Finance transformation: why it stalls and how CFOs keep it on track

Finance transformation rarely fails because the technology is wrong. It stalls because the people, the goals and the governance around it weren't ready.

Finance transformation is the work of changing how the finance function runs: automating manual processes, adopting AI, and reshaping roles so the office of the CFO spends less time processing transactions and more time on analysis and strategy.

That's the argument Shane McMahon, Chief Product Officer and Director at Kefron, makes in the September/October 2026 issue of International Accountant, the journal of the Association of International Accountants (AIA). His feature, The office of the CFO, looks at why so many finance transformation projects slow down and what CFOs can do to keep them on track.

Shane was a CFO before he moved into product, so he's seen transformation from both sides: running the finance function, and building the finance automation that changes it. Here are the main points from the article, and what they mean if you're looking at automating accounts payable.

Why finance transformation stalls

Most finance leaders already know their transformation isn't going to plan. Shane cites Gartner research where 69% of finance leaders said their transformation was moving slower than expected, and 31% said it was having less impact than expected.

The cause is usually not the vision or the software. Progress slips when:

• focus gets diluted across too many priorities
• executive support isn't strong enough to carry the project through obstacles
• the team and the processes aren't ready for the change

The fix is a change management culture that's built in from day one. That means clear communication, internal advocates, senior sponsors who get regular updates (including the bad news), a budget with real contingency, and a plan flexible enough to absorb change. The technology you specified at kick-off may look quite different by go-live.

Start with the outcome, not the feature list

Shane's clearest point: don't let the technology lead. If you pick a tool first and then try to fit your business objectives around it, the tool ends up setting the agenda.

Start with what the business actually needs. Are you preparing for growth, an ERP change, an acquisition, or new compliance requirements like e-invoicing? The answer decides what needs to change and how you'll measure success.

Before you look at any solution, ask some honest questions about where you are now:

• What needs fixing?
• Where are errors creeping in?
• Which processes are holding others up?
• Could supplier relationships be better?
• What does the wider business plan need from finance?

Then set KPIs and metrics up front, covering both the implementation and the performance afterwards. That takes the guesswork out of reporting progress and return on investment later. If you're not sure where your own bottlenecks are, our guide to the 10 warning signs your finance team needs AP automation is a good starting point.

Break it into thin slices

Big transformation programmes are daunting, and daunting projects lose momentum. Shane points to the "Elephant Carpaccio" approach: cut a large project into very thin, vertical pieces, each one small enough to deliver and demonstrate on its own.

It works because each slice shows a real result. Progress is easier to prove, scope creep is easier to spot, and people stay engaged because they can see things improving.

Change doesn't need to be one big event. You can start with simple uses of AI that take repetitive work off the team, then move into more complex areas once the first wins are in. Invoice capture and data entry is an obvious first slice for most finance teams, because it's high-volume, rules-based and easy to measure.

Bring people with you

Change that's imposed on a team gets resisted. Change a team helps shape gets adopted.

Shane's advice is to identify key stakeholders at every level early, involve them throughout, ask for feedback regularly and actually act on it. Do that well and you end up with champions of change: people who've bought into the new system and can bring the rest of the frontline team with them.

The message to the team matters too. AI in finance is often linked with job cuts, but that doesn't have to be the outcome. It may slow future hiring, but for the current team it should mean less repetitive work and a move into more rewarding, strategic roles. Kefron's own research, AP Under Pressure: The UK Finance Operations Benchmark Report 2026, found almost 75% of respondents believe AI will free finance teams up for more valuable strategic work.

We heard the same thing from finance leaders at our recent event in Dallas. You can read what they told us in AI in finance: what finance leaders are telling us.

Governed innovation

The more finance runs on AI, the more governance matters. Automation still needs human oversight, so approval hierarchies and audit trails have to be designed in at the planning stage, not bolted on after go-live.

But control shouldn't stop progress. As Shane puts it, "progress can be better than perfection." CFOs should be experimenting with AI. The way to do that safely is an approved product stack that finance teams are free to explore, with clear boundaries around it.

Shane calls this governed innovation: clear accountability, data controls, human oversight and measurable accuracy. Keep everyone updated on how it's going, including the successes, the pain points and the budget.

Keep the skills in house

The people who'll use the new system every day need to own it before go-live. That means keeping the core skills inside your own team rather than relying on a vendor or consultant to hold the knowledge.

Shane's practical points on training:

• Assign roles early. Whoever will handle exceptions, edge cases, reviews, coding or compliance should be involved from the start.
• Train over time. Familiarity builds as the system is configured, not in an intensive week before launch.
• Train the trainers first, then tailor workshops, videos and manuals to what each user actually needs.
• Keep users updated on how the overall project is going, so they feel part of it.

Where AP fits in

Shane ends on pace. In 16 years he's watched robotic process automation get billed as the next big thing, then COVID force a rapid shift to remote working. The change happening now is on another level, and he expects the next 18 months to move fast. Companies that don't keep up risk being left behind.

For most finance teams, accounts payable is the natural place to start. It's high-volume and repetitive, and the results are easy to measure, which makes it exactly the kind of thin slice that builds momentum for the rest of the programme.

Kefron AP is built around the same principles Shane sets out:

• Measurable outcomes. Touchless processing rate, the share of invoices that go from receipt to approval with no manual input, is the number we lead with. For recurring suppliers, Kefron AP processes 70–90% of invoices touchlessly.
• Governance built in. Approval workflows and full audit trails come as standard, so automation never means losing oversight.
• AI plus human assurance. AI captures invoice data and a dedicated team validates flagged fields, delivering 99%+ accuracy without loading error-correcting onto your team.
• Fits your existing systems. Pre-built connectors for SAP, Oracle, NetSuite, Microsoft Dynamics, Sage and more. Kefron is a certified NetSuite partner.
• Real support, not self-service. Hands-on implementation and training, so your team owns the new process by go-live.
• Ready for what's next. E-invoicing runs alongside AP automation as compliance requirements change.

See how other finance teams have done it in our customer stories, or get in touch to talk through where automation would make the biggest difference in your AP process.

FAQ

What is finance transformation?

Finance transformation means changing how the finance function works, usually through automation, AI and new ways of working, so the team spends less time on manual processing and more on analysis, planning and decision support.

Why do finance transformation projects stall?

Usually not because of the technology. Gartner found 69% of finance leaders say their transformation is moving slower than expected. The common causes are diluted focus, weak executive support, and teams or processes that aren't ready for the change.

Where should a CFO start with finance transformation?

With the business outcome, not the software. Define what needs to change (growth, an ERP move, an acquisition, new compliance rules), set KPIs, and only then look at solutions.

What is the Elephant Carpaccio approach?

A way of breaking a large project into very thin, vertical slices that can each be delivered and demonstrated on their own. It keeps scope under control and makes progress visible.

Does AI in finance mean job cuts?

Not necessarily. It may reduce future hiring, but for existing teams it should mean less repetitive work and more strategic roles. In Kefron's 2026 benchmark research, almost 75% of respondents said AI will free finance teams for more valuable work.

How do you keep control when automating finance processes?

Build governance in from the planning stage: approval hierarchies, audit trails, data controls and human oversight, within an approved set of tools.

Why is AP a good place to start automating?

AP is high-volume, rules-based and easy to measure. With Kefron AP, 70–90% of invoices from recurring suppliers can be processed touchlessly.

What is touchless invoice processing?

Touchless processing is when an invoice is captured, matched, coded and approved without anyone in the AP team touching it. It's the clearest single measure of how well AP automation is working. Kefron AP delivers 70–90% touchless processing for invoices from recurring suppliers.