Stay ahead of the curve with insights from BILL’s 2025 Finance Leader Outlook.
In September 2024, we surveyed 354 finance decision makers from small to medium-sized businesses on AI technology, hiring trends, cybersecurity, fraud, and more.
Start the year strong and finish even stronger with these top 9 key learnings you should know.
1. Leaders are keeping a close eye on cash flow
As the economy changes, 6 in 10 financial leaders say that managing cash flow is a top priority in 2025, followed by implementing financial planning, analysis, and leveraging reporting to make informed business decisions.
What are the trending areas of investments given the concern with the economy? Leaders say they want to focus on increasing investments in AI, staffing, risk management, and cybersecurity.
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2. New tech is having a huge impact on operations
3 in 5 financial leaders expect new technology—especially AI, automation, and digital payment processing solutions—to have the greatest impact on the financial operations industry in the next 3 years.
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They’re investing in these new tools aimed at providing better business insights through reporting and analysis. Leveraging all new analytics will serve as a blueprint for what comes next for their business.
3. The push to automate systems continues
More than 3 in 5 say automation will improve their accuracy, provide real-time analytics, and accelerate their month-end close. This will save time and improve efficiency throughout–a clear win for companies looking to streamline their processes and gain crucial insights for their business through uncertain economic times.
4. Opinions vary on when automation will be adopted
Even though leaders agree automation is the way to go, nearly half of leaders admit that procurement, financial planning, and budgeting processes at their businesses aren’t automated at all.
Why the disconnect? Financial departments continue to evolve. There’s adoption of AI tools, but progress varies by company. Making AI easier to implement is a continued goal for those looking to replace manual processes, albeit not a fast one to reach.
In fact, only 4% report they've ditched paper trails and spreadsheets and are fully automated.
5. Cybersecurity breaches are uncommon—but still a concern
While most financial leaders haven’t had a security breach in their financial operations, security and fraud are still top of mind. In fact, almost half of leaders say payment fraud is a growing concern. Only 29% of finance leaders indicated that they are very confident in their organization’s protection from payments fraud. Additionally however, while half also say their company is in the mature or intermediate stages of addressing cybersecurity threats.
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How companies are addressing their concerns varies depending on the size of the company. Those businesses with over 201 employees are most likely to rank their financial operations in the mature stage of cybersecurity readiness, while those at companies with fewer than 10 employees are most likely to say they aren’t addressing cybersecurity threats at all—despite the risks.
Common forms of defense against fraud are a variety of software tools—specifically malware, virus protection, and digital payments tracking. Close to 3 in 4 finance leaders also work with a cybersecurity expert, often an independent vendor outside the company.
What about those who have already experienced a breach? Only 1 in 5 had experienced a breach in the past year and reported that phishing, ransomware, or malware were the most common forms of cybersecurity breaches. Those who have experienced a cybersecurity breach are also much more likely to report having a full-time cybersecurity expert employed at their company versus an independent contractor.
6. Many look to grow their teams but foresee some challenges
Growing a team will look a little different in 2025.
Here’s the breakdown:
- 2 in 5 leaders are planning to expand their teams
- Most are looking to staff for junior-level talent
- About half want mid-level managers
- 2 in 3 leaders have encountered staffing obstacles
While most say the biggest obstacle is the availability of talent, attracting and retaining talent comes in a close second. Salary, of course, plays a role across the board when attracting top talent, but younger staff (under 30) also need to be offered more development opportunities in addition to a competitive salary.
7. Outsourcing talent is essential for some leaders building their team
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To meet all the staffing demands, financial leaders are relying on outsourcing some work to an accounting firm. In fact, 3 in 4 surveyed said they’d be open to or are already working with an accounting firm. Among those finance leaders, half would outsource most or all of their accounting workload to the accounting firm, suggesting a desire to take this work off their main team’s plate.
8. Digital payment solutions are making an impact
Implementing new technologies would help alleviate the stress of financial operations by aiding in streamlining workflows. Technological advancements like digital payment solutions can improve financial operations rapidly, making it easier to have teams focus on important projects rather than processes.
9. The future of financial operations is bright
According to SMB financial leaders, there are many trends to look forward to in the future. Over the next three years, you can expect to see a plethora of financial industry changes fueled by technology. Moreover, operational shifts are going to be at the forefront of those changes.
Services like BILL will help lead the charge on automating operations. In fact, BILL already supports hundreds of thousands of SMBs and their accountant partners– by removing operational obstacles, easing processes, and helping them make better business decisions.
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From paying bills to sending invoices, managing expenses, and giving insights into the books, BILL’s integrated financial operations platform gives SMBs greater control and visibility into more of their cash flow. As of the end of fiscal year 2024, more than 470,000 businesses use BILL as their central hub of financial operations.
Make it easier for you and your team to crush the new year by leveraging BILL, the financial operation that financial leaders love.
Want to learn more about our survey? Download the BILL 2025 Finance Leader Outlook.
