CFOs warn decisions about financial strategy are made without sufficient data

Economic uncertainty, outdated technology leave CFOs struggling to develop long-term plans

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The overwhelming majority (90%) of CFOs and finance leaders in Ireland feel decisions about their organisation’s financial strategy are made without sufficient data or insight, according to a new CFO Mindset Report by AccountsIQ.

The survey of 260 CFOs across Ireland and the UK highlighted 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.

The survey determined external factors currently facing CFOs and other senior finance professionals. In Ireland, the top threats to financial stability were technology and software disruptions (42%), market competition (38%), and economic downturn (38%).

When it comes to internal challenges, more than a third (34%) of CFOs in Ireland and the UK reported 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%). 

While 70% of CFOs in Ireland said their finance function is scaling up to meet business growth demands, 16% describe it as actively slowing down. More than a third (38%) of respondents said better financial technology and software would most help them regain control.

Darren Cran, CEO of AccountsIQ, said: “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.”

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