There aren’t many good things to have come out of the Covid-19 pandemic, but a new study of finance professionals from accounts payable software maker AvidXchange pinpoints one of them: Businesses increased their readiness for the unexpected. As businesses navigate an uncertain financial future, two-thirds say they are more prepared to handle it now than five years ago, when many normal flows of global commerce were disrupted by the virus.

Since the pandemic, companies have been investing more in strategic financial technology, including for automation, operational effectiveness, forecasting and productivity. Nearly three-quarters of respondents said technology implemented during the pandemic is helping them now, with seven in 10 reporting that technology is at least very important to their ability to continue to respond to market changes.

Just having the technology available doesn’t mean that finance professionals are confident in what is coming next, however. The vast majority—86%—are concerned about the state of the economy, and half have deeper concerns about a potential recession. President Donald Trump’s unpredictable financial policy, punctuated by threats of high tariffs that are often delayed and revised, has made planning difficult. Nearly half of all companies are reevaluating their budgets and discretionary spending. Three in 10 are using scenario planning and financial modeling to prepare for a range of outcomes.

So far, just over half have made moderate changes to their forecasts because of impending tariffs, but about a quarter that have been minimally impacted so far are monitoring them closely. Close to a fifth—17%—said the tariff threat has significantly disrupted planning and required major adjustments. This survey was taken in late spring—April to May—and many of the proposed tariffs seemed to loom much more in the immediate future. That effective date has shifted through the months, and is now set for August 1. However, one thing that hasn’t changed since this survey was conducted is the unknown nature of the immediate financial picture, which has been a consistent fog over finance departments since January.

When companies are being prudent about their finances, one area where they often make cuts is personnel. However, many companies fail to share relevant people data between managers, HR and the finance department, leading companies to cut employees based on salaries alone—a strategy that sometimes will lead to vital knowledge and capabilities being cut, and ultimately losing more money in the long run. I spoke with Andrea Derler, principal in Research and Customer Value at AI workforce analytics platform Visier, about why companies need to share data to make better informed staffing cuts in difficult times. An excerpt from our conversation is later in this newsletter.

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Stocks climbed to fresh all-time highs on Monday.

What uncertain economy? Looking at the stock market, the U.S. economy appears to be making fast progress with nothing in its way. The S&P 500 shattered records with two all-time highs in the last week—Monday and Thursday—while the Nasdaq also set a daily record on Monday. Optimism in technology, especially AI, is buoying the markets, with Alphabet, Amazon, Apple, Verizon, Qualcomm and Broadcom leading Monday’s rally. Analysts are mixed on whether the rally will continue, with strategists at Goldman Sachs, Wells and Fargo projecting more growth this year. Analysts at JP Morgan Chase and Evercore ISI are projecting a decrease.

Positive economic data has helped boost the markets. Unemployment claims hit 221,000 last week, down 7,000 from the week before, and June’s

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