ELMO Cloud HR & Payroll March 2020

MAKING THE MODERN FINANCE LEADER

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ELMO CLOUD HR & PAYROLL: BEYOND THE NUMBERS

WRITTEN BY

AMBER DONOVAN-STEVENS

PRODUCED BY

ANDREW STUBBINGS

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E L M O C L O U D H R & PAY R O L L

James Haslam, Chief Financial Officer, ELMO Cloud HR & Payroll, discusses the evolution of the cloud HR and payroll software provider, and the role that the modern CFO plays in business today

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s technology evolves at an exponential rate and customers demand more from their products than ever, the role

of C-suite executives is also changing. Few understand this as well as James Haslam, Chief 04

Financial Officer, ELMO Cloud HR & Payroll, who seeks to redefine the traditional associations of his role as he leads the financial strategy of the tech company that enables medium-sized companies (50 to 2,000 employees) within Australia and New Zealand to deliver employee satisfaction through the use of its cutting-edge technology.

Haslam’s experience spans over an 18-year career in accounting and finance. Before becoming a chartered accountant, he obtained his Bachelor of Science in Engineering and Business from the University of Warwick in the UK. Haslam moved into KPMG’s graduate program in 2001, working largely across audit and corporate restructuring before moving to Australia in 2005 with KPMG’s secondment program where he worked primarily in corporate finance.

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In 2014, he joined Deloitte as a director in the corporate finance team. Yet Haslam’s ambitions were pulling him away from ‘the Big Four’ and in 2017 he founded Financial Agility Consulting. “I saw a gap in the market for providing corporate finance advice to midmarket executive teams, particularly around mergers and acquisitions and IPOs,” he explains. Shortly after founding the company, Deloitte reached out to Haslam, referring him to ELMO in order to assist with developing the w w w.e l mo so f t wa re . com . a u

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“ I believe that we have a great work culture and I am only as good as my team”

company’s prospectus as part of the IPO, which was successful in 2017.

Little did he know at that time how the initial engagement would set him on the path to become a CFO at ELMO. As he continued with Financial Agility Consulting, Haslam continued to work on mergers and acquisitions (M&A) projects and IPOs until early 2019, including supporting ELMO on

James Haslam, Chief Financial Officer, ELMO Cloud HR & Payroll 06

five successful acquisitions, before he succeeded ELMO’s then-CFO, Trevor Lonstein. “It’s not your traditional route into the CFO role,” Haslam acknowledges, “but the advantage I’ve gained through both my Big Four and consulting experience is a wide view of the strengths and weaknesses of many CFO’s who I have worked with. I believe this experience has provided me with a more holistic view of businesses which I find now benefits me in my role.”

The skills and networking abilities gained from both KPMG and Deloitte, along with its prestigious alumni, gave Haslam the tools he needed to navigate the industry well, but he reflects that it was in his private consulting work where he learned how to obtain his own opportunities and engagements.

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4:41

07 “That need to be resourceful and go

alongside providing a fantastic user

the extra mile with self motivation has

experience,” he says. As CFO, Haslam’s

really honed my negotiation and emo-

core responsibility is to set the financial

tional IQ skills that are so vital in my

strategy and ensure the accuracy of

role today.” He goes on: “Learning how

financial information and metrics, both

to really listen to the needs of stake-

internal and external to the company,

holders is integral to my work at ELMO

particularly with regard to stakeholders.

every day.”

This is in addition to the traditional role

ELMO is a leading provider of human

of ensuring company controls and pro-

capital management (HCM), payroll,

cesses are both working and effective.

rostering and time and attendance

Yet to truly drive the company forward,

software solutions. “We’ve currently

the role of CFO needs to extend beyond

got 14 modules covering the hire-

day-to-day operations. “The position is

to-retire spectrum, with a focus on

no longer about simply doing the work

increasing automation for companies

and reporting the numbers” explains w w w.e l mo so f t wa re . com . a u

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Haslam, “but being a leader that looks beyond the numbers; being a progres-

everyone can understand.”

ELMO is growing at a significant pace

sive figure.” He describes this type of

both organically and through acquisi-

CFO as the ‘Modern Finance Leader’.

tion, reporting annual recurring revenue

“A Modern Finance Leader looks

growth of 42.8% over the last 12 months

ahead by two or three years; asks

to A$52million and it is expected the high

themselves ‘how can we invest and

growth will continue in the near term.

lay the foundations to support further

Haslam explains, “It is important to

growth?’ and embraces new technol-

support the growth through the adop-

ogy in an ever-changing landscape.

tion of new technology and partnering

To do that you need to be partnered

with key providers across the business,

across the company and able to com-

particularly as we grow our customer

municate complicated financial data

base, now up to 1,478 and employees

with any department in a way that

up to 368.”

“ A modern finance leader looks ahead by two or three years; asks themselves ‘how can we invest and lay the foundations to support further growth?’”

Haslam divides the company into four segments: the financial and administrative function; client services; sales and marketing; and R&D. “All of these departments need great support and so we work closely with them to ensure that their needs are being met.

This also extends to C-suite members of the company.”

To ensure these partnerships are

James Haslam, Chief Financial Officer, ELMO Cloud HR & Payroll

cared for, Haslam notes that there are other companies that ELMO partners with in order to support automation.

09 E XE CU T I VE PRO FI LE

James Haslam James Haslam joined ELMO as CFO in February 2019. He is a Chartered Accountant with over 18 years of experience in accounting and finance roles. Before joining ELMO, James founded Financial Agility Consulting, a consultancy practice providing senior executive management support through mergers, acquisitions, capital raisings and IPOs. Prior to Financial Agility Consulting, James worked for both KPMG and Deloitte, providing professional services advice, predominantly in the respect of mergers, acquisitions and IPOs. James holds a Bachelor of Science in Engineering and Business from the University of Warwick in the UK and is a Fellow of the Institute of Chartered Accountants in England and Wales. w w w.e l mo so f t wa re . com . a u

93% business traveller satisfaction

Up to 34% savings on accommodation alone

A great traveller experience and cost control in a single business travel platform?

Yes. tripactions.com.au

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“For example,” he says, “our sales and

provides automated billing services

marketing team and the executives

and metrics reporting, we expect Zuora

undertake a significant amount of

to have a major benefit to our opera-

travel and TripActions provides a sim-

tions going forwards. Automation is

ple and intuitive platform for booking

a key part of my outlook for finance

travel and capturing the data around

which enables my team to spend less

travel.” Nurturing partnerships like

time undertaking routine tasks and

this is a part of the forward thinking,

more time developing themselves, their

technology embracing attitude that the

knowledge and decision making.”

Modern Finance Leader needs in order

Another partnership Haslam is

to assist in navigating the company

enthusiastic about is the ongoing work

through a fast-evolving landscape.

between ELMO and the University of

A company that ELMO is currently engaging with is Zuora. “Zuora,

Technology Sydney (UTS) on developing a new module leveraging data w w w.e l mo so f t wa re . com . a u

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2002

Year founded

$52mn Revenue in AUS dollars

368

Number of employees

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E L M O C L O U D H R & PAY R O L L

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15 analytics and artificial intelligence

is both supported and appreciated by

in a program that will benefit both

the CFO. “My team is the backbone of

institutions mutually. “Through the

our finance operations and I am a big

partnership with UTS, which includes

believer in empowering my team, what-

access to their state-of-the-art data

ever their aspirations may be.” Since

center, we can leverage our large vol-

Haslam has been in the role, he has

umes of anonymised data to develop

expanded the team and set up both a

insights to develop algorithms which

financial planning analysis team, and

are expected to provide customers the

a corporate development team. He

ability to deepen their workforce plan-

identifies being “collaborative” as the

ning processes” he says.

key requirement for teams. “I want the

To ensure a high standard, Haslam

team debating ideas and talking collab-

enthuses that, for him, and for any

oratively. I don’t stress about mistakes,

good Modern Finance Leader, it is

but I want the team feeling confident in

imperative to have a great team that

exploring and finding solutions. I often w w w.e l mo so f t wa re . com . a u

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“ My team is the backbone of our finance operations and I am a big believer in empowering my team, whatever their aspirations may be”

say, if you can’t fix your issue in less than 30 minutes, share it. I believe that we have a great work culture and I am only as good as my team. I am proud of them and their efforts.”

As ELMO continues its upward growth trajectory, it will continue to drive automation through technology.

As it breaks into the finance and tech-

James Haslam, Chief Financial Officer, ELMO Cloud HR & Payroll

nology industries, Haslam is confident that younger decision makers will increasingly adopt the ELMO solution

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with their increased appetite to adopt

across Australia and New Zealand it

technology. “Our automation makes

will be interesting to see how this latest

both employers and employees lives

acquisition with operations in the UK

simpler. We have great brand equity

evolves and if it acts as a launchpad for

in the ANZ region; we attract a lot of

global expansion.

leads and we’re evolving into a market leader in the mid-market.� ELMO also garners a notable amount of international interest, with a number of other countries taking interest in the solution. Although the company is very much focused on maximising growth w w w.e l mo so f t wa re . com . a u

ELMO Cloud HR & Payroll 580 George Street Sydney New South Wales Australia 2076 T +61 2 8305 4600 www.elmosoftware.com.au