Report reveals key challenges for construction finance teams

Report reveals key challenges for construction finance teams
Daniel Giles, CFO of Payapps. (Image: Payapps)

As the construction industry struggles to attract and retain skilled talent, a Payapps survey finds that labour shortages and manual processes are hindering finance teams in Australia and New Zealand. The report underscores the urgent need for digital transformation to improve efficiency and support long-term sustainability.

The survey of 125 finance professionals from commercial construction companies found that 36 per cent ranked talent shortages as their biggest challenge, with dissatisfaction over manual progress claim processes also a major concern. The findings suggest that reliance on outdated systems may be exacerbating employee retention issues in the sector.

Daniel Giles, CFO of Payapps, explained that construction finance teams play a central role in managing complex regulatory requirements while also supporting project delivery timelines.

“This report underscores the need for the construction industry to adopt technology that not only improves efficiency but also ensures compliance and supports employee satisfaction,” said Giles.

Key insights for construction leaders

  • Talent crisis continues – Talent shortages remain the number one issue, with smaller teams under increasing pressure to meet compliance and project requirements.
  • Manual processes hinder progress – 41 per cent of finance teams rely on manual workflows for progress claims, leading to delays, errors and bottlenecks.
  • Compliance challenges – Over 50 per cent of respondents struggle to meet regulatory deadlines under frameworks like the Security of Payment Act in Australia and the Construction Contracts Act in New Zealand.
  • Technology as a solution – Teams using Payapps report being 81 per cent more likely to meet payment deadlines and reduce delays.

The report, Building Efficient Finance Teams with Construction Technology, also highlights the value of digital tools in improving job satisfaction, reducing administrative workloads, and enabling finance professionals to focus on high-value tasks like strategic decision-making.

Driving transformation in 2025

The Payapps report calls on the industry to embrace specialised technology to address its most pressing challenges. By streamlining progress claim processes, automating compliance tracking, and integrating with existing enterprise resource planning (ERP) and accounting platforms, tools like Payapps are critical for alleviating pressure on finance teams and delivering better outcomes for projects.

For an industry often seen as a late adopter of technology, this survey acts as a wake-up call for construction leaders to invest in digital transformation.

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