New report finds only 5% of Australian CFOs achieve high levels of financial automation
A newly released report by The Australian CFO Community, conducted in partnership with YouGov and sponsored by Weel, reveals that despite a growing emphasis on digital transformation among finance leaders, Australian CFOs face significant hurdles in adopting advanced financial tools, especially within small to mid-sized businesses.
The FY25 Australian CFO Report, based on a survey of 201 CFOs and finance professionals, provides a comprehensive look into the challenges, opportunities, and emerging trends shaping financial leadership in Australia. Key findings show that while digital transformation is a high priority, gaps in automation and technology adoption persist, affecting operational efficiency and risk management across sectors.
A striking insight from the report is that only 5% of CFOs rate their level of automation as “very high,” reflecting the considerable challenges CFOs encounter in implementing essential financial technologies. Other critical findings include:
Less than 60% of CFOs are using key technologies like spend management (58%) and reporting tools (57%).
- Operational inefficiencies rank among the top three concerns for nearly 65% of CFOs.
- 93% of CFOs identify visibility issues as a major concern in managing company spend.
- Over 40% of businesses continue to rely on spreadsheets to manage spending.
These insights highlight a growing need for Australian businesses to adopt technology solutions that can streamline operations, improve visibility, and reduce oversight risks. As financial leaders strive to align finance functions with broader business strategies, the absence of digital tools presents a significant barrier to progress.
Damon Hauenstein, CFO and COO of Weel, Australia’s leading spend management platform, commented on the findings, stating, “CFOs are at a critical juncture. The data from this report illustrates that digital transformation has evolved from a ‘nice to have’ to a necessity. Businesses that fail to adopt these technologies risk missing out on opportunities to drive efficiency, mitigate risks, and create strategic value.”
Survey Methodology
The FY25 Australian CFO Report is based on responses from 201 CFOs and finance professionals in Australia. Data was collected online by YouGov on behalf of The Australian CFO Community between July 24 and September 2, 2024.
The full report, which provides further insights on how CFOs are managing emerging risks, controlling spend, and leveraging technology to enhance business operations, is available for download here.
