2024 Year in Review: CFO Survey Insights + Predictions for 2025

2024 was defined by dynamism and the call for business leaders to respond to an evolving financial landscape. Looking ahead, 2025 will bring new challenges and opportunities for which to prepare. Rick Stefanone, Senior Director of Sales at Consero Global, and Chad Denton, CFO at findhelp (an investor-backed social services software company), joined to review key findings from Consero’s 2024 CFO survey and share their insights about the future of finance leadership.

Consero’s survey compiled insights from 102 investor-backed CFOs on the key trends, challenges, and strategies for success needed to meet challenges in staffing shortages, technology integration, and increasing investor demands for accurate reporting.

Top CFO Challenges

The survey found that CFOs are grappling with similar challenges across the board, from ensuring timely reporting to improving process consistency.

Takeaways:

• Timely Financial Reporting: Maintaining accurate and timely reports remains critical.
• Process Definition: Clearly defined processes are necessary for operational success but don’t always add direct value to investors.
• Build vs. Outsource Decisions: Many CFOs struggle with whether to build internal capabilities or outsource critical finance functions.

How Outsourcing Finance and Accounting Helps

The survey data clearly demonstrated the benefits CFO’s found in partnering with third-party providers to solve F&A challenges. Chad highlighted?how outsourcing with Consero enabled his team to focus on high-level strategic goals while maintaining operational excellence.

Key Benefits

• Outsourcing allows CFOs to focus on strategy by removing routine tasks like financial closes and reporting.
• Smaller internal teams can be more strategic when supported by outsourced providers.
• More efficient monthly closing processes.
• Access to advanced technology and automation without internal implementation burden.
• Reduced headcount management challenges.
• Enhanced reporting quality for board meetings and investors.

The Role of AI and Technology Adoption

AI is transforming the finance sector, with the survey finding that most CFOs planning to implement AI solutions. However, most CFOs surveyed indicated a gap in understanding of the technology.

Consero is leading the charge by integrating AI into our offerings, delivering exceptional time-to-value and risk mitigation.

Key Insights

• Common Barriers: 58% of CFOs reported limited understanding of AI.
• AI Opportunities: Repetitive tasks are ripe for automation, freeing up teams for higher-value work.
• Partnering for Success: Outsourced providers handle AI implementation, allowing businesses to focus on strategic applications of the technology.

Mergers & Acquisitions (M&A) Trends and Predictions

M&A activity remains complex, but CFOs are finding ways to navigate these challenges.

Lessons from M&A

• Successful M&A strategies include focusing on “acqui-hires” (integrating talent from acquired companies) to strengthen talent pools and product offerings.
• Rising emphasis on strategic fit over pure financial metrics.
• Increased value in having experienced partners during M&A processes.

Future Outlook

2025 is expected to bring stronger M&A activity, with investors focusing on efficiency and strategic alignment during due diligence.

Staffing and Talent Shortages

Accounting talent shortages remain a pressing issue, with 83% of CFOs citing this as a concern in 2024.

Outsourcing as a Solution

Chad noted that findhelp managed to double its revenue with minimal internal hiring, thanks to Consero’s support.

A few key areas where an outsourcing partner offers invaluable support for talent acquisition:

• Outsourcing alleviates the burden of hiring and retaining accounting staff.
• CFOs can focus on recruiting strategic finance talent while outsourcing transactional roles.

Predictions for 2025

Rick and Chad shared their outlook and predictions for what we’ll see in 2025. In addition to greater focus on FP&A reporting by investment management companies and their portcos, and an expected increase in M&A activity, Rick and Chad predicted several emerging trends.

Increased Use of Technology

CFOs will continue investing in technology to reduce costs and enhance efficiency, but measuring ROI will remain a challenge.

Recommendations for CFOs

• Clearly define problems before investing in new technology.
• Focus on process optimization to maximize the ROI of tech investments.
• Collaborate across teams to identify internal opportunities for innovation.

Evolving Role of CFOs

The CFO role will increasingly involve aligning financial plans with organizational strategy and driving company-wide initiatives.

Most In-Demand Skills for CFOs

• Strategic alignment: Ensure teams understand how their work ties to broader goals.
• Relationship building: Foster trust with boards, investors, and internal teams.
• Technology fluency: Leverage AI and advanced tools to drive insights and efficiencies.

The results from the survey and our guests’ experiences underscore the importance of people, process, and technology for CFOs to navigate today’s financial challenges. CFOs must balance strategic work with operational excellence, maintain strong relationships with boards and investors, and keep clear alignment between financial planning and the company’s mission.

CFOs can position themselves and their organizations for long-term success by leveraging an outsourcing partner like Consero. We can provide an AI-powered best-in-breed finance tech stack, expert financial talent, and a proven playbook to give CFOs time to focus on what matters most.

For more insights, contact Consero for solutions tailored to meet your precise finance and accounting needs.