Finance Professionals Need Technology to Relieve Anxiety

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If you know anyone working in the finance sector, you’re well aware of the periodic stress they come under during key filing periods or other financial deadlines.  It’s not that the rest of us don’t have stressful jobs – deadlines can cause anxiety for just about anyone.  As it has for most people, though, the pandemic has created increased anxiety.  With so much uncertainty around COVID-19 and the adjustments we have all had to make in our professional and personal lives, it’s impossible to have been immune.  But, with the extended tax filing deadline less than a week away, it’s easy to imagine many in the finance space are under even more strain than normal. 

In fact, recent research from AvidXchange indicates that 66% of finance professional are feeling more stress than they would normally at this time of year.  In addition to having to deal with working from home, many are working longer hours or losing sleep, which can certainly increase stress.  A third have also cancelled vacations, and 79% have cancelled at least some PTO days. 

The increased stress and workload isn’t surprising, considering that, at the beginning of the pandemic, only about a third of businesses said they have the technology to allow enable their entire workforces to work remotely – 19% even said NONE of their employees have the tools to work from home.  Given that, it’s not surprising that most companies expressed some level of concern over being able to make payments with their finance teams working from home.

As it has for many companies and industries, though, technology can help relieve at least some of the stress that this pandemic has created.  The good news is that 74% of finance professionals have seen at least one new technology solution added to their environments since the start of the pandemic, and almost half have the benefit of multiple new technologies, which have helped them work more effectively, and a whopping 84% say believe new technologies will continue to deliver efficiency enhancements in a post-COVID world.

“As finance teams are considering returning to the office, a long-term work from home scenario or even a combined approach, they’re trying to figure out the best way to operate effectively in an environment that continues to change.  Building the right tech stack gives businesses the agility needed to help employees work smarter and reduce their stress, while also helping to prepare for the future in a time when it’s difficult to plan ahead.”

Joel Wilhite, CFO, AvidXchange

It shouldn’t be surprising that the top technologies that finance professionals are expecting to help then are:

  • AI and Machine Learning
  • Automation (other than payment processing)
  • Real-time payment systems

Artificial intelligence has been emerging as an efficiency driver for several years, and the cloud-based solutions that are leveraging AI and automation are becoming a must-have for finance teams. 

How automation and AI are impacting businesses and enhancing their operational capabilities to benefit their workforces and customers is the crux of Future of Work Expo 2021.  Taking place at the brand new Miami Beach Convention Center, February 9-12, 2021 as part of the #TechSuperShow. Future of Work will again sit beside its collocated events – ITEXPO, SD-WAN Expo, MSP Expo, IoT Evolution, The Blockchain Event, and more – to deliver a compete learning and networking opportunity for business leaders who need to know what new technologies will drive their companies into the future.