Nine in 10 participants cite lean finance teams as a primary
pain point; research highlights strategic solutions for rapid
growth
CHICAGO, July 30,
2024 /PRNewswire-PRWeb/ -- Paro, a leading finance
and accounting AI-powered marketplace that helps companies embrace
digital transformation to build for the future, today released
findings from a qualitative market research study with key finance
decision makers. Conducted in collaboration with Bixa, an
award-winning market research studio, the research study was
designed to uncover current challenges, sentiments and unmet needs
of finance departments within mid-market businesses.
By leveraging uniquely skilled finance
resources and advanced technologies, companies can address
immediate pain points and also build a foundation for sustainable
long-term growth and resilience.
According to the findings, 9 in 10 participants describe their
finance teams as "lean" and overextended, likely due to tight
budgets, increased competition and rapidly changing market
dynamics. This creates high risk of costly errors and missed
deadlines, especially around accounts receivable (A/R),
insufficient time to focus on strategic initiatives, and inability
to scale teams and skills to align with rapid company growth.
"These findings underscore the critical challenges companies
face in managing their finances with limited resources and talent,"
said Anita Samojednik, CEO of Paro. "The complexities of today's
financial landscape highlight the urgent need for – and frankly the
lack of – specialized strategic finance solutions. By leveraging
uniquely skilled finance resources and advanced technologies,
companies can address immediate pain points and also build a
foundation for sustainable long-term growth and resilience."
Specific staffing challenges, like increasingly complex IRS
audits, lead finance executives to search for short-term "bandaids"
to cope, such as hasty temporary hires or outsourcing. The research
found 7 in 10 participants expect to need extra help at the end of
the year to close company books, prepare for taxes and sort out
employee benefits.
What finance decision makers really crave, however, are
long-term strategic solutions that provide stability and expertise.
According to the study, 7 in 10 participants indicated that when
they hire externally, they seek experts that can add strategic
financial guidance.
These staffing issues, combined with other financial, growth and
operational triggers, put immense pressure on already-stretched
finance teams. Many companies are considering AI as one potential
solution to staffing struggles. Respondents see AI as a tool to
tackle more tactical work, like organizing data, completing
repetitive tasks, and identifying potential issues, which would
allow financial teams to handle more complex and strategic
activities. Despite the obvious benefits, many participants believe
that AI isn't ready to fully implement into their business just
yet.
Paro offers a scalable, fractional staffing model that helps
businesses serve niche client needs and overcome capacity
challenges. Its patent-pending AI-matching technology identifies
and matches businesses with the precise financial expertise needed
20 times faster than traditional recruitment. Paro provides
U.S.-based experts spanning accounting and bookkeeping, budgeting,
forecasting, strategic finance and fractional CFO services, so that
companies can increase their team's bandwidth, fill specialized
skill gaps and expand their service offerings.
Methodology
The study was fielded in February
2024 using in-depth interviews and video diaries conducted
in collaboration with Bixa. Respondents represented U.S.-based
C-Suite executives or senior management in Accounting, Finance or
HR.
About Paro
Paro is an AI-powered marketplace that delivers finance and
accounting solutions to businesses through a combination of expert
fractional talent, data-driven tools and guiding insights. By
harnessing the power of people and technology, its growth platform
provides flexible options, ranging from transaction processing
support to corporate development and financing strategy, to solve
core business challenges and drive growth. The result enables
businesses and experts to go beyond even their loftiest goals.
Media Contact
Addie Reed, Paro, 1 312-766-5515,
addie.reed@finnpartners.com, www.paro.ai
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SOURCE Paro