2023 was a transformative year for finance and accounting functions. And as we wade deeper into 2024, there are a lot of pie-in-the-sky predictions about what’s next.
While new technologies like generative AI (GenAI) are on everyone’s radar, for example, how much stock should finance leaders invest in chatter about leapfrog innovation destined to drastically reinvent the roles of finance teams soon?
Fears of an imminent recession may be fading. But financial planning is still moving forward with caution as the complexity of business and regulatory environments increases, macroeconomic uncertainty persists, geopolitical risk increases, and the potential for abrupt public policy shifts looms.
At Auxis, we are focused on helping CFOs cut through the noise to understand the trends that will really move the needle in 2024. Our “Finance Transformation Trends: Why Hybrid & Nearshoring Are The New Normal” report unlocks what finance leaders need to know to steer their business successfully in today’s evolving landscape – whatever the new year may hold.
5 finance and accounting trends CFOs need to know in 2024
Download our “Finance Transformation Trends: Why Hybrid & Nearshoring Are The New Normal” report and learn what’s impacting finance and accounting teams the most this year, including:
F&A labor shortages rage on – creating an urgent need for new talent sources
Finding and keeping the right talent at the right price remains out of reach for finance leaders in the U.S. – and in 2024, CFOs are shifting their efforts toward finding new, cost-effective talent pipelines of finance and accounting professionals.
- More than half of financial-related jobs are unfilled — the highest of any industry, according to a 2023 U.S. Chamber of Commerce analysis. Unfortunately, that’s translating to financial reporting issues – and high turnover as short-staffed teams burn out.
- The dwindling accounting pipeline is a serious concern. But CFOs’ operational headaches run deeper, with F&A unemployment levels historically low across the board.
Learn 2024 predictions for the U.S. finance and accounting labor market – and new strategies for accessing a deep pool of high-quality financial expertise – by downloading our “Finance Transformation Trends: Why Hybrid & Nearshoring Are The New Normal” report.
CFOs shift toward hybrid operating models to solve their operational challenges
Demand for finance and accounting outsourcing (FAO) is on the rise, as cost pressures combine with an urgent need to tap into a new F&A talent pipeline and accelerate digital transformation. But what finance and accounting departments need from FAO providers is changing.
- Labor shortages, macroeconomic conditions, transformative digital technology, and comfort levels with a remote workforce are prompting CFOs to perform fundamental reviews of business operating models.
- CFOs also require outsourcers who can lower the barriers to finance transformation.
Learn more about the hybrid operating model that’s becoming the “new normal” for finance departments – and key benefits it delivers – by downloading our “Finance Transformation Trends: Why Hybrid & Nearshoring Are The New Normal” report.
The digital finance era dawns: what does that mean for finance functions?
As CFOs evaluate costs, technology like automation and data analytics are priority investments – allowing finance operations to optimize expenses and performance without jeopardizing profitable growth. But digital tools ranging from cloud-based accounting software to automation of repetitive accounting tasks are evolving quickly – and many CFOs are struggling to cut through the hype and determine the right fit for their organization.
- Interest in GenAI is high, but CFOs’ adoption is lagging behind other business departments as they try to understand specific benefits and potential concerns like data security.
- Eighty-eight percent of CFOs say they struggle to capture value from their technology investments (PwC “What’s Important to CFOs in 2024?”).
What’s the best way for finance leaders to move forward?
Uncover what the digital finance era means for the finance function in 2024 – and how to pave a path to digital success – by downloading our “Finance Transformation Trends: Why Hybrid & Nearshoring Are The New Normal” report.
Increasing process efficiency and performance are top CFO priorities
A common thread weaves through CFO’s top priorities in 2024: increasing process efficiency and performance.
- In today’s macroeconomic climate, finance leaders face intense pressure to boost productivity while streamlining operations and reducing costs.
- Most finance organizations lack the time or expertise to identify gaps and implement finance and accounting technology and best practices that can help them achieve break-through performance faster and more cost-effectively.
What’s the next step?
Learn top CFO priorities for improving efficiency and performance in the finance department in 2024 – and strategies for implementing these priorities effectively – by downloading our “Finance Transformation Trends: Why Hybrid & Nearshoring Are The New Normal” report.
Top LATAM locations become the strategic FAO destination of choice
As FAO service demand expands from well-understood, standard capabilities toward more complex, core finance functions, a growing number of finance leaders are rethinking outsourcing solutions at the other end of the world.
- The bottom-of-the-barrel pricing and overnight shifts needed to align with U.S. business hours in offshore locations like India and the Philippines leaves many providers struggling to attract higher-level resources who can support judgment-intensive activities.
- Asian-based solutions also bring quality concerns stemming from cultural and language barriers, the arms-length relationship necessitated by faraway time zones, and high turnover that impacts performance consistency.
But why has the nearshore FAO market in Latin America emerged as the strategic destination of choice for CFOs?
Learn what’s driving surging interest from North American CFOs in nearshore outsourcing – and the top Latin American markets that offer sustainable pipelines of high-quality finance professionals – by downloading our “Finance Transformation Trends: Why Hybrid & Nearshoring Are The New Normal” report.
Download our finance and accounting trends report!
Learn everything you need to know about F&A market trends with our 2024 Finance Transformation Trends report. With a unique perspective honed by more than a quarter-century of finance transformation experience and a leadership team comprised of finance and accounting industry veterans, knowledgeable advisors, and finance shared services operators who actively practice what we preach, we separate buzz from reality so you can focus on what matters most in the new year – and beyond.
Our report also details the solutions that forward-looking finance organizations are implementing to react to today’s changing landscape and navigate a successful path forward.
Download our “Finance Transformation Trends: Why Hybrid & Nearshoring Are The New Normal” report to discover:
- F&A salary trends
- The reality of U.S. finance and accounting labor shortages
- Top CFO priorities in 2024
- What CFOs can really expect from GenAI this year
- Reasons digital transformation initiatives fall apart
- How to plan for a digital future
- The new operating model CFOs are implementing to solve operational challenges
- Why CFOs are rethinking Asian-based outsourcing models
- The rise of Latin America as the strategic finance outsourcing destination of choice
Want to learn more about the benefits of nearshore finance and accounting outsourcing for navigating today’s fast-changing business environment? Schedule a consultation with our finance and accounting team today! Or, download a complimentary copy of Everest Group’s PEAK Matrix® for Finance & Accounting Outsourcing (FAO) Services 2023 Assessment to learn why Auxis was recognized as a Major Contender and Nearshore Leader. You can also visit our resource center for finance and accounting outsourcing tips, strategies, and success stories.
