A majority 86% of chief financial officers (CFOs) feel that decisions about their organisation’s financial strategy are being made without sufficient data or insight, according to a new study by AccountsIQ.

The software provider surveyed 260 CFOs across the UK and Ireland with many reporting a growing sense of stress as they navigate economic volatility, rising operational costs, and unpredictable revenue.

AccountsIQ’s research determined the main external factors currently facing CFOs and other senior finance professionals, with the top threats to financial stability cited as economic downturns (46%), followed by limited technology and software (34%), and the accuracy of reporting (32%).

When it came to internal challenges, the most significant issues cited were limited technology and software capabilities (34%), followed by concerns over the accuracy of financial reporting (32%).

AccountsIQ suggested that such factors are making it “increasingly difficult” for CFOs to maintain control over their firm’s financial future, and therefore limiting the potential for long-term operational success.

“CFOs are facing immense pressure to make strategic decisions in the dark, without the right data or technology to support them,” AccountsIQ CEO, Darren Cran, commented.

“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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