As companies face tightening budgets and economic uncertainty, finance teams are increasingly overwhelmed by operational pressures, changing expectations, and misaligned leaders, according to a new study from cloud-based purchase-to-pay (P2P) automation provider Yooz.
The 2024 Yooz Survey: Beyond the Balance Sheet reveals an alarming rise in stress among finance professionals, with 88% reporting significant stress due to shifting business priorities. Nearly two-thirds pointed to encountering a significant amount of red tape as a source of stress, and more than half reported misalignment between the CFO and CTO.
“Finance teams are the backbone of the enterprise, yet they’re being pushed to their limits by mounting pressures, outdated technology and static processes,” commented Yooz’s CEO Laurent Charpentier.
Of those surveyed, 88% reported feeling stressed by shifting business priorities, with 66% rating their stress levels as moderate to extreme. These stressors are compounded by tighter budgets. 92% reporting that budget constraints have impacted their ability to meet strategic goals, likely due to operational limitations around available technology and employee headcount
Work-life balance has also taken a hit. Nearly two out of three finance pros reported working overtime regularly in the past six months, and two-thirds said they often think about work during personal time.
The C-suite’s report card showed some gaps. Half of the finance pros rated leadership’s communication about economic challenges and the impact on finance as sub-par. And while 73% of CFOs feel their own input is frequently valued, only 41% of other finance team members feel valued.
Finance pros revealed fractures in the CFO-CTO relationship, causing collaboration hurdles, with half reporting misalignment between those crucial C-suite roles. Of them, 65% encounter a significant amount of red tape, 62% feel that processes move too slowly, and 63% struggle with communication due to different jargon.
Despite these challenges, Yooz’s report reveals hope in the form of automation. 70% of respondents point to automation as a solution for significantly or completely reducing stress caused by these shifting business priorities. Other solutions named by finance pros include upgrading existing tech systems, investing in training and development, reducing manual data entry, enhancing cross-department collaboration, and streamlining approval processes.
Charpentier explained, “To truly support their teams, leaders must embrace automation not just as a tool for efficiency, but as a strategic ally in reducing workload pressures. It’s time to move beyond traditional financial operations and empower finance with the right technology, while fostering a culture that prioritizes both strategic outcomes and employee well-being.”
As we soon turn the page on a new year, business leaders should realize that they might just be pushing finance teams past the breaking point. The savvy ones will look for new ways to lean on automation to set their finance teams up for long-term success.