Research Reveals Talent Shortages and Manual Processes are Stifling Finance Teams in Construction

MELBOURNE, Australia, Feb. 2, 2025 /PRNewswire/ -- A new report has revealed^[1] significant challenges facing construction finance teams across Australia and New Zealand, with talent shortages, outdated systems, and manual processes topping the list of concerns. The findings by Payapps^[2], an award-winning construction software solution trusted by thousands of main contractors^[3] and subcontractors^[4] to simplify and standardise progress payment claims, highlight the urgent need for digital transformation to alleviate pressure on finance professionals and enhance operational efficiency.

Conducted among 125 finance professionals, the survey underscores talent shortages as the most pressing issue, with 36% of respondents identifying it as their biggest challenge. This is compounded by dissatisfaction with manual workflows, particularly in managing progress claims, with 37% of finance teams expressing dissatisfaction with their current systems.

"Construction finance teams are being asked to do more with less, all while ensuring compliance with strict regulations like the Security of Payment Act in Australia and the Construction Contracts Act in New Zealand," said Daniel Giles, CFO of Payapps. "These inefficiencies not only increase stress on teams but also jeopardise project timelines and financial stability."

Key Findings:

• Manual Processes Hamper Progress: A staggering 41% of teams still rely on manual processes for progress claims, leading to bottlenecks and delays.
• Compliance Risks: 53% of respondents find meeting payment deadlines under regulatory frameworks challenging, risking legal penalties and disputes.
• Technology Adoption Pays Off: Teams using Payapps are 81% more likely to meet compliance deadlines and experience fewer delays, highlighting the value of specialised digital tools.

The report also reveals that adopting digital tools significantly improves efficiency and job satisfaction. Finance teams leveraging technology report spending less time on manual tasks, freeing them to focus on strategic priorities.

A Call for Digital Transformation

With finance teams under pressure to manage growing workloads and navigate complex regulatory environments, the report advocates for adopting integrated digital solutions. Tools like Payapps, which automate and streamline progress claim processes, are identified as critical to addressing inefficiencies and retaining top talent.

"This report is a wake-up call for the construction industry," added Giles. "Investing in technology isn't just about efficiency; it's about staying competitive, retaining skilled professionals, and delivering better project outcomes."

The full report, "Building Efficient Finance Teams with Construction Technology,"^[5] is available for download here^[6].  The survey was conducted by Payapps and included responses from finance professionals from commercial construction companies in Australia and New Zealand.   Payapps thanks their partners, including Accounting Times and Accountants Daily, for inviting subscribers to participate in this survey. We also sincerely thank our valued customers for their participation.

About Payapps

Payapps - An Autodesk Company^[7], is a cloud-based collaboration tool for the construction industry. It helps main contractors and subcontractors simplify and streamline project progress claims and approvals, including contract variations.  A simpler and faster digital process ensures greater transparency, increased accuracy, improved compliance, reduced financial risk, fewer disputes and fairer outcomes. Payapps significantly cuts progress payment processing time, helping to meet regulatory requirements. Compliance is improved and made easier with documentation verification integrated with the approval process.Our award-winning solution seamlessly integrates with a wide range of construction ERPs and accounting software to help provide real-time data on all project payment requests and approvals.  Build Better Together With Payapps

References

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5. ^{^} Building Efficient Finance Teams with Construction Technology," (www.payapps.com)
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7. ^{^} Payapps - An Autodesk Company (www.payapps.com)