LAWRENCEVILLE, N.J. – December 5, 2023 – As the business world continues to grapple with economic uncertainty, Billtrust, a B2B order-to-cash and digital payments market leader, today released a new report uncovering the perspectives of U.S. CFOs on the economy’s trajectory and the strategies they are taking to not only navigate the challenges on the horizon but to leverage them for sustained growth.
Billtrust’s CFO Recession Sentiment Report 2023 surveys 350 CFOs across the U.S., offering valuable insights into how these financial leaders are steering through the distinctive challenges of the current economic environment.
With 75% of CFOs predicting a downturn in the next 6 to 12 months, the report underscores a prevailing sense of caution and a conservative outlook among financial leadership, despite recently slowing inflation. However, the report also highlights a notable sense of resilience and the proactive measures CFOs are taking to not only navigate the projected downturn but to emerge stronger and more agile. For example, while 75% of CFOs are reserved about the economy’s direction over the next year, 63% are confident in their organization’s ability to thrive, even in a recession.
Other key insights include:
- Strategies for Resilience: A majority (over 80%) of organizations are recalibrating their financial plans, with 57% trimming non-essential expenses and 52% exploring new financing avenues. Payment process simplification, especially in the B2B sector, is underscored by 75% of CFOs as a vital tool to maintain consistent cash flow.
- Tech-Forward: Reflecting a clear move towards a digital-first approach, 62% of CFOs are increasing technology spending. Furthermore, 74% of CFOs view technological advancements as essential for their organization’s continued viability, emphasizing the role of technology in fostering resilience.
- Partnerships and People at the Core: Among CFOs, collaboration with vendors is seen as crucial, with 67% prioritizing these partnerships. Moreover, when it comes to the workforce, 62% of CFOs balance cost management with the importance of retaining skilled professionals.
“In the face of looming economic challenges, the preparedness and strategic vision of CFOs become more critical than ever,” said Sunil Rajasekar, CEO of Billtrust. “Our report sheds light on how these financial leaders are bracing for the uncertainties ahead. It’s evident that equipping finance teams with robust strategies and cutting-edge technology is no longer a luxury but a necessity.”
