DSO on the rise
Late payments are the new normal
One of the most alarming outcomes in this year's research is the sharp increase in Days Sales Outstanding (DSO): the number of days between sending an invoice and receiving payment. The share of organisations that get their invoices paid within 30 days continues to fall. This downward trend already began last year, when the percentage dropped from 44% in 2023 to 41% in 2024. But this year, the decline is far more dramatic: only 30% of organisations now get paid within 30 days. That means more organisations are waiting longer to be paid, and that delay puts clear pressure on their liquidity.
Wrong invoices, higher DSO
The main causes of a high DSO have remained largely the same in recent years: cash flow problems or administrative delays on the customer side. But in 2025, one factor stands out more than ever: sending incorrect or faulty invoices.
This increase can have several explanations. Some companies still work with fragmented invoicing and collections systems, or lack proper controls on data quality. But the growing pressure to send invoices as quickly as possible may also be fuelling the rise in errors.
- In 2023, only 9% of organisations named this as a reason for higher DSO.
- In 2024, that share rose to 13%.
- And in 2025, it has surged to 21%.
This increase can have several explanations. Some companies still work with fragmented invoicing and collections systems, or lack proper controls on data quality. But the growing pressure to send invoices as quickly as possible may also be fuelling the rise in errors.
Share of incorrect invoices continiues to rise since 2023
Strategies to reduce DSO
As a possible response to rising DSO levels, many organisations are investing more in personal contact with customers – nearly doubling from 25% in 2022 to 49% in 2025.
At the same time, factoring is gaining ground: in 2023, 15% of organisations sold or pledged their outstanding invoices to a third party, compared to 29% in 2025.
Both strategies can deliver short-term relief and help bring DSO down. But long-term improvement requires more than temporary fixes. That means structural investment in process optimisation and automation – the only way to truly strengthen cash flow over time.
Shifting tools in collections management
To achieve long-term improvement, the choice of collections software is critical. One trend in 2025 stands out: Excel is making a comeback. Companies are turning back to Excel because it's affordable, accessible, and familiar. But at the same time, it's also error-prone, difficult to scale, and provides little to no insight into real-time data.
Beyond the return of Excel, there's another interesting development in how organisations manage their collections. Where ERP systems, Excel, and specialist collections software dominated in 2023 and 2024, CRM and accounting/invoicing packages are now playing a much larger role in the entire order-to-cash process.
For the first time, the Fintech Barometer included these systems in the analysis, giving a more complete picture of what finance departments are actually using in their daily work. From that broader view, it appears that CRM systems (38%) and accounting/invoicing packages (38%) are now the most common tools, followed by ERP systems (29%).
That doesn't mean ERP or Excel are losing ground. Rather, it shows that more organisations are moving towards data-driven and integrated finance processes, where visibility and efficiency take centre stage.
Shift in tools used for credit management software
- Credit management software
- ERP
- Excel
E-invoicing on the horizon
Looking ahead, a significant rise in online invoicing is expected. E-invoicing will become mandatory across the entire EU from 2030, and in Belgium as early as 1 January 2026.
This change will make standardised and error-free invoicing more accessible, helping to reduce average DSO in the Netherlands. For organisations with modern systems, it's an opportunity to further automate their processes. For others, it's a wake-up call to accelerate digital modernisation.
For customers, e-invoicing means invoices will be processed automatically, speeding up approvals and payments, and improving DSO as a result. Those who start investing in e-invoicing and data quality now will have a clear competitive advantage later.
Digital trends and tricks
In 2023, more than half of all finance departments (55%) were already working on a digital transformation. That number grew to 58% in 2024, and has reached 67% in 2025. But what does "digital transformation" actually mean in 2025?
Smart use of data
The biggest driver of digital transformation in 2025? Data. Customer, payment, and process data form the foundation for better forecasting, risk analysis, and cash flow management.
Organisations increasingly realise that collecting and using data strategically can take decision-making to the next level. It enables them to boost process efficiency, respond faster to market developments, and expand their range of services or products. The use of data to support processes has therefore grown significantly in recent years:
As Adriaan Kom, Managing Director at Onguard, explains: "When data supports your processes, your finance department works smarter, not harder. By connecting payment, customer and process data to ERP and CRM systems, you gain real-time insight into who pays late, where delays occur and how your cash flow is developing. These insights let you look ahead instead of correcting afterwards."
However, while data brings opportunities, it also introduces challenges. Finance professionals increasingly struggle with fragmented data, rising from 33% in 2024 to 38% in 2025.
Customer, payment and invoice data are often spread across multiple internal and external sources, which reduces visibility, reliability and consistency. On top of that, many finance teams lack the right tools to use data effectively (17% in 2024 vs 38% in 2025).
Without proper dashboards or analytics tools that can connect and compare relevant data in real time, analysis remains manual and time-consuming.
Data supports our processes
Making data work for you
To make data truly work for the organisation, it's crucial to invest in data quality and establish clear agreements about who owns and manages the data, and how it's stored and used. In other words: good data governance.
In addition, it's important to ensure a central data repository, and choose tools that integrate seamlessly with existing systems like ERP or CRM.
Finally, train employees to interpret and apply data insights in practice, e.g., by predicting payment behaviour or spotting fraud early.
Less worry about partners, more worry about technology
Another notable finding in this year's digital transformation journey is that finding the right partners for digital growth is no longer a major challenge for finance professionals in 2025. Where 11% of respondents mentioned it as a concern in 2023, that number has now dropped to just 5%.
At the same time, however, 18% of finance professionals say they lack the technology needed to start a digital transformation at all. This is double the figure from 2023 (9%).
This shift makes sense. The first phase of data-driven maturity (i.e. awareness and finding the right partners) has been completed by many organisations.
Now, a new challenge emerges: selecting the right technologies, and implementing and integrating them successfully into existing systems and processes.
AI in finance
Finance professionals have long agreed that robotisation, IoT and big data are key trends shaping the finance world. But the relevance of AI is growing rapidly each year. While in 2024, 71% of organisations were already exploring, implementing or applying AI, in 2025 that figure has risen to 85%.
New applications, new challenges
The main goals for deploying AI have shifted further over the past year. In 2024, the focus was on forecasting (43%) and risk management (39%). In 2025, AI is used mainly for financial reporting (38%), followed by forecasting (37%) and automation of routine tasks (29%). This clearly shows that AI is no longer treated as an experiment; it has become a practical tool for everyday processes. Yet, implementation still brings challenges.
The best way forward? Starting small, and aim for quick, visible results. That helps teams get used to AI step by step and makes it easier to scale later. Training also plays a major role: when knowledge of AI tools is shared beyond IT, the whole organisation benefits.
By beginning with small, manageable projects, companies can limit both the financial and time investments, while still building momentum and confidence.
The top three challenges in 2025:
The tension around AI
Knowledge, however, is not the only barrier between finance and IT. Another hurdle is IT itself. An increasing number of finance professionals say the IT department is slowing down AI and RPA implementation, mainly because these technologies are difficult to integrate with existing systems (up from 35% in 2024 to 57% in 2025).
This highlights the need for closer collaboration between IT and finance. Joint sessions can help bridge the gap: finance can explain the insights they need, while IT clarifies the technical limitations. Keeping communication lines short and working from a shared roadmap ensures both teams align on priorities.
Another point of tension: the impact of AI on finance professionals themselves. In 2024, only 29% were concerned that AI might make their job redundant. In 2025, that fear has risen to 41%. That's why it's more important than ever to communicate clearly across the organisation that AI changes work; it doesn't replace it.
By taking over repetitive and time-consuming tasks, AI actually creates room to strengthen the human side of finance: conducting strategic analysis, advising on financial decisions, and guiding organisations toward healthier cash flow.
DSO, data, and perseverance
In 2025, finance professionals are balancing between rising DSO, data quality, and the right technology choices. This requires a different way of working. It's no longer optional to standardise invoicing processes; they need to be as error-free as possible.
It's equally crucial to invest in integrated tools. By connecting CRM, ERP, and collections systems, finance teams gain one central overview that allows for faster, smarter decision-making.
Finally, data and AI now play a larger role than ever before. They enable predictive credit management, helping to reduce risks while strengthening customer relationships.
"From 2023 to 2025, the story has shifted. Where early efforts were about automation and process optimisation, the focus in 2025 is on data-driven decision-making and smart use of AI. Those who fail to connect their systems, use their data, or embrace AI will keep putting out fires. But the organisations that invest now in data quality, integration and intelligent AI applications will be the ones leading the way," - Adriaan Kom, Managing Director, Onguard.