insightsoftware’s 2024 Finance Team Trends Report: Key Takeaways
insightsoftware has released its 2024 Finance Team Trends Report, a grounded look at how finance work is changing day to day. It zeros in on the big pressures you’re likely feeling: making sense of artificial intelligence (AI), closing widening skill gaps, and stitching together data from more places than ever as regulations tighten.
What the Survey Shows
More than 500 finance professionals shared how their teams operate, and a clear pattern emerged: tool sprawl is the norm. Some 93% of teams run multiple software tools, and 94% mix products from different vendors. That patchwork has a cost. For 98% of these teams, it creates data integration headaches that slow work and chip away at efficiency.
Data Management: The Core Pain Point
Data is the thread through it all—and it’s fraying. A striking 82% of finance teams say poor integration across sources, especially with enterprise resource planning (ERP) systems, is a primary blocker. The downstream impact is familiar: financial reporting gets harder to trust, forecasts wobble, and compliance takes longer. Reporting is also getting more complex. Environmental, Social, and Governance (ESG) requirements are moving into scope for many, and 98% of respondents say they’re running into challenges weaving ESG into their reporting flow.
Finance Skill Shortages Are Worsening
The report also flags a steep rise in skill gaps. Organizations reporting skills challenges jumped from 41% to 92%. That leap tracks with the pace of technology reshaping finance roles—demanding new, less familiar skill sets. At the same time, fewer finance and accounting graduates are entering the pipeline, leaving employers with more open roles in a growing function and fewer qualified candidates to fill them.
How Technology Is Reshaping Finance Operations
Technology isn’t a cure-all, but it’s central to any path forward. Josh Schauer, Senior Vice President of Finance at insightsoftware, underscores the need to regain control of data with integrated solutions. Running finance on disconnected systems simply doesn’t hold up. The move, he notes, is toward platforms that pull data into a unified view so teams can produce tailored insights quickly and reliably.
Automation, Time Saved, and Where Teams Get Stuck
Manual rework is still consuming hours. About 75% of finance teams spend at least five to six hours each week rebuilding reports—time that adds up to roughly 300 hours a year on tasks that should be automated. When it comes to cloud adoption, security and cost always matter, but the report points to skills gaps within IT and persistent integration issues as the dominant barriers slowing progress.
Looking Ahead
The 2024 Finance Team Trends Report makes the call clear: finance teams need to adapt to a shifting mix of technology, data complexity, and a tight labor market. Organizations that consolidate systems, strengthen integration, and automate routine work can improve accuracy and speed—freeing finance to spend more time on judgment, not just data wrangling.
Frequently Asked Questions
What does insightsoftware’s 2024 report focus on?
It centers on three intertwined challenges for finance teams: data integration struggles, widening skill shortages, and how AI and other technologies are reshaping day-to-day work.
How many professionals took part, and from where?
More than 500 finance professionals participated, with respondents from Europe and North America sharing how their teams operate.
How common are data integration problems?
Very common—98% of finance teams report challenges pulling together data from the many software tools they use.
What role does technology play in improving operations?
Integrated platforms give teams a single, consistent view of data, helping them automate routine steps, speed up reporting, and deliver more tailored insights.
How are skill shortages affecting finance teams?
With reported skill gaps rising from 41% to 92%, many teams struggle to hire and upskill fast enough to keep pace with new tools and changing expectations.