Q&A with AccountsIQ’s CEO Darren Cran on how CFOs can regain control of their finance function
Your recent investigation revealed that the majority of CFOs and finance leaders feel decisions about financial strategy are made without sufficient data or insight. Why is this?
Yes, a massive 86% of finance leaders felt their decisions lacked the necessary data and insight they needed. Having the ability to access company-wide financial insight in real-time is essential for making informed, data-driven decisions. Equally, monitoring the financial health of the organisation and any associated entities helps mitigate external pressures. However, the majority of CFOs feel they lack this capability, leaving them in reactive rather than proactive positions.
When we think about the key challenges CFOs face, our survey revealed that the top three issues are limited technology and software capabilities, the accuracy of financial reporting, and being behind on targets or goals. These obstacles hinder CFOs from maintaining control over their company’s financial future, let alone fostering long-term operational success. The good news is that there are better, smarter solutions available to address these challenges.
What risks do CFOs face if they’re making decisions without the right data?
Accurate and timely financial data is crucial for navigating challenges like economic volatility and rising costs. Without it, CFOs are operating with blind spots, unable to connect external pressures with internal performance metrics effectively. The right tools allow them to produce accurate, consolidated reports quickly – a process that’s 25% faster using AccountsIQ’s platform – and gain real-time insights to safeguard cash flow and revenue.
CFOs are under immense pressure to make quick, confident decisions. Without access to data-led insights, they’re effectively forced into survival mode instead of driving growth. This lack of control doesn’t just impact the company’s bottom line; it affects CFOs personally. More than three-quarters of surveyed finance leaders reported feeling out of control of their organisation’s financial health. This pressure often translates into longer hours – two-fifths admitted to working overtime – and higher stress levels.
Better, smarter, and faster tools, such as AccountsIQ’s multi-dimensional reporting capabilities, which take just minutes compared to hours or even days with legacy systems, are vital for relieving these pressures. They enable finance leaders to transition from firefighting daily crises to confidently forecasting the future.
What other challenges are stopping CFOs from regaining control of their finance function?
In addition to a lack of internal insights and outdated technology, CFOs are grappling with significant external economic pressures. Nearly half of survey respondents identified the economic downturn as the biggest external threat to their company’s financial stability. Other top concerns included rising operational costs, unpredictable revenue, and inflation, which collectively undermine profitability and confidence.
These external pressures exacerbate internal struggles. Two-fifths of finance leaders said that rising costs were their primary worry, keeping them awake at night. Without the right tools, these challenges can spiral, impacting both organisational performance and personal well-being.
Automation tools like those offered by AccountsIQ save finance teams up to a week each month by automating tasks such as expense management and fixed asset accounting. This frees CFOs from being bogged down by manual processes, giving them time to focus on high-value activities that support growth and stability.
The research raises the importance of making a shift from ‘firefighting to forecasting.’ What role does technology play in this shift?
Technology is the backbone of this shift. Advanced financial tools provide CFOs with unmatched control, efficiency, and scalability. Our survey highlighted that limited technology is the greatest threat to financial stability, making the adoption of advanced financial software a top priority for CFOs seeking to regain control.
For instance, AccountsIQ offers implementation times as short as 29 days, compared to the six months typically required for ERP systems. This faster deployment means businesses can quickly benefit from real-time insights, multi-dimensional reporting, and VAT processing that’s drastically reduced to just 5-10 minutes. These capabilities empower finance leaders to focus on accurate forecasting and data-driven growth strategies instead of firefighting operational inefficiencies.
AI-powered tools are also transforming the landscape, enhancing automation and delivering deeper insights into financial performance. These tools can predict future revenue and cash flow with greater accuracy, enabling CFOs to shift their focus to strategic planning and long-term growth.
What other findings does the report reveal?
Despite the challenges, the report highlights some promising trends. For example, 60% of finance functions are scaling up, showing resilience and adaptability within the sector. However, the same percentage indicated that their finance functions were only ‘somewhat capable’ of supporting their business through the next three years of growth. This underscores the need for tools that grow with them and reduce work pressures.
Interestingly, finance functions in Ireland are scaling faster than those in the UK. However, Irish finance leaders also reported feeling more overwhelmed by monthly financial challenges, illustrating the strain that scaling can place on finance teams without the right technology in place.
To regain control, CFOs are adopting strategies like flexible budgeting, enhanced financial transparency, and better communication with the C-suite. AccountsIQ’s platform supports these efforts by requiring 30-80% fewer chargeable implementation days compared to competitors, delivering better results faster and with less disruption. This aligns perfectly with the sector’s need for better, smarter, and faster solutions to navigate today’s financial landscape and build a resilient future.