86% of CFOs say financial strategy lacks adequate data
An overwhelming majority (86%) of CFOs and finance leaders feel that decisions about their organisation’s financial strategy are made without sufficient data or insight, according to a new survey by AccountsIQ, a provider of cloud-native accounting software for mid-sized businesses.
The survey of 260 CFOs across the UK and Ireland highlights the increasing pressures facing finance leaders, with many reporting a growing sense of stress and instability as they navigate economic volatility, rising operational costs, and unpredictable revenue.
Economic challenges
The survey determined external factors currently facing CFOs and other senior finance professionals. The top threats to financial stability are economic downturns (46%), followed by limited technology and software (34%), and the accuracy of reporting (32%).
When it comes to internal challenges, the most significant issues cited are limited technology and software capabilities (34%), followed closely by concerns over the accuracy of financial reporting (32%). These factors are making it increasingly difficult for finance leaders to maintain control over their organisation’s financial future and therefore limiting the potential for long-term operational success.
Operating in survival mode
While 60% of CFOs say their finance function is scaling up to meet the demands of business growth, 16% describe it as actively slowing down. The call for modern solutions is clear, with 38% of CFOs stating that better financial technology and software would most help them regain control, and 36% pointing to the need for greater flexibility in budgeting.
Darren Cran, CEO of AccountsIQ, commented: “CFOs are facing immense pressure to make strategic decisions in the dark, without the right data or technology to support them. The sheer scale of the challenges they’re up against – from volatility to rising costs – is forcing them to operate in survival mode, rather than driving growth. This is where finance leaders urgently need better tools and insights – and the good news is, they are out there. These tools can build trust in the numbers and give CFOs the confidence to make informed decisions. It also empowers CFOs to shift from firefighting to forecasting, taking back control of their financial plans and driving sustainable business growth.”
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