A recent survey conducted by AccountsIQ sheds light on the overwhelming workload and challenges faced by Chief Financial Officers (CFOs) and finance leaders in the UK and Ireland. The survey, which involved responses from a significant number of professionals in the finance sector, reveals that a staggering 85% of these leaders require a six-day work week to manage their tasks effectively, contributing to heightened levels of stress and a pervasive sense of losing control over their responsibilities.
The findings indicate that one in four respondents feel overwhelmed multiple times a week, with 63% reporting feelings of being overwhelmed several times a month. On average, CFOs and finance leaders indicated that they need an additional 1.5 days per week to complete their work, presenting a stark contrast to growing discussions surrounding a shift to a four-day working week and flexible working arrangements.
Key concerns highlighted by the survey show that 40% of CFOs are particularly troubled by inflation and rising costs, which are impacting profitability. In addition, concerns about cash flow and credit control, revenue and profit targets, and cybersecurity threats were also significant, with 40%, 40%, and 36% of respondents, respectively, identifying these issues as major worries. Furthermore, 29% of CFOs expressed concerns regarding the accuracy of their financial reporting.
The survey also exposed an unsettling trend, with 76% of participants reporting that they do not feel completely in control of their company’s financial health. As a result of this perceived lack of control, 40% of CFOs resort to working longer hours in an attempt to address financial issues, while 36% experience increased stress and anxiety. Additionally, 25% worry about the accuracy of their financial reporting, and 24% report feeling pressure from stakeholders or investors.
Darren Cran, CEO at AccountsIQ, commented on these findings, stating, “Our investigation has shown that CFOs and finance leaders feel stressed, overworked and out of control, but it doesn’t have to be this way. Many of these issues are a result of these professionals lacking time. If they regain that precious time, then they can find ways to focus on strategy, reporting and innovation, and regain that much-needed control.”
The survey also addressed the potential impact of artificial intelligence (AI) applications within the finance function. A notable percentage of CFOs hold varying perspectives on the transformative capabilities of AI, with 35% believing that it will revolutionise their functions, enabling them to add greater value to their businesses. Another 35% acknowledge AI's potential to save time and enhance efficiency, albeit not viewing it as a game-changer. Conversely, 15% of respondents expressed concerns that AI could lead to job losses for themselves and their colleagues.
As discussions around the integration of AI and emerging technologies continue to shape business practices, the financial sector is bracing itself for potential changes. The results of this survey underscore the pressing need for solutions that alleviate workload and stress for finance leaders, while also navigating the complexities of adapting to technological advances in an evolving business landscape.
Source: Noah Wire Services