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Finance professionals working in the construction industry have highlighted inefficient workflows and talent shortages as some of their top challenges, a survey reveals.
Clunky workflows, talent shortages hampering construction finance teams
24 March 2025
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7 minute read
A new report by software firm Payapps has revealed that finance teams working across the construction industry in Australia and New Zealand are dealing with significant challenges at the moment.
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The 125 finance professionals surveyed identified talent shortages, outdated systems, and manual processes as the top challenges affecting their teams.
The report, Building Efficient Finance Teams with Construction Technology, found that talent shortages were the most pressing issue with 36 per cent of respondents identifying it as their biggest challenge.
This was compounded by dissatisfaction with manual workflows, particularly in managing progress claims, with 37 per cent of finance teams expressing dissatisfaction with their current systems.
The survey also found that 41 per cent of finance teams still rely on manual processes for progress claims, leading to bottlenecks and delays.
Additionally, it also found that 23 per cent of respondents were still using spreadsheets or other manual tools for claim approvals, leading to inefficiencies and increasing the risk of incorrect payments and payment delays.
Roughly half (53 per cent) of respondents said they found meeting payment deadlines under regulatory frameworks challenging, increasing the risk of legal penalties and disputes.
However, the survey found the adoption of specialised digital tools and software was having a positive impact on finance teams with 81 per cent saying that they were more likely to meet compliance deadlines and experience fewer delays by using digital tools.
Finance teams leveraging technology also reported spending less time on manual tasks, freeing them to focus on strategic priorities.
The report said that in recent years, the growing complexity of construction projects, coupled with tighter deadlines and increasing regulatory scrutiny, had made the job of finance teams more demanding than ever.
“At the same time, many finance leaders are facing internal challenges, such as talent shortages and retention issues, which further strain their capacity to deliver efficiently,” it said.
Payapps’ chief financial officer Daniel Giles said 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.
“These inefficiencies not only increase stress on teams but also jeopardise project timelines and financial stability,” said Giles.
Giles said the report was a “wake-up call” for an industry dealing with growing workloads and complex regulatory environments and that adopting integrated digital tools could help address some of the issues.
“Investing in technology isn’t just about efficiency; it’s about staying competitive, retaining skilled professionals, and delivering better project outcomes,” he said.
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