Why CFOs say they’d need a six-day week – and how they can reclaim time for strategic decisions

In our inaugural CFO survey, the CFO Mindset Report, we set out to uncover the challenges finance leaders face and explore the practical solutions they can use to overcome them. The findings show that today’s CFOs are under intense pressure, frequently working extended hours to meet the demands of their roles. Despite national calls for a four-day work week, 85% of CFOs and finance leaders reported needing six days to manage their workload. This relentless pace is causing higher stress levels, a sense of loss of control, and dilemmas over how to balance immediate tasks with long-term planning.

With over a quarter (25%) of finance leaders claiming they feel overwhelmed multiple times each week and 63% experiencing this several times a month, it’s clear finance teams are feeling the pressure. But the issue isn’t just the extra hours. It’s also the impact on CFOs’ ability to lead, strategise, and support growth. Many of the finance leaders we surveyed reported a loss of control, affecting both their well-being and their organisations' financial health.

The “CFO nightmares” keeping finance leaders up at night

Our CFO survey revealed several “CFO nightmares” that frequently keep them awake. CFOs most commonly cited:

• Inflation and rising costs impacting profitability (40%)

• Cash flow and credit control (40%)

• Revenue and profit targets (40%)

• Cybersecurity threats (36%)

• Accuracy of reporting (29%)

Costs are rising, revenues are unpredictable, and security is an added concern. Issues with reporting accuracy add stress, as CFOs are often having to make data-driven decisions without reliable numbers or useful insights.

These combined challenges often lead CFOs to “work their way out of it” - 40% work extra hours to manage issues, 36% report heightened stress, 25% worry about reporting accuracy, and 24% feel mounting pressure from stakeholders.

Growing responsibilities, limited resources

Despite these pressures, 60% of CFOs report that their finance functions are scaling up. However, growth brings its own challenges, with an equal 60% saying their finance team is only somewhat capable of supporting expansion over the next three years.

A significant part of the problem is that many finance functions lack the CFO tools and insights to support growth. Over half (54%) of those surveyed feel their organisation doesn’t have the necessary information and analysis to make informed decisions, highlighting the impact of outdated systems and limited data integration.

The growing workload isn’t just about more transactions and larger budgets. CFOs are constantly called upon to provide financial analysis, advise on strategy, and monitor compliance - all while managing their teams and ensuring accurate reporting.

The potential of AI in transforming finance

CFOs are increasingly looking to automation and artificial intelligence (AI) to lighten their load and provide insights to navigate complexity. However, the potential role of AI in finance sparks mixed opinions. Our survey found that:

• 35% of CFOs believe AI could transform their finance functions, adding significant value to the business. Another 35% see AI as a way to save time and increase efficiency but do not view it as revolutionary.

• 15% worry that AI could lead to job losses for themselves and colleagues.

Despite differing views on AI's role, the rapidly advancing capabilities of this technology are increasingly becoming a central element of CFO challenges in 2024 and beyond. When effectively integrated, AI can significantly reduce the time CFOs spend on repetitive tasks, enabling them to focus on more strategic areas such as financial planning and risk management.

Reclaiming time with scalable technology

For finance leaders looking to reduce stress, reclaim time, and refocus on strategy, the right CFO software tools can make a profound difference. AccountsIQ’s cloud-based accounting software is designed specifically to help CFOs and finance teams stay in control, increase efficiency, and support sustainable growth.

With AccountsIQ, finance teams have access to:

• Real-time insights: Live data enables finance teams to make swift, strategic decisions, identify trends, and adapt quickly in a fast-moving market—crucial for CFOs steering growing businesses

• Enhanced financial reporting and accuracy: Advanced analytics and automation remove data silos and manual errors, delivering reliable, up-to-date information that empowers CFOs to make key decisions with confidence.

• Scalability for growth: AccountsIQ offers a flexible, scalable solution that grows with your business, helping finance teams manage increased complexity without compromising efficiency.

AccountsIQ’s suite of tools helps finance leaders move from “firefighting” to forecasting, allowing them to take back control over their workdays and strategic focus.

For finance leaders who are ready to reduce stress and build a finance function that fuels long-term growth, scalable technology like AccountsIQ offers a transformative solution. Discover how in the full CFO Mindset Report - download it now!