Majority of UK CFOs require six-day week amid stress

A recent survey conducted by AccountsIQ has revealed that a significant majority of Chief Financial Officers (CFOs) and finance leaders across the UK and Ireland experience the need for a six-day work week to manage their responsibilities effectively.

The survey encompassed responses from 260 CFOs and finance leaders, highlighting that 85% of them find it necessary to dedicate an extra day in their work week. This requirement comes amid increasing pressure to adopt a four-day work week and more flexible working conditions, as advocated by governmental and business sectors.

One of the major findings of the study is that approximately 25% of these professionals feel overwhelmed by the financial challenges they face multiple times a week, while 63% report experiencing overwhelm several times each month. This suggests a considerable level of stress and a sense of losing control over their professional duties.

When CFOs were asked about the main concerns that keep them awake at night, 40% cited inflation and rising costs impacting profitability, cash flow and credit control, and revenue and profit targets. Cybersecurity threats and the accuracy of financial reporting were other notable concerns, selected by 36% and 29% of respondents, respectively.

The feeling of being out of control in their roles is prevalent among CFOs, with 76% admitting to not entirely controlling their company's financial health. In response to this, 40% have resorted to working longer hours in an attempt to resolve issues, while 36% report increased stress and anxiety. Meanwhile, 25% are concerned about the precision of their financial reporting, and 24% are feeling pressure from stakeholders or investors.

Despite the challenges, Darren Cran, CEO at AccountsIQ, suggests a pathway to improvement. "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," he said.

The survey further reveals that 60% of finance leaders state that their finance function is evolving, although the same percentage finds it only somewhat adequate to support expected growth over the next three years. This indicates a potential gap in readiness that could affect organisational performance.

In addition, over half of respondents (54%) feel that their organisation lacks the necessary information and analysis for making informed business decisions, suggesting an area needing improvement for successful business progression.

Darren Cran emphasised the necessity for scalable technology to support these financial professionals: "Long term and healthy growth is essential for businesses of all sizes," Cran continued. "However, achieving this with an overstretched finance function will always be a challenge. CFOs need scalable technology that can support them as they grow, removing tedious growing pains in the finance function."

When it comes to adopting new technologies, such as artificial intelligence, opinions among CFOs are mixed. A third (35%) believe AI will transform their financial capabilities, adding more value to their business, while an equal percentage view AI as merely a tool for saving time and increasing efficiency. However, 15% are concerned that AI could result in job losses for themselves or their colleagues.