Finance teams are facing increasing strain as economic pressures and evolving business demands challenge their ability to meet both strategic goals and operational responsibilities, according to new research from cloud-based purchase-to-pay (P2P) automation provider Yooz.
The 2024 Yooz Survey: Beyond the Balance Sheet, conducted by third-party platform Pollfish, highlights that finance professionals are dealing with heavier workloads, longer hours, and higher stress levels as budget constraints further stretch teams’ capacity.
The survey found that 88% of finance professionals report stress due to shifting business priorities, with 66% rating their stress levels as moderate to extreme.
These pressures are compounded by tighter budgets, as 92% of respondents indicated that budget constraints have negatively impacted their ability to meet strategic objectives.
This strain is often attributed to operational limitations, including outdated technology and insufficient staff headcount, creating additional hurdles for finance teams to manage their growing responsibilities.
Work-life balance has also deteriorated for many finance professionals, with 74% reporting regular overtime over the past six months.
Two-thirds of respondents also admitted to thinking about work during their personal time, underscoring the need for more efficient processes to handle workloads effectively.
Despite these challenges, there is widespread consensus that automation holds the potential to alleviate some of the stress finance teams face.
Seventy percent of finance professionals believe that automation could significantly or completely reduce the stress caused by shifting business priorities.
However, obstacles such as misalignment between finance and IT departments, red tape, and communication struggles between CFOs and CTOs are delaying the adoption of fintech solutions that could improve efficiency.
Leadership communication is another area of concern. Half of the respondents rated their organization’s communication regarding economic challenges and their impact on the finance function as sub-par.
A disconnect between CFOs and other finance professionals further complicates the situation, with 73% of CFOs feeling that their input is frequently valued, while only 41% of other finance team members share this view.
The survey findings highlight the need for improved communication across finance teams and the broader organization, as well as a stronger alignment between leadership expectations and the operational realities finance teams face.
Addressing these issues and leveraging automation technology could enable finance teams to manage their workloads more effectively and reduce stress in the workplace, the survey showed.