Sacha Herrmann CFO at Soldo

Sacha Herrmann, CFO at Soldo: “Technical accounting knowledge still absolutely matters”

How many legacy systems are you still running? This is just one of the thought-provoking questions Sacha Herrmann raises in our interview, the third in our “That Won’t Pass Audit” series with thought leaders in fintech, and with over 20 years of experience in this space Sacha has a lot to say.

Prior to his current role as CFO at Soldo, Sacha held strategic leadership positions at high-growth companies such as Codility and Nexthink. His mantra: to build finance functions that are commercially rigorous and operationally agile. He’s a strong advocate for using AI and digital tools to deliver real impact, not just hype.

And good news for any CFOs reading this. Sacha wants to help you move beyond reporting and into a strategic position, particularly in areas like ESG and automation where he believes the CFO is central to driving and integrating strategy.

So, to go back to that opening question, do you know how many legacy systems you’re running? Could they be both costing you money and holding you back from embracing the latest technology? Read on to discover Sacha’s insights on this and much more.

How has the role of the finance function changed in the last three to five years, and what do you think most organisations still underestimate about that shift?  

It should come as no surprise that I’ll point to AI adoption as the biggest changepoint for the finance function in the last three to five years. AI is accelerating the move to more sophisticated, digital-first processes. As a result, stakeholders now expect finance to be faster, more seamless and more automated. Finance teams that are embracing these tools across their stack are clawing back hours that would otherwise be spent on essential but manual admin. That time is increasingly being reinvested into forecasting, scenario planning and strategy, which is exactly where the function creates disproportionate value.  

But while progress has been strong, I think many organisations still underestimate two things. First, how many legacy systems they’re still running and how much those fragmented tools limit real-time visibility and decision-making. Second, the scale of new risk that comes with digitisation, especially AI-powered fraud. We’re seeing the industry wake up to that threat with 74% of UK finance leaders admitting they’re concerned about employees using AI to generate fraudulent financial documents and receipts, but the mistake would be trying to tackle modern fraud with outdated processes.  

This is why finance’s evolution is as much about governance and culture as technology. Embedding proactive controls into workflows, building trust and accountability, and modernising the foundations so finance can move quickly without losing control, is critical. 

Which accounting or finance processes are still far more manual than they should be, and what’s stopping teams from automating them?  

The way many organisations manage spend is still far more manual than it should be, and it’s one of the clearest areas where finance loses time and often visibility. In many ways, the caution is understandable. Spend management is closely tied to compliance, governance and oversight, so automation can be perceived as “letting go” of the reins.   

But automation in spend management shouldn’t mean surrendering control, it should mean building better control. When controls are proactive and embedded, approvals can move faster, policies can be applied consistently, and finance can reduce reliance on retrospective checks that create bottlenecks and blind spots. This matters even more now, because the risk landscape is changing. AI is making fraud more scalable and more convincing, which means manual checks and disconnected systems are increasingly easy to bypass.  

A more modern approach ties every digital payment directly to an expense report, so it is automatically tagged, fully traceable and fully visible. In practice, that’s “using AI to fight AI” – tools that can flag anomalies in real-time, reduce human error, and help prevent fraud while maintaining clear audit trails.  

The shift required is partly technical, but also cultural. Reframing automation as a way to maintain governance while unlocking agility and growth will be key, and as teams see sustained benefits, I’d expect resistance to lessen. 

How is finance collaborating with other parts of the business – such as IT, operations, or marketing – and where does friction still exist?  

Collaboration between finance and the rest of the business has grown significantly in recent years. As organisations have become more digital and data-led, finance teams are increasingly working side by side with IT, operations and commercial teams to shape how money flows through the business. By setting clear guardrails around budgets and improving spend visibility, finance can help teams make faster and more informed decisions without compromising control.   

You can see the benefits most clearly in areas like marketing and operations, where speed and flexibility matter. Finance can enable these functions with clearer frameworks, better tooling and more real-time insight, so teams aren’t constantly delayed by approvals or manual workarounds. When that balance is right, it creates shared accountability rather than an “us versus them” dynamic.  

But friction still emerges where processes haven’t kept pace with expectations. Legacy systems, fragmented tools and manual approvals slow collaboration and create frustration, especially when teams are under pressure to move quickly. That friction has tangible consequences. Soldo research showed that 88% of UK finance leaders report missed growth opportunities when employees lack direct access to budgets, while 48% of employees say interactions with finance have slowed projects. In these situations, finance teams often shoulder the blame for stalled activity, despite managing significant risk.   

Closing that gap relies on modernising systems and decentralising spend responsibly. With clear guardrails, better budget access can strengthen relationships across the business, something 36% of finance leaders and 22% of employees believe would improve collaboration, allowing finance to act as a true strategic partner rather than a bottleneck. 

How do you balance speed and automation with control, auditability and regulatory compliance?   

Balancing speed and automation with control and compliance starts with acknowledging that traditional governance models are no longer fit for purpose. As finance teams adopt AI and automation to move faster, relying on manual, retrospective checks can create bottlenecks. And in an AI-driven risk environment, those checks can also create blind spots. The challenge for finance leaders isn’t choosing between speed and control, but choosing tools and governance models that let the two coexist.  

A strong starting point is shifting towards proactive, embedded controls. Intelligent tools can flag anomalies in real-time, enforce pre-approved budgets and reduce reliance on after-the-fact reviews. This strengthens auditability and fraud prevention while allowing teams to operate with agility, without constantly escalating routine decisions.  

This is increasingly important as AI-powered fraud becomes more convincing and scalable. Preventing AI-driven expense fraud, for example, requires a more connected approach where every digital payment is tied directly to an expense report, automatically tagged, fully traceable and fully visible. That helps improve confidence and control while giving employees clarity when making work-related purchases.  

But technology alone isn’t enough. Finance leaders also need to drive a cultural shift in how governance is perceived. When controls are overly centralised and admin-heavy, they slow teams down and encourage workarounds. When they’re embedded into workflows and paired with clear guardrails, governance becomes an enabler.  

Regulation adds another layer, and it’s evolving quickly. Firms that invest early in transparent, well-defined governance frameworks will be better positioned to adapt, not just to tick compliance boxes, but to build trust and a foundation for sustainable growth.  

What skills do modern accountants and finance professionals need today that weren’t essential five or ten years ago?  

As much as new tools are easing manual burdens, technical accounting knowledge still absolutely matters. Without it, there’s no way to apply quality control and oversight to work that is being automated. What’s changed is that those technical foundations now sit alongside a broader set of capabilities.  

First, finance professionals need greater data fluency and confidence with digital tools. As AI becomes part of everyday operations, teams must be comfortable using new platforms, understand what the data is telling them, and know when to challenge outputs. The value isn’t in simply producing reports faster. It’s in using real-time insights to spot financial drains, identify growth opportunities and improve forecasting.  

Second, the role is becoming more cross-functional. With more spend responsibility being pushed closer to the business, finance teams need to be able to explain guardrails clearly, support better decision-making and help colleagues navigate financial policies with confidence. This is where communication and influence become critical. Finance has to be able to enable autonomy without losing oversight.  

Finally, governance thinking has become more important, especially as risk evolves. AI is raising the stakes on fraud and compliance, so professionals need a stronger grasp of controls, auditability and how to embed governance into workflows. The combination of strategic mindset, practical tech literacy and clear communication is what will define high-performing finance teams today. 

What advice would you give to finance leaders who are under pressure to ‘digitise’ but lack internal buy-in or technical resources?  

For finance leaders without strong internal buy-in or deep technical resources, the first step is reframing what “digitising” actually means. It isn’t about rolling out shiny tools for the sake of it, it’s about curating a tech stack that supports clear business objectives, strengthens governance and frees teams to focus on higher-value work.  

To build momentum, target a single, well-understood process that causes delay and unnecessary manual effort. Spend management is often a good place to start. When colleagues see that approvals are faster, policies are clearer, and decisions are easier to make, resistance tends to soften naturally. It’s also an area where the benefits are immediate, for example, better visibility, fewer workarounds and more consistent control.  

It’s worth being explicit that modernisation is now a competitive imperative. Legacy systems simply aren’t designed to keep up with the pace of modern financial operations and trying to manage modern risks with outdated processes is where organisations get exposed. AI-powered fraud is a good example where finance teams need proactive controls and connected workflows, not retrospective manual checks.  

Progress also depends on how change is led. Clear communication, realistic expectations and a willingness to listen are as important as any platform decision. Digitisation works best when positioned as practical support for people, enabling trust and autonomy within clear guardrails, rather than a disruptive overhaul imposed from the centre. That’s how you create sustainable buy-in, even with limited technical depth.

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Tim Danton

Tim has worked in IT publishing since the days when all PCs were beige, and is editor-in-chief of the UK's PC Pro magazine. He has been writing about hardware for TechFinitive since 2023.