An overwhelming majority (90%) of CFOs and finance leaders in Ireland feel that decisions about their organisation’s financial strategy are made without sufficient data or insight, according to a new CFO Mindset Report by AccountsIQ, an award-winning provider of cloud-native accounting software for mid-sized businesses.
The survey of 260 CFOs across Ireland and the UK 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.
CFO challenges
The survey determined external factors currently facing CFOs and other senior finance professionals. In Ireland, the top threats to financial stability are technology and software disruptions (42%), market competition (38%), and economic downturn (38%). However, concerns about financial decline are markedly lower than in the UK (48%), where it ranked as the most pressing matter of contention.
When it comes to internal challenges, more than a third (34%) of CFOs in Ireland and the UK report technological limitations as the biggest threat to their organisation’s financial stability. In Ireland, other prominent issues include a lack of skilled talent (34%), being behind on targets (34%), reporting accuracy (30%), and the time spent on manual data input (30%).
Despite differences in contributing factors, internal and external pressures are making it increasingly difficult for finance leaders across Ireland and the UK to maintain control over their organisation’s financial future, significantly limiting the potential for long-term operational success in both countries.
Operating in survival mode
While 70% of CFOs in Ireland and 58% in the UK say their finance function is scaling up to meet business growth demands, 16% describe it as actively slowing down. More than a third (38%) of all respondents state that better financial technology and software would most help them regain control, underlining the urgent need for organisations to implement improved financial tools.
Darren Cran, CEO of AccountsIQ, commented: “The need for modern solutions is clear. CFOs are facing immense pressure to make strategic decisions in the dark, without the right data or technology to support them. It’s a problem across the board but is particularly prevalent in Ireland. 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.”
You can download the full report here