AI adoption surges in finance teams—but spreadsheets refuse to die

A new survey by CFO Connect reveals that 67% of finance teams across the US, UK, Germany, and France now use AI tools, a sharp rise from 31% in 2024. However, despite this adoption, spreadsheets remain deeply embedded in financial planning, forecasting, and cash tracking—highlighting the tension between innovation and tradition in finance workflows.

AI adoption accelerates in finance teams

A survey conducted by CFO Connect, sponsored by Spendesk, Oracle NetSuite, and Remote, reveals that 67% of finance teams across the US, UK, Germany, and France now use AI tools. This marks a significant increase from 56% the previous year and 31% in 2024, according to The Next Web.

The survey, which polled 215 senior finance professionals in June and July, found that Anthropic’s Claude is the most popular AI tool, with 41% adoption. Other AI tools, including ChatGPT and offerings from Microsoft and Google, trail behind.

Finance teams are using AI primarily for financial analysis (20%), reporting, modeling, and forecasting (12% each), reconciliations (9%), and data queries and workflow automation (8% each). Instead of adopting standalone AI products, most teams are integrating AI features into their existing systems.

Software consolidation trends

The survey highlights a trend toward software consolidation among finance teams. Over 90% of respondents reported using six or fewer tools, with 41% relying on just one to three. Half of the teams use between four and six tools.

Looking ahead, two-thirds of finance teams plan to maintain their current setup or add only one or two tools next year. Nearly a quarter aim to consolidate their processes onto a single platform, reflecting a preference for streamlined workflows.

Spreadsheets remain a fixture

Despite the rise of AI, spreadsheets continue to dominate financial planning and forecasting. The survey found that 80% of finance teams still rely on them for these tasks, while 7% use no dedicated planning tool at all.

Cash management follows a similar pattern: 55% of teams track cash in spreadsheets, and 17% lack a dedicated system for this critical function. This persistence suggests that familiarity and flexibility keep spreadsheets entrenched, even as specialized tools emerge.

Gaps in specialized tools

The survey also uncovered gaps in the adoption of dedicated tools for specific financial functions. Nearly two-thirds of companies lack a standalone procurement tool, and 41% rely on their accounting or ERP software for invoicing instead of using a billing-specific solution.

For spend management, nearly a quarter of companies now use no dedicated tool—a sharp increase from 10% last year. However, Spendesk claims it remains the leader in this category among smaller companies for the fourth consecutive year. This shift may reflect broader cost-cutting measures or a consolidation of tools.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

This survey highlights a clear shift in how finance teams are adopting technology—pragmatically but not without contradictions. AI is gaining traction, but its integration into existing workflows suggests teams are prioritizing efficiency over disruption. The reliance on spreadsheets alongside AI tools reveals a reluctance to fully abandon familiar processes, even as new solutions emerge.

For founders and operators, this signals an opportunity to bridge gaps between legacy systems and modern tools. Products that simplify consolidation, automate repetitive tasks, or enhance spreadsheet functionality with AI could resonate strongly. The trend toward fewer tools also underscores the demand for all-in-one platforms, though the persistence of spreadsheets shows that user habits die hard. The key takeaway? Flexibility and interoperability will be critical for any tool aiming to win over finance teams.

Key takeaways

• 67% of finance teams across the US, UK, Germany, and France now use AI tools, a significant increase from 31% in 2024.
• Anthropic’s Claude is the most widely adopted AI tool among finance teams, with 41% usage.
• Finance teams are consolidating software stacks, with 90% using six or fewer tools.
• Spreadsheets remain entrenched for planning, forecasting, and cash tracking despite AI advancements.
• Nearly two-thirds of companies lack dedicated procurement tools, indicating gaps in specialized software adoption.

FAQ

Why are finance teams adopting AI tools?

Finance teams are leveraging AI for tasks like financial analysis, reporting, forecasting, reconciliations, and workflow automation. The survey suggests that AI is being integrated into existing systems rather than adopted as standalone tools, likely to improve efficiency without disrupting established processes.

What is the most popular AI tool among finance teams?

According to the survey, Anthropic’s Claude is the leading AI tool, with 41% adoption among finance teams. Other tools, such as ChatGPT, Microsoft’s AI offerings, and Google’s solutions, are also in use but trail behind.

Why do finance teams still rely on spreadsheets?

Spreadsheets remain popular for financial planning, forecasting, and cash tracking due to their flexibility, familiarity, and perceived reliability. The survey found that 80% of teams still use them for planning, and 55% track cash in spreadsheets, suggesting that legacy habits die hard even as new tools emerge.

How many tools do finance teams typically use?

Over 90% of finance teams operate with six or fewer tools, and 41% use just one to three. This indicates a trend toward consolidation, with many teams preferring to streamline their software stacks rather than adopt specialized tools for every function.

Are finance teams adopting dedicated procurement or spend management tools?

The survey reveals gaps in adoption: nearly two-thirds of companies lack a dedicated procurement tool, and nearly a quarter use no standalone spend management tool. This may reflect budget constraints, consolidation efforts, or a reliance on broader ERP or accounting systems for these functions.

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