Survey: 72% of CFOs Experienced Above-Average Turnover in the Past Two Years, Outdated Manual Processes and Technology Cited as Main Causes
According to the report "How CFOs Navigate Change" released by Tesorio and Tipalti, 72% of CFOs experienced above-average turnover in the past two years, with outdated manual processes and technology being the top pain point for new employees (54%). Although CFOs have enhanced the resilience of finance functions through digital payments, improved reporting, and automated workflows, investments in AR and AP automation remain insufficient.
San Francisco and San Mateo (California) —Tesorio and Tipalti jointly released a new report, "How CFOs Are Navigating Change," based on a survey of 160 global CFOs, exploring how to make finance operations more "future-ready." The survey was conducted by CFO Dive, with respondents from companies with annual revenue under $1 billion.
The research shows that 72% of CFOs experienced above-average employee turnover in the past two years, and outdated manual processes and technology are the top pain points for new hires (54%). To address this challenge, CFOs have taken various measures: 46% of respondents said they have digitized payments, 45% improved reporting and real-time data capabilities, and 42% automated manual workflows. However, there is still significant room for technology adoption: only 25% of CFOs said their organizations invested in accounts receivable (AR) automation, and only 29% invested in accounts payable (AP) automation.
Carlos Vega, CEO and co-founder of Tesorio, said: "Delaying investment in AR and AP automation causes companies to miss low-hanging opportunities to reduce manual labor for employees, institutionalize knowledge of customer/supplier relationships, and leverage data to optimize cash flow performance. These investment outcomes address employee pain points, improve retention rates, reduce business continuity risks from turnover, and support sustainable growth."
The report also found that CFOs have a clear understanding of the impact of AR and AP automation: 40% of CFOs listed accounting (AP and AR) as one of the core finance functions that would benefit most from advanced technology; 45% of CFOs believe that building a culture of cash flow excellence should be a top priority in the next 6 to 12 months.
Sarah Spoja, CFO of Tipalti, noted: "To achieve cash flow excellence, updating organizational technology and embracing automation is a key step, as real-time cash flow visibility helps companies make better, faster decisions. We believe the insights in this report will help more organizations adopt relevant solutions to address challenges and support future growth, business resilience, and talent retention."
The full report is available at:How CFOs Are Navigating Change
About Tesorio
Tesorio is revolutionizing accounts receivable management for mid-market companies. Its A/R cash flow performance platform converts revenue into immediate cash, helping businesses accelerate collections and prioritize payments. In times of rising inflation and interest rates, improving cash performance is critical. Tesorio is trusted by finance teams at companies such as Slack, Box, Veeva Systems, Twilio, and Domo. The company has raised $37.6 million in total funding from investors including BAMCAP, First Round Capital, Floodgate, Madrona Venture Group, and Y Combinator. For more information, visithttps://www.tesorio.com。
About Tipalti
Tipalti, derived from Hebrew, means "we handled it." Tipalti is the only company that handles both accounts payable and global partner payment workflows, covering the entire finance operations cycle: managing global suppliers, implementing procurement controls, streamlining invoice processing and approvals, executing global payments, and reconciling multi-subsidiary financial data. Tipalti enables high-growth companies to scale quickly, strategizing accounts payable through operational, compliance, and financial controls. Companies can securely pay thousands of partners and suppliers in 196 countries within minutes. Thousands of companies, such as Amazon Twitch, Roblox, GoDaddy, Roku, Wordpress.com, and ZipRecruiter, use Tipalti to reduce operational workload by 80%, accelerate financial close by 25%, while strengthening financial controls and spend visibility. For more information, visittipalti.com。
