{"id":14895,"date":"2024-01-12T10:00:00","date_gmt":"2024-01-12T10:00:00","guid":{"rendered":"https:\/\/www.sage.com\/en-ie\/blog\/?p=14895"},"modified":"2025-05-07T15:07:34","modified_gmt":"2025-05-07T14:07:34","slug":"top-finance-trends-2024-cfos","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-ie\/blog\/top-finance-trends-2024-cfos\/","title":{"rendered":"The top 14 finance trends in 2024: Everything CFOs need to know"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-ie\/blog\/category\/technology-innovation\/\" class=\"entry-header__link\">Technology &amp; Innovation<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tThe top 14 finance trends in 2024: Everything CFOs need to know\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2024-01-12T10:00:00+00:00\">12 January, 2024<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"The top 14 finance trends in 2024: Everything CFOs need to know\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-ie\/blog\/top-finance-trends-2024-cfos\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-ie\/blog\/author\/asavinwattanajantra\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2026\/03\/Asavin-350x350.jpg\" class=\"entry-author__image\" alt=\"Asavin\" srcset=\"https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2026\/03\/Asavin-350x350.jpg 350w, https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2026\/03\/Asavin-768x768.jpg 768w, https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2026\/03\/Asavin-810x810.jpg 810w, https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2026\/03\/Asavin.jpg 1000w\" sizes=\"auto, (max-width: 40px) 100vw, 40px\" \/>\t\t\t\t<span class=\"entry-author__name\">Asavin Wattanajantra<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"\">Today, CFOs step beyond the boundaries of financial management and into digital transformation, strategic planning, and technological integration.<\/p>\n\n\n\n<p class=\"\">CFOs are at the forefront of integrating artificial intelligence (AI) and automation, crafting strategies that balance growth with strategic capital allocation.<\/p>\n\n\n\n<p class=\"\">This shift isn\u2019t just about embracing new technologies and data-driven insights for more efficient financial modelling. <\/p>\n\n\n\n<p class=\"\">It also involves a broader, more integrated approach to business management.<\/p>\n\n\n\n<p class=\"\">It\u2019s not just about the data, though. Collaboration with HR and other departments is becoming imperative, reflecting a holistic strategy where agility and a robust balance sheet are key.<\/p>\n\n\n\n<p class=\"\">We delve into these trends with insights from practising CEOs and CFOs, demonstrating how they empower CFOs to drive significant business impact with flexibility, innovation, and strategic foresight.<\/p>\n\n\n\n<p class=\"\">Here\u2019s what we cover:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#increased\">1.&nbsp;Increased focus on strategic capital allocation<\/a><\/li>\n\n\n\n<li><a href=\"#more\">2. More stringent balance sheet management<\/a><\/li>\n\n\n\n<li><a href=\"#rising\">3. Rising significance of mergers and acquisitions<\/a><\/li>\n\n\n\n<li><a href=\"#the\">4. The pursuit of balanced growth strategies<\/a><\/li>\n\n\n\n<li><a href=\"#optimisation\">5. The optimisation of business processes<\/a><\/li>\n\n\n\n<li><a href=\"#embracing\">6.&nbsp;Embracing digitalisation and AI-powered automation<\/a><\/li>\n\n\n\n<li><a href=\"#generative\">7.&nbsp;Generative AI: The new frontier in finance?<\/a><\/li>\n\n\n\n<li><a href=\"#continuing\">8. Continuing shift to real-time analytics and data-driven insight<\/a><\/li>\n\n\n\n<li><a href=\"#automated\">9. Automated reporting systems<\/a><\/li>\n\n\n\n<li><a href=\"#strategic\">10.&nbsp;Strategic partnerships and outsourcing<\/a><\/li>\n\n\n\n<li><a href=\"#peers\">11.&nbsp;Strengthening relationships with C-level peers<\/a><\/li>\n\n\n\n<li><a href=\"#an\">12.&nbsp;An increasing role of finance in ESG initiatives\u2014or put on the back burner?<\/a><\/li>\n\n\n\n<li><a href=\"#better\">13.&nbsp;Better people management and hybrid working models<\/a><\/li>\n\n\n\n<li><a href=\"#rethink\">14. Rethink assumptions and be ready for adaptation<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"\"><div class=\"single-cta\">\n\t<a\n\t\tclass=\"button button--primary gate-508780fe-4a12-497b-8b4a-0dc01af57d6c\"\n\t\trole=\"button\"\n\t\tdata-button-location=\"content_area\"\n\t\thref=\"#gate-508780fe-4a12-497b-8b4a-0dc01af57d6c\"\n\t>Download your free copy of Managing modern finance in a time of unprecedented change<\/a>\n<\/div>\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"increased\">1.&nbsp;Increased focus on strategic capital allocation<\/h2>\n\n\n\n<p class=\"\">In 2024, focus on strategic capital allocation. <\/p>\n\n\n\n<p class=\"\">It\u2019s critical in navigating the end of the cheap capital era and a time of heightened economic volatility. <\/p>\n\n\n\n<p class=\"\">Sage CEO Steve Hare underscores the importance of CFOs applying a meticulous and discerning approach to investment decisions.<\/p>\n\n\n\n<p class=\"\">He says: \u201cThe age of free or low-cost money is over. <\/p>\n\n\n\n<p class=\"\">\u201cCapital allocation will come back into fashion as CFOs look at their cost of capital and seek to understand whether a project or line of business is exceeding ROI.\u201d<\/p>\n\n\n\n<p class=\"\">With the era of low-cost capital ending, the decision-making process surrounding investments has become more rigorous. <\/p>\n\n\n\n<p class=\"\">This strategic approach to capital allocation is vital for sustaining growth and profitability in competitive markets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"more\">2. More stringent balance sheet management<\/h2>\n\n\n\n<p class=\"\">Understand every balance sheet line item intimately and prepare solid pro forma statements for future planning. <\/p>\n\n\n\n<p class=\"\">A strong balance sheet is more than just a financial statement; it\u2019s a tool for navigating economic ups and downs.<\/p>\n\n\n\n<p class=\"\">By consistently reviewing financials and identifying issues throughout the month, you can ensure a smoother month-end close process and better prepare for future business needs. <\/p>\n\n\n\n<p class=\"\">Ben Smith, <a href=\"https:\/\/isienvironmental.com\/\">CFO of iSi Environmental<\/a>, says: \u201cThis goes back to understanding what drives the business and how to prepare those reliable forecasts to meet future business needs.&nbsp;<\/p>\n\n\n\n<p class=\"\">\u201cBusiness is going to go through ups and downs. Being prepared by always maintaining a strong balance sheet will be the difference between making it through the downturns.&nbsp;<\/p>\n\n\n\n<p class=\"\">\u201cAlways look to the future and don\u2019t get hung up on looking back at past performance. Be the strategic leader that will help drive the company forward.\u201d<\/p>\n\n\n\n<p class=\"\">Ben advises you to look at the general ledger posting logs and identify issues throughout the month rather than waiting until month-end close: \u201cUse very specific timelines and hold others accountable for meeting deadlines. <\/p>\n\n\n\n<p class=\"\">\u201cWorking throughout the month towards these goals will make the process smoother.<\/p>\n\n\n\n<p class=\"\">\u201cIt\u2019s not just a busy week once a month. We\u2019re continuously working towards month-close all month long.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"rising\">3. Rising significance of mergers and acquisitions<\/h2>\n\n\n\n<p class=\"\">Businesses often turn to mergers and acquisitions (M&amp;A) in economic downturns to drive growth.<\/p>\n\n\n\n<p class=\"\">Companies with sufficient cash reserves or capital funding are well-positioned to acquire struggling or undervalued businesses, offering a pathway to expand market share, diversify offerings, or enter new markets.<\/p>\n\n\n\n<p class=\"\">Buyers, including private equity and corporate strategists, have quickly adapted to the new environment regarding valuation and deal structuring. <\/p>\n\n\n\n<p class=\"\">However, sellers typically take longer to adjust\u2014that valuation mismatch is one of the reasons that M&amp;A was much slower in 2023.<\/p>\n\n\n\n<p class=\"\">Jay Jung, the founder and principal at <a href=\"https:\/\/embarcadvisors.com\/\">Embarc Advisors<\/a>, a strategic consulting firm for startups and small businesses, anticipates a notable increase in M&amp;A activities in 2024. <\/p>\n\n\n\n<p class=\"\">He says: \u201cQ4 has started to pick up, and expect 2024 to be very active in M&amp;A as valuations reset for sellers.<\/p>\n\n\n\n<p class=\"\">\u201cBusiness owners should plan if they are considering an exit so that when the opportunity arises, they can move swiftly with confidence.\u201d<\/p>\n\n\n\n<p class=\"\">Alok Ajmera, CEO of Sage partner <a href=\"https:\/\/www.prophix.com\/\">Prophix<\/a>, agrees that M&amp;A presents attractive growth opportunities for midmarket businesses. <\/p>\n\n\n\n<p class=\"\">He says: \u201cDuring economic downturns, there are two strategies businesses often leverage to drive incremental growth: business optimisation, or merger and acquisition.<\/p>\n\n\n\n<p class=\"\">\u201cIf companies can access cash reserves or capital funding, they can use these resources to acquire struggling or undervalued businesses. This strategy can be especially valuable for mid-sized organisations to expand their market share, diversify their offerings or enter new markets.\u201d<\/p>\n\n\n\n<p class=\"\">CFOs are naturally at the centre of M&amp;A, strategically assessing potential acquisitions and guiding their companies through the complex financial implications.<\/p>\n\n\n\n<p class=\"\">Use data analytics during M&amp;A evaluation processes for a clearer idea of the future. The ability to run predictive models to identify growth opportunities and cost synergies is vital. <\/p>\n\n\n\n<p class=\"\">This analytical approach could allow you to justify investments strategically and avoid costly errors in the M&amp;A process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the\">4. The pursuit of balanced growth strategies<\/h2>\n\n\n\n<p class=\"\">After cautious spending, businesses are gearing up to invest again in 2024.<\/p>\n\n\n\n<p class=\"\">Simone Goodman, CFO of Sage Intacct customer Forecast, says: \u201cBalanced growth with optimisation and profitability is very much back in fashion. <\/p>\n\n\n\n<p class=\"\">\u201cBusinesses who cut selectively over the past year or so are increasingly preparing to invest again.<\/p>\n\n\n\n<p class=\"\">\u201cThis investment strategy, however, should be underscored by a stringent focus on ROI. It\u2019s about building resources synchronised with revenue expansion, ensuring sustainable and profitable growth.\u201d<\/p>\n\n\n\n<p class=\"\">Simone emphasises that challenging market corrections embed resilience and resourcefulness into a company\u2019s culture, which is essential for long-term success.<\/p>\n\n\n\n<p class=\"\">She says: \u201cMarket corrections are painful at the time, but they do build resilience and resourcefulness into the DNA of your teams. <\/p>\n\n\n\n<p class=\"\">\u201cIt\u2019s rewarding when businesses can lean into these qualities to power up their next winning streak.\u201d<\/p>\n\n\n\n<p class=\"\"><div class=\"single-cta\">\n\t<a\n\t\tclass=\"button button--primary gate-508780fe-4a12-497b-8b4a-0dc01af57d6c\"\n\t\trole=\"button\"\n\t\tdata-button-location=\"content_area\"\n\t\thref=\"#gate-508780fe-4a12-497b-8b4a-0dc01af57d6c\"\n\t>Download your free copy of Managing modern finance in a time of unprecedented change<\/a>\n<\/div>\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"optimisation\">5. The optimisation of business processes<\/h2>\n\n\n\n<p class=\"\">With capital being expensive, being able to drive business culture to \u2018do more with less\u2019 will continue to be a cornerstone of the finance agenda.<\/p>\n\n\n\n<p class=\"\">Vineta Bajaj, <a href=\"https:\/\/www.rohlik.group\/\">group CFO of Rohlik Group<\/a>: \u201cMaking finance a profit centre will be integral to the CFO role in 2024. You\u2019ll want to demonstrate the positive profit and loss impact that the finance team brings.\u201d<\/p>\n\n\n\n<p class=\"\">While global economic volatility continues, most businesses have assessed how to navigate challenges as a standard part of their operations. <\/p>\n\n\n\n<p class=\"\">Prophix CEO Alok Ajmera says: \u201cHeading into the beginning of 2023, cash was king; maintaining sufficient cash reserves and managing cash flow was critical to financial stability and seizing growth opportunities.\u201d<\/p>\n\n\n\n<p class=\"\">With the challenges of high interest rates and inflation, Alok now advises CFOs to look at the strategic deployment of cost-effective business optimisation measures, risk mitigation, and contingency planning to identify opportunities for enhancing efficiency and increasing profitability.<\/p>\n\n\n\n<p class=\"\">Alok recommends asking yourself: \u201cHow do we squeeze out the excess fat to maintain profit?<\/p>\n\n\n\n<p class=\"\">\u201cHaving access to innovative technology that supports access to simultaneously model multiple scenarios, assumptions, and variables is essential for these leaders to dig in, draw insights, and make the right decisions for their business.\u201d<\/p>\n\n\n\n<p class=\"\">If spending slows down, businesses must find ways to streamline processes and keep costs lean. Maintaining healthy margins without overburdening customers with price increases is crucial. <\/p>\n\n\n\n<p class=\"\">This approach requires a delicate balance between cost management and consumer value delivery.<\/p>\n\n\n\n<p class=\"\">Gillian Dewar, CFO of <a href=\"https:\/\/www.crediful.com\/\">Crediful<\/a>, adds another dimension to this discussion, highlighting the need to adapt to changing consumer behaviour.<\/p>\n\n\n\n<p class=\"\">She says: \u201cRising interest rates haven\u2019t slowed consumer spending as much as expected, but we\u2019re finally starting to see those slowdowns as people work through their pandemic savings.<\/p>\n\n\n\n<p class=\"\">\u201cSo, a big task for businesses in 2024 isn\u2019t to fight against slowing sales but to find ways to streamline processes and keep business costs lean.<\/p>\n\n\n\n<p class=\"\">\u201cConsumers feel fatigued by increasing prices from all angles, so doing everything to maintain healthy margins without passing more costs onto customers should be top of mind for every brand.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"embracing\">6.&nbsp;Embracing digitalisation and AI-powered automation<\/h2>\n\n\n\n<p class=\"\">Digitalisation and AI-powered automation aren\u2019t just fleeting trends but fundamental changes in how CFOs operate and add value to their organisations, marking the transition from manual, time-intensive processes to automated data-driven workflows.<\/p>\n\n\n\n<p class=\"\">Sage CEO Steve Hare says: \u201cDigitalisation powered by AI will be revolutionary and enable significant automation of business workflows.<\/p>\n\n\n\n<p class=\"\">\u201cThere will also continue to be a focus on data insights. CFOs have a lot of data and will look for more effective ways to gain insights from that data.\u201d<\/p>\n\n\n\n<p class=\"\">Marco Torrente, CFO at <a href=\"https:\/\/www.webbeds.com\/\">WebBeds<\/a>, expects CFOs to look at improving customer experience through AI. <\/p>\n\n\n\n<p class=\"\">He says: \u201cWith chatbots, real-time answering and immediate reconciliation, all consolidation between supplier and customer and payments can become automatic.\u201d<\/p>\n\n\n\n<p class=\"\">Marco suggests that data analysis through machine learning will improve decision-making in cash flow or automatic revenue forecasts: \u201cThese forecasts help the company predict its situation in 6 months or a year\u2014for example, in terms of revenue and profit. <\/p>\n\n\n\n<p class=\"\">\u201cThe company can then act to ensure it meets stakeholder expectations.\u201d<\/p>\n\n\n\n<p class=\"\">Look at digitalisation to free up the brain capacity of staff so they can spend more time analysing data rather than sourcing it, using creative and problem-solving skills.<\/p>\n\n\n\n<p class=\"\">Marco adds: \u201cThis does not have to involve job losses. It is possible to create new, clearly defined employee roles within new structures.\u201d<\/p>\n\n\n\n<p class=\"\">Christoph Ott, CFO of <a href=\"https:\/\/www.dizmo.com\/\">Dizmo<\/a> and <a href=\"https:\/\/www.planisy.com\/\">Planisys<\/a>, supports automation in reporting, allowing his peers to equip themselves and others to answer specific questions more promptly.<\/p>\n\n\n\n<p class=\"\">However, he warns: \u201cWith this comes the responsibility for CFOs to check data-driven outputs and ensure that human intuition supports automation to reach important investment decisions.\u201d<\/p>\n\n\n\n<p class=\"\"><a href=\"https:\/\/yokoy.io\/\">Yokoy<\/a> co-founder and CFO Thomas Inhelder urges companies to be technologically progressive: \u201cDon\u2019t hesitate to invest in emerging technologies like automation, AI, and analytics. <\/p>\n\n\n\n<p class=\"\">\u201cThese tools can significantly amplify the impact of your finance operations.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"generative\">7.&nbsp;Generative AI: The new frontier in finance?<\/h2>\n\n\n\n<p class=\"\">Generative AI is not your everyday tech buzzword. <\/p>\n\n\n\n<p class=\"\">It\u2019s a game-changer that offers deep insights into business data and transforms how it is interpreted and used.<\/p>\n\n\n\n<p class=\"\">Rajat Bahri, CFO at <a href=\"https:\/\/www.icertis.com\/\">Icertis<\/a>, says: \u201cWe are seeing generative AI create new opportunities to use resources more strategically.\u201d <\/p>\n\n\n\n<p class=\"\">This identifies potential revenue streams by surfacing insights into critical business data that may otherwise have gone untapped.<\/p>\n\n\n\n<p class=\"\">Rajat adds: \u201cWith end-to-end visibility into the data they contain, CFOs can minimise revenue leakage, strengthen their supply chains, and combat macro-economic factors like inflation\u2014while bolstering compliance for their organisations.\u201d<\/p>\n\n\n\n<p class=\"\">Alok Ajmera, <a href=\"https:\/\/www.prophix.com\/\">CEO of Sage partner Prophix<\/a>, says few technologies passed through the \u201chype cycle\u201d as quickly as generative AI. It\u2019s time to use generative AI as a critical finance tool.<\/p>\n\n\n\n<p class=\"\">He says: \u201cThe next real opportunity for generative AI in 2024 will be for specialised use cases, where the AI model generates a response based on a specific request and performs complex quantitative analysis of sophisticated data connected to that use case.<\/p>\n\n\n\n<p class=\"\">\u201cThis is where we will see AI adoption surge and transform how finance work is done.\u201d<\/p>\n\n\n\n<p class=\"\">For more on AI, check out this article: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sage.com\/en-ie\/blog\/ai-finance-chatgpt-generative-ai-cfos\/\">AI in finance: What ChatGPT and generative AI means for CFOs <\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"continuing\">8. Continuing shift to real-time analytics and data-driven insight<\/h2>\n\n\n\n<p class=\"\">CFOs have always been at the forefront of leading companies through change and adapting to new technology.<\/p>\n\n\n\n<p class=\"\">Lewis Dangerfield, CFO of Sage Intacct customer Osprey Group, tells Sage Advice: \u201cWith the accelerating emergence of AI, businesses need to understand its potential now and actively look at how they can make best use of it in the medium term to allow our people to maximise their value.\u201d<\/p>\n\n\n\n<p class=\"\">Like the other CEOs and CFOs who contributed to this article, he is excited by the potential of AI and automation to reduce the time spent on repetitive tasks, freeing teams to focus on more strategic, value-adding activities.<\/p>\n\n\n\n<p class=\"\">Lewis says: \u201cIf I look particularly at the finance teams, this will support faster real-time interaction and more capacity [to] partner with delivery teams.\u201d<\/p>\n\n\n\n<p class=\"\">In today\u2019s fast-paced business environment, waiting until month-end to gauge performance is no longer viable. <\/p>\n\n\n\n<p class=\"\">This is where real-time analytics come into play, offering CFOs and other executives such as CEOs, COOs, and department heads the ability to make quicker, more informed decisions.<\/p>\n\n\n\n<p class=\"\">Rohlik Group CFO Vineta Baja says: \u201cInternal stakeholders request information in real time, and they should have it in real time. <\/p>\n\n\n\n<p class=\"\">\u201cTools such as PowerBI, Alteryx, and others should be the bread and butter of finance functions now, and if they\u2019re not, they should be at the top of your agenda.\u201d<\/p>\n\n\n\n<p class=\"\">Vineta says traditional methods such as outsourcing or changing business processes are not as effective anymore because of changes in the global economy. <\/p>\n\n\n\n<p class=\"\">She believes CFOs must think of new ways to solve problems and is another CFO who emphasises the importance of technology and AI.<\/p>\n\n\n\n<p class=\"\">Vineta says: \u201cOften, there is no need to wait until the month end to understand business performance. Real-time data, BI, and data scientists can help move the future of finance from a month-end cycle to an \u2018on demand\u2019 cycle.\u201d<\/p>\n\n\n\n<p class=\"\">Michell Guzelgul, CFO at <a href=\"https:\/\/empeon.com\/\">Empeon<\/a>, believes CFOs must become data experts. <\/p>\n\n\n\n<p class=\"\">He says: \u201cThe sheer volume of data flowing through systems can be overwhelming, but transforming those raw numbers into a comprehensible narrative for stakeholders is paramount.<\/p>\n\n\n\n<p class=\"\">\u201cBinders and Excel no longer cut it. CFOs must constantly improve and expand their technical and analytical skills to thrive in the current business environment.\u201d<\/p>\n\n\n\n<p class=\"\"><div class=\"single-cta\">\n\t<a\n\t\tclass=\"button button--primary gate-508780fe-4a12-497b-8b4a-0dc01af57d6c\"\n\t\trole=\"button\"\n\t\tdata-button-location=\"content_area\"\n\t\thref=\"#gate-508780fe-4a12-497b-8b4a-0dc01af57d6c\"\n\t>Download your free copy of Managing modern finance in a time of unprecedented change<\/a>\n<\/div>\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"automated\">9. Automated reporting systems<\/h2>\n\n\n\n<p class=\"\">Automated reporting systems are increasingly vital. <\/p>\n\n\n\n<p class=\"\">These tools enhance the efficiency of financial operations and redefine your approach to financial analysis and management.<\/p>\n\n\n\n<p class=\"\">Michelle Dekker, <a href=\"https:\/\/thewilliamstanleycfogroup.com\/\">CFO of the William Stanley Group<\/a>, says: \u201cI\u2019ve seen the power of implementing comprehensive and automated reporting systems.<\/p>\n\n\n\n<p class=\"\">\u201cWhen done right, this can speed up the close process significantly, allowing more time in analysing financials for actionable insights, rather than merely compiling them.\u201d<\/p>\n\n\n\n<p class=\"\">Colin Cunningham, CFO for&nbsp;<a href=\"https:\/\/www.onboardmeetings.com\/\">OnBoard<\/a>, a SaaS-based board management and governance solution, says you should avoid manual processes as much as possible and use systems to streamline them.<\/p>\n\n\n\n<p class=\"\">He says: \u201cIt\u2019s no secret, but you must use new tools and processes to automate rather than do manual work.<\/p>\n\n\n\n<p class=\"\">\u201cLeverage new technology and systems where those opportunities make sense. We have over 3,000 customers, so we automate as much of the billing process as possible to shorten that window at the end of the month.\u201d<\/p>\n\n\n\n<p class=\"\">When it comes to the often-daunting tasks of closing month-end books or efficiently managing a profit and loss statement, <a href=\"https:\/\/yokoy.io\/\">Yokoy<\/a> co-founder and CFO Thomas Inhelder only has one word for you: automate.<\/p>\n\n\n\n<p class=\"\">\u201cEmploy tools that help streamline manual processes such as accounting journals,\u201d he recommends. <\/p>\n\n\n\n<p class=\"\">\u201cInvest in technology that eliminates time-consuming tasks for your team, allowing you to concentrate on activities that add value.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"strategic\">10.&nbsp;Strategic partnerships and outsourcing<\/h2>\n\n\n\n<p class=\"\">While cost reduction remains relevant in 2024, cutting-edge technology is pivotal. <\/p>\n\n\n\n<p class=\"\">Strategic partnerships with experts allow your business to access these resources without requiring extensive in-house recruitment.<\/p>\n\n\n\n<p class=\"\">If you\u2019re considering outsourcing, use a balanced approach between managing costs and accessing innovative solutions. <\/p>\n\n\n\n<p class=\"\">Consider forging agile partnerships beyond cost considerations, departing from traditional outsourcing motivations focused on cost reduction and operational efficiency.<\/p>\n\n\n\n<p class=\"\">Andrew Collis, CFO at <a href=\"https:\/\/www.moneypenny.com\/us\/\">Moneypenny<\/a>, tells Sage Advice: \u201cOutsourcing non-core functions has become increasingly prevalent in businesses, and this trend is poised to strengthen in 2024.<\/p>\n\n\n\n<p class=\"\">\u201cIn the past, the driving forces behind this surge were to reduce expenses and enhance operational efficiency. <\/p>\n\n\n\n<p class=\"\">\u201cHowever, disruptive outsourcing is now about collaborating with partners to integrate services that organisations cannot rapidly develop independently.<\/p>\n\n\n\n<p class=\"\">\u201cThis approach aims to drive innovation, fuel transformation, and propel growth.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"peers\">11.&nbsp;Strengthening relationships with C-level peers<\/h2>\n\n\n\n<p class=\"\">You may see CFOs evolving into integrators that build bridges between departments for better business outcomes.<\/p>\n\n\n\n<p class=\"\">Dizmo and Planisys CFO Christoph Ott says: \u201cEncouraging cross-department collaboration will significantly benefit you, especially in a defensive economic climate.<\/p>\n\n\n\n<p class=\"\">\u201cThe CFO\u2019s role in deciding where to prioritise investments and where to make cutbacks requires close collaboration with the CEO and a strong rapport with leaders across the organisation.\u201d<\/p>\n\n\n\n<p class=\"\">He recommends expanding your traditional CEO-CFO partnership to include closer ties with other C-level peers. <\/p>\n\n\n\n<p class=\"\">Working with other leaders, you can ensure that financial strategies are well-aligned with broader business goals and operations.<\/p>\n\n\n\n<p class=\"\">This collaborative approach provides deeper insights into various aspects of business operations, from marketing strategies to cybersecurity, enhancing overall financial and operational performance.<\/p>\n\n\n\n<p class=\"\">On this collaborative necessity, Prophix CEO Alok Ajmera says: \u201cThe CEO-CFO partnership has traditionally been strong, but expect closer collaboration in the year ahead between the CFO and other C-suite peers, including the CISO, CMO, and CHRO.\u201d<\/p>\n\n\n\n<p class=\"\">Collaborating with leaders of other business-critical areas will give you greater insight into what\u2019s driving overall performance\u2014and where there\u2019s room for improvement.<\/p>\n\n\n\n<p class=\"\">\u201cFor example, by collaborating with the CMO, a CFO can better understand marketing spend, conversion rates, and yield to determine where new measures could be implemented for increased efficiency.\u201d<\/p>\n\n\n\n<p class=\"\">Amy Spurling, CEO of<a href=\"https:\/\/www.compt.io\/\"> Compt<\/a> and a former CFO, underlines the importance of building strong partnerships with HR.<\/p>\n\n\n\n<p class=\"\">She advises CFOs to collaborate with HR departments early and often, recognising that HR holds valuable insights into productivity and retention challenges.<\/p>\n\n\n\n<p class=\"\">By aligning financial and people strategies, you can drive more efficient resource allocation and support the business in a capital-efficient manner.<\/p>\n\n\n\n<p class=\"\">Amy says: \u201cHR has incredible insight into your organisation\u2019s inner workings\u2014which teams are the most productive, where you struggle to retain people, etc.<\/p>\n\n\n\n<p class=\"\">\u201cThe biggest expense is frequently team costs, so by partnering with HR and working together, you can find better ways to support the team in a capital-efficient way. <\/p>\n\n\n\n<p class=\"\">\u201cThis partnership can be a superpower.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"an\">12.&nbsp;An increasing role of finance in ESG initiatives\u2014or put on the back burner?<\/h2>\n\n\n\n<p class=\"\">With new regulations and reporting directives, CFOs will be at the forefront of ensuring compliance and accuracy in environmental, social and governance (ESG) reporting.<\/p>\n\n\n\n<p class=\"\">This involves tracking and monitoring key sustainability performance indicators and data to meet business targets and regulatory requirements. <\/p>\n\n\n\n<p class=\"\">As ESG becomes more integral to business strategies, you may be crucial in steering these initiatives.<\/p>\n\n\n\n<p class=\"\">Rohlik Group CFO Vineta Bajaj says: \u201cWith many regulations and reporting directives in the EU {European Union] on ESG around the corner, the accuracy, tracking, and monitoring of key KPIs and data to ensure that the business targets are met was, is and will continue to be a key focus for the finance agenda and CFOs.\u201d<\/p>\n\n\n\n<p class=\"\">But Prophix CEO Alok Ajmera predicts: \u201cWe can expect North American businesses to increasingly deprioritise their ESG initiatives as they turn their attention to more \u2018urgent\u2019 matters like optimising their operations and driving profitability.<\/p>\n\n\n\n<p class=\"\">\u201cWhile some North American businesses in industries like consumer goods may still lean into ESG activities to reflect voice-of-the-customer feedback, other industry leaders will direct their urgency first and foremost toward ensuring the durability of their business, placing ESG on the back burner.\u201d<\/p>\n\n\n\n<p class=\"\"><div class=\"single-cta\">\n\t<a\n\t\tclass=\"button button--primary gate-508780fe-4a12-497b-8b4a-0dc01af57d6c\"\n\t\trole=\"button\"\n\t\tdata-button-location=\"content_area\"\n\t\thref=\"#gate-508780fe-4a12-497b-8b4a-0dc01af57d6c\"\n\t>Download your free copy of Managing modern finance in a time of unprecedented change<\/a>\n<\/div>\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"better\">13.&nbsp;Better people management and hybrid working models<\/h2>\n\n\n\n<p class=\"\">CFOs can get involved in the better management and training of people. <\/p>\n\n\n\n<p class=\"\">Christoph Ott says: \u201cDespite economic challenges, the persistent shortage of well-trained and highly motivated individuals calls for CFOs to continue improving their leadership skills.\u201d<\/p>\n\n\n\n<p class=\"\">So, fostering an environment where employees are motivated to upskill and grow becomes paramount. <\/p>\n\n\n\n<p class=\"\">Christoph adds: \u201cOperating in a proactive \u2018driving mode\u2019 instead of a reactive \u2018survival mode\u2019 will be key, signalling to the finance department that change is an opportunity for evolutionary growth.\u201d<\/p>\n\n\n\n<p class=\"\">On reactiveness, Osprey Group CFO Lewis Dangerfield highlights the importance of adapting to hybrid working models.<\/p>\n\n\n\n<p class=\"\">Lewis says: \u201c2023 was the year we started to settle into a new normality of hybrid working, which created some tensions within organisations as they grappled to understand what this meant for collaborative working, costs, and efficiency.<\/p>\n\n\n\n<p class=\"\">\u201cI think 2024 will be a period where CFOs need to support businesses to embed an approach that fits the organisation\u2019s needs and the workforce\u2019s expectations. <\/p>\n\n\n\n<p class=\"\">\u201cStrong change management is needed to take some more resistant business leaders on the journey.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"rethink\">14. Rethink assumptions and be ready for adaptation<\/h2>\n\n\n\n<p class=\"\">With the pandemic and subsequent global events, CFOs must question long-held beliefs. <\/p>\n\n\n\n<p class=\"\">This extends from reassessing work environments and technological adoption to personal decisions about lifestyle and values.<\/p>\n\n\n\n<p class=\"\">CFO Eugene Moorcroft of <a href=\"https:\/\/servicon.com\/\">Servicon<\/a> says: \u201cIf we\u2019ve learned anything recently, our assumptions about the world need constant re-evaluation. <\/p>\n\n\n\n<p class=\"\">\u201cYou must be ready to adapt, not just in your personal life but in every business decision you make.\u201d<\/p>\n\n\n\n<p class=\"\">Think about:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Workplace evolution:<\/strong> The traditional office gives way to flexible, results-oriented work settings.<\/li>\n\n\n\n<li><strong>Technological integration:<\/strong> AI and automation are becoming essential in the modern workplace.<\/li>\n\n\n\n<li><strong>Career mobility:<\/strong> People increasingly seek roles that align with their evolving values and aspirations.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Affordability, sustainability, and societal perceptions reshape major life decisions and affect customers\u2019 lives. <\/p>\n\n\n\n<p class=\"\">Eugene notes: \u201cThe uncertainty of our times has shortened decision-making timeframes, encouraging a bolder approach to life and business choices.\u201d<\/p>\n\n\n\n<p class=\"\">In this changing landscape, Eugene suggests CFOs ask themselves: \u201cHow have customer needs evolved? Are there shifts in expectations that need addressing? <\/p>\n\n\n\n<p class=\"\">\u201cDoes your brand still connect with your audience?<\/p>\n\n\n\n<p class=\"\">\u201cLook at your business with fresh eyes and question the status quo. Does what you know about your business still hold ground, or has the world moved under your feet? <\/p>\n\n\n\n<p class=\"\">\u201cStart by rethinking assumptions.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"final\">Final thoughts: Embrace the future with resilience and vision<\/h2>\n\n\n\n<p class=\"\">CFOs are the unsung heroes, adeptly managing an ever-expanding array of responsibilities\u2014a trend set to continue. <\/p>\n\n\n\n<p class=\"\">Though this is certainly challenging, it presents a unique opportunity to reshape the narrative of finance leadership.<\/p>\n\n\n\n<p class=\"\">You can be the strategic architect, weaving the fabric of resilience and adaptability into the very core of your business, bringing a human touch in a digitalised world\u2014empathy and insight to every decision.<\/p>\n\n\n\n<p class=\"\">You can become whatever you want\u2014a harbinger of change, a champion of sustainability\u2014the bridge between the present and a dynamic, hopeful future.<\/p>\n\n\n\n<p class=\"\">In your capable hands, your business doesn\u2019t just have to survive. You can help it thrive, innovate, and set new benchmarks for what it means to be truly transformative.<\/p>\n \n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Managing modern finance in a time of unprecedented change<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p class=\"\">Discover how taking the right steps to modernise accounting management systems will help your business gain insights that will lead to improved productivity and reduced costs, and prepare you for rapid growth.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-508780fe-4a12-497b-8b4a-0dc01af57d6c\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Download your free report<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2022\/04\/GettyImages-1325244864-1440x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2022\/04\/GettyImages-1325244864-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Join 1.5 million subscribers and get the best business admin strategies and tactics, as well as actionable advice to help your company thrive, in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-53abbdcc-410c-4c8c-bf97-ca5c6982eebd\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"999\" height=\"666\" src=\"https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2021\/04\/z.5E3A0481_All-Uses.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2021\/04\/z.5E3A0481_All-Uses.jpg 999w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>From the pursuit of business growth strategies to generative AI, CFOs and CEOs share trends for finance professionals to be aware of in 2024.<\/p>\n","protected":false},"author":356,"featured_media":14375,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[166,167],"tags":[102,317,107],"business_type":[4],"lilypad":[],"context":[],"industry":[],"persona":[211,249],"imagine_tag":[212],"coauthors":[412],"class_list":["post-14895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology-innovation","category-trends-insights","tag-ai","tag-automation","tag-business-finances","business_type-medium-sized-business"],"sage_meta":{"region":"en-ie","author_name":"Asavin Wattanajantra","featured_image":"https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2023\/09\/GettyImages-1459190037.jpg","imagine_tags":{"212":"Mid-sized business"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice Ireland","distributor_original_site_url":"https:\/\/www.sage.com\/en-ie\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/posts\/14895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/users\/356"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/comments?post=14895"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/posts\/14895\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/media\/14375"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/media?parent=14895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/categories?post=14895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/tags?post=14895"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/business_type?post=14895"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/lilypad?post=14895"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/context?post=14895"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/industry?post=14895"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/persona?post=14895"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/imagine_tag?post=14895"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/coauthors?post=14895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}