO Sasan Goodarzi and former executive chairman Brad Smith, Aujla received mentorship and leadership development that prepared him for the CFO role. This investment, coupled with his extensive involvement in strategic initiatives, ensured that he was not only ready for the role but also deeply aligned with Intuit’s vision and culture.

As CFO, Aujla focuses on unlocking potential within the finance team and the broader organization. He emphasizes the importance of talent development, spending significant time recruiting, coaching, and nurturing top performers. His strategic mind-set, honed through years of navigating Intuit’s complex business landscape, well positions him to lead the company through its next chapter of growth.

“You always have to be proactive in managing your career, but this doesn’t mean being impatient or expecting a linear progression. Deliver top-tier performance in your role and don’t hesitate to raise your hand for projects or roles that are outside your comfort zone. You also need patience and a willingness to play the long game. When I left Visa for Intuit, I moved to a smaller company in a different space, no longer reported directly to the CFO, and took a smaller scope than what Visa was offering me as a counter. However, I knew that the role at Intuit would expand my skills across different business models, as well as better position me to be a C-suite leader downstream. It is this focus on growing your skills, feeling your brain hurt, and delivering positive tangible impacts that becomes the differentiator.” –Sandeep Aujla, CFO, Intuit

Mark Khavkin tells us that from the very beginning of his career journey—a 2008 role as an investment professional with a European private equity firm—he was able to gain experience in board strategy, investor relations, and entrepreneurial exploration. This foundation allowed him to read boardroom dynamics from very early on and prepared him to anticipate a variety of operational perspectives that would set the stage for his path forward.

Transitioning to Silicon Valley, Khavkin joined eBay’s corporate development team, where he learned to align acquisition opportunities with the strategic goals of business units and technology leaders—experience that deepened his understanding of operational management and strategic planning.

A pivotal moment came when a former eBay divisional CFO who had served as a mentor invited Khavkin to join oDesk (later Upwork) as FP&A lead. This role allowed him to influence company culture and drive change from within the finance function. At Upwork, Khavkin tells us he sharpened his ability to integrate investor narratives with internal strategies, from marketing to product development. His ability to present a cohesive story from market opportunities to long-term strategy proved instrumental during the early milestones of Upwork’s IPO journey.

Throughout his career, Khavkin has come to pursue experiences that would require a unique blend of investment acumen, strategic insight, and leadership impact. His journey highlights the importance of understanding both investor perspectives and operational realities, while crafting a narrative that demonstrates insight into both.

Karen Williams’s journey to becoming a successful CFO began with a crucial lesson learned early in her career at the UK headquarters of candy giant Mars. As a young professional, she tells us, she had failed to grasp the importance of relationship-building and expressing her passion for the business. At times, this void had kept her sidelined and stymied her professional growth, a conclusion at which she would arrive only much later, when she personally witnessed the power of networking and personal connections.

The turning point came during her tenure at American Express. Immersed in a culture that valued relationships and collaboration, Williams began to understand how networking could unlock the potential of others. The open-door policy at American Express allowed her to connect with colleagues across departments, fostering a sense of community and shared purpose. It was here where she found a mentor who not only guided her through the intricacies of corporate finance and leadership after recognizing her passion and dedication but also provided valuable insights that opened the doors to new opportunities that would accelerate her career progression.

Years later, when Williams ascended into the first of what would become a number of CFO roles, she carried forward the lessons learned from her experiences. She emphasizes the importance of a human capital mind-set that rewards those who demonstrate a genuine passion for the business. Furthermore—because she believes that passion drives results—she strives to create an environment where her team feels motivated and valued. By promoting internal talent and fostering a culture of continuous improvement, Williams ensures that her team is not just competent but also deeply engaged and committed.

On the latest episode of Planning Aces three dynamic CFOs—Robert Cornella (RNDC), Karen Williams (American Express Global Business Travel), and Tony Querciagrossa (Pinstripes)—share a menu of FP&A insights and experiences. Robert Cornella emphasized the importance of understanding value chain economics and achieving operational harmony within complex mergers. His experience at Coca-Cola highlighted the necessity of predictable revenue streams and balanced incentives for long-term investment. Karen Williams brought a fresh perspective on utilizing data. She stressed the need for a proactive approach in gathering and analyzing diverse data sources, alongside encouraging self-sufficiency within teams using different technology tools. Her focus on customer feedback underscores the value of real-time insights in shaping business strategies. Tony Querciagrossa reflected on his entrepreneurial journey, underlining the benefits of working in smaller companies where exposure to various business aspects is inevitable. His pivotal moment at Medline illustrated the significance of aligning financial support with organizational needs, fostering a collaborative environment to solve broader business problems. Hosts, Sweeney and Knowles, highlight the shared themes of data curiosity, the evolving role of finance in operational decisions, and the importance of cross-functional competencies. 

Mo Shahzad is not one for trivial conversations. At Relativity Space, he’s known for his deep curiosity, often engaging team members in discussions about their interests and passions. This intellectual curiosity is not just a personal trait—it’s a vital tool for his role as CFO. Mo’s ability to connect on a personal level mirrors his professional mission: translating the innovative dreams of Relativity Space’s founders into a compelling narrative for investors.

In the season 1 finale of Controllers Classified, host Erik Zhou is joined by Sarah Hinkfuss from Bain Capital Ventures for an overview of the VC investment landscape and a deep dive into her investment due diligence approach for growth stage companies. The episode begins with Sarah highlighting milestones from her career, including her time conducting water pricing research in the Middle East, her transition into tech, and her pivot from tech into investing. Underlying everything is her passion for empirical based decision making and a belief that complex problems require a multidisciplinary approach. The conversation then pivots to the investment landscape. Sarah explains the relationship between companies, VCs, and LPs, and how the macroeconomic environment is driving a “flight to quality”. The result is companies are being asked to balance growth and profitability, and increasingly making hard decisions around what to keep and what to cut. Sarah then gives listeners an insider's look at her investment due diligence approach for growth stage companies, underscoring the importance of a company’s financials in this process. She spends some time explaining why unit economics and a business model are so important and notes that it’s not just about seeing the numbers. A founder must have a clear narrative about what drives their business and where they see things going in the future. Sarah also touches on the transition from Series A to Series B, and the nuances in the fundraising process for early vs. growth stage companies. This episode is a must-listen for founders & finance leaders aiming to navigate the complexities of fundraising in today’s macroeconomic environment.

Looking back, John Lutz doesn't hesitate to recall a strategic turn along his career journey when, during his tenure as director of finance at Charter Steel, he transitioned a cumbersome, error-prone Excel model into an advanced, activity-based costing system. By involving stakeholders from across the company, Lutz tells us he not only gained buy-in but also unlocked the power of teams to create a tool that transformed the way the business operated, enhancing both efficiency and profitability.

Years later, as CFO of Sellars, a manufacturer of household products and supplies, Lutz spearheaded efforts to modernize the company’s data infrastructure. “We’ve come a long way in two years,” says Lutz, who tells us that in the not-too-distant past, the company’s data storage strategy involved a row of filing cabinets. Along the way, real-time dashboards replaced static reports, enabling instant access to crucial data. These changes, Lutz explains, turned the finance department into a strategic partner that proactively identified and addressed issues.

His commitment to leveraging technology hasn’t stopped there, as he looks to introduce robotic process automation to streamline repetitive tasks, freeing up his team to focus on higher-value activities. Extending beyond internal collaborations, his approach to empowering teams was further evidenced by his close cooperation with supply chain partners to optimize procurement processes and nurture long-term, sustainable relationships.

Lutz's CFO mindset exemplifies how embracing the power of teams and technology can drive transformative change. By fostering collaboration, leveraging data, and empowering his team, Lutz says he has been able to propel organizations forward, demonstrating that finance can be a catalyst for strategic growth and innovation.

Beginning her career as an analyst, Carol Lee honed her technical skills both in pre-revenue start-ups and a multinational corporation with over $10 billion in revenue. These contrasting environments, she tells us, equipped her with a unique perspective on what it takes to be both scrappy and scalable.

Early in her career, Lee immersed herself in M&A activities, gaining insights from both the buy and sell sides. As an analyst, she was able to absorb vast amounts of financial information and build detailed models as she observed high-stakes negotiations from up close. These experiences were instrumental in understanding the end-to-end processes of M&A, from financial scrutiny to integration and synergy realization. This comprehensive view became invaluable to her as she emerged as a finance leader.

Lee’s tenure at 100-year-old Konica Minolta exposed her to large-scale operations and the intricacies of synchronized business processes. This period taught her the importance of structured, efficient workflows and the necessity of diverse go-to-market strategies. These insights became crucial when she transitioned to the fast-paced environment of Silicon Valley tech start-ups, where agility and rapid decision-making are essential.

In her first CFO role at GoodData, a VC-backed company, Lee embraced the chaos and speed of the start-up culture. Her ability to balance structured financial oversight with the need for flexibility and rapid experimentation became a hallmark of her leadership. This balance, coupled with a deep understanding of various business scales and sectors, defines Lee’s CFO mindset today.

Lee emphasizes the importance of communication, storytelling, and partnership in finance leadership. By integrating technical acumen with strategic foresight and a collaborative approach, she navigates the complexities of scaling businesses while fostering innovation and growth.