2024: The year that was for finance leaders

The fundamental aspects of most finance roles are generally consistent, even across companies. I’ve often said that being a CFO for SaaS tech companies five times over is very much like starring in the same movie, just with different actors. But it’s impossible to deny that over just a short period, there has been a seismic shift in the way that finance leaders, as well as their colleagues in and out of the C-suite, approach and interact with the finance function.

In 2024, the evolution of the CFO role became even better defined, with more organizations – particularly in the midmarket – leaning into data and analytics to drive business optimization.

Here’s a look back at what some of the key themes of the year were for finance leaders and how they’ll continue to resonate in 2025.

CFO’s rose to the top as data stewards

Ultimately, there wasn’t as much fluctuation in market conditions this past year as many would have expected. Regardless, economic uncertainty is truly the new normal, and 2024 reaffirmed the importance of agility in financial leadership. As CFOs, we’ve had to pivot quickly to manage inflation, supply chain disruptions, shifting geopolitical tensions, and – within our own C-suites – to manage all of the imperfect emotional responses to those factors.

Today, CFOs are acting as organizational ‘data stewards’ – a role that will continue to become more pronounced in the years ahead. As data stewards, we shape and guide organizational business strategies and are responsible for ensuring the integrity, accuracy and accessibility of financial data. 2025 should see more CFOs embracing robust data governance practices to establish a single source of truth within their organizations. That enables better decision-making and strategic planning and elevates a CFO’s financial insights as a trusted source for others in the C-Suite. The ability to manage and interpret data effectively is going to quickly become a key differentiator for many successful CFOs.

Finance leaders embraced technology to address ESG

2024 was definitely a critical year where ESG took much more of a center stage in boardrooms across industries. Globally, investors, consumers, and regulators are asking for greater accountability, and CFOs are under pressure to ensure compliance and align financial strategies with ESG goals. More finance leaders are seeking technology solutions that can address their ESG reporting needs today and scale as those needs evolve.

The coming years should see organizations embrace the benefits of ESG reporting to enhance their corporate reputations, attract investors, reduce risk, gain a competitive advantage and, ultimately, drive significant cost savings. To simplify the process of managing sustainability data and compliance with standards, finance leaders are increasingly turning to technology – eliminating much of the manual effort and helping create a single source of data truth to improve communication and make better decisions.

Finance hiring challenges required tech, transparency and creativity

It was readily apparent in 2024 that finance departments faced talent shortages that, going into 2025, aren’t likely to be alleviated. Attracting the best and brightest financial minds to an organization is not nearly as simple as it was even ten years ago, when a competitive salary, job security, and clear growth path was enough.

There isn’t likely to be one magic equation to solve for these hiring challenges, but what’s clear is that 'the way it’s always been done’ is not going to alleviate the problem. Finance leaders need to shift their mindsets.

In 2024, we saw continued adoption of technology and automation across the finance department. Today, employees want access to technology that will help free them from the time-consuming, resource intensive tasks that, in the past, have been accepted as part of the day-to-day rigors of finance. Modern finance teams want to put more of the focus back on being a strategic contributor to the business, and less of a debit and credit life.

2024 saw employers getting creative, offering flexible work arrangements, and compelling professional development opportunities. An environment of continuous learning and benefits like training reimbursements or optional time off for personal growth will only continue to rise in demand as we head into the new year.

Employers that optimize their finance departments to meet this new normal will have the most success attracting talent.

The wait is over...time for action

Heading into 2024, business optimization was the trending phrase for finance teams. More comprehensive than simply managing cash flow, CFOs were expecting a year dedicated to strategic deployment of cost-effective measures, risk mitigation, and contingency planning aimed at enhancing efficiency and increasing profitability.

Today, much of the low-hanging fruit has been realized and we’re getting near the end of what’s been a spending malaise. We should now be entering a bigger phase of optimization where CFOs are going to need to be in lockstep with their leadership to dig in, draw insights, and make the right decisions for their business.

To that end, finance teams need to start acting with a bit more urgency than might come naturally. Now is a time to prioritize quick decision-making based on available data so that businesses can be ready to adapt as situations evolve. Much of what happens to a business is out of our control as CFOs – but we can control the speed with which we move. 2025 should provide many finance professionals the chance to truly seize on opportunities and spur progress.

Looking ahead to 2025

2025 is going to be a big year for finance teams and I’m looking forward to the continuing evolution of the role of the CFO and what it means for organizations at large. Reflecting on the year is an opportunity to see what we’ve done right and how we’ve evolved. I’ve made some predictions for 2025 and look forward to seeing how those come to life over the next 12 months.