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What's keeping CFOs up at night?

We surveyed 500 finance leaders* to uncover their biggest opportunities, toughest challenges, and evolving perspectives on their role. The findings are distilled into eight key themes, each enriched with insights from our experts. Dive in to explore the results.

The evolving CFO role Digital transformation AI risk Talent Finance business partnering Growth and funding Strategic tax planning M&A activity

1. The CFO role is expanding

The CFO role has become more complex and diverse, covering areas that were previously outside the remit of finance. 

This shift is well underway, with an expectation for the CFO to play a strategic role in everything from HR to the digital roadmap.

We’re also seeing their role within risk management grow, as businesses face an increasingly large list of potential threats, from cyber security attacks to remaining compliant within an increasingly complex regulatory environment, which finance teams will need to stay on top of. 

Explore how the role could evolve by 2030

Next: How is digital driving this evolution?
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2. Digital systems transformation: happening almost everywhere

Although most CFOs are planning a digital transformation programme for their finance function, we’re hearing that the pressure to demonstrate return on investment has never been greater.

Yet, trying to implement these initiatives on a budget compromises the quality and speed of output – with ‘financial constraints’ cited as the top challenge they anticipate in leveraging digital.

To make technology initiatives work, CFOs need to plan well, clearly define what success looks like, and align a wide range of stakeholders. But we see many companies skip important preparatory talks and jump straight into action, turning manageable projects into high-risk ones.

Find out how to launch successful digital transformation programmes

Next: What role is AI playing in finance functions?
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3. AI: an emerging risk for finance teams

Understanding the opportunities of artificial intelligence emerged as one of CFOs’ top strategic priorities over the next 12 months – but also as the top risk they expect to face. 

There is concern around both the internal and external risks it may pose.

While we aren’t seeing industries being overtaken overnight, there is a sense of uncertainty around the risks. Before exploring the efficiencies and competitive advantages of AI, CFOs need to ensure they have a robust risk management framework that prepares them for current and future threats. 

Gain insight on navigating this growing risk

Next: How can CFOs secure in-demand skills like AI expertise?
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4. Talent: adapting to an evolving workforce

As flexible working becomes an expectation for many employees, CFOs are struggling to attract and retain the people and skills demanded by their business strategies.

We’re seeing many businesses return to traditional office-based working. This could be adding to the difficulties CFOs face to secure in-demand skills for their finance function, from ESG to AI expertise. Budget constraints around hiring new talent and upskilling the current workforce make it even more difficult for finance leaders to fill the skills gaps standing between them and growth.

Find out what it takes to attract and nurture top talent today

Next: How can you upskill your Finance Business Partners?
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5. Finance business partnering: a strategic priority

There’s increasing demand for the finance function to extend their focus from operational delivery to value creation across the business.

Finance Business Partners play a key role in this shift. They bridge the gap between finance and other areas of the business, and empower the wider business to make smarter, data-driven decisions – but getting it right comes with its own challenges. Effective finance business partnering requires a separate set of skills to most finance professionals’ day-to-day role.

Uncover four tips for more effective business partnering

Next: What steps can CFOs take to secure funding?
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6. Inorganic growth plans: access to funding is a near-term priority

Since mid-2023, lenders have cautiously returned with more competitive terms, a trend that accelerated in 2024 despite high base rates.

While the competitive terms and increased flexibility from lenders is a positive sign for CFOs, accessing funds remains challenging. The market is competitive, and the CFOs we surveyed say they continue to face a range of challenges – from a limited availability of credit options to more stringent lending criteria.

Explore how businesses can navigate lending challenges

Next: What role does strategic tax planning play?
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7. Strategic tax planning: a key part of businesses’ growth

The tax agenda is a growing priority for CFOs today.

As their role becomes increasingly strategic, they’re spending less time in the weeds and more on effective and value-preserving tax risk and governance. 

This shift has been driven by various factors.

For example, CFOs typically take a leading role in ensuring compliance with The Criminal Finances Act of 2017 and overseeing tax accounting arrangements as part of the Senior Accounting Officer (SAO) Regime.

CFOs need to fully understand how tax is managed, recorded, and compiled in their business, and by extension to consider a more strategic perspective to enhance business performance.

See how this impacts your role and what steps to take next

Next: A return to M&A activity
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8. Mergers and acquisitions: a return to M&A activity 

There was a material reduction in M&A activity over 2023 - around 15% globally - due to rising interest rates and macroeconomic factors. 

Throughout this time, we've seen increased diligence and careful deal structuring become more common, reflecting a cautious approach in the market. However, it's positive to see the tide is shifting as businesses return to the table with a more stable economic environment.

As always, CFOs should avoid rushing in. It’s important to have a well-thought-out acquisition strategy and assess your funding structure, considering the use of debt versus internal resources, to avoid overstretching financial capabilities. We often see businesses move too quickly and then needing to divest. 

Stay ahead of M&A trends with our sector reviews

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testimonial client avatar
"The remit of the CFO role is expanding. Increasingly, organisations are looking to you and your team to generate value and support growth. We hope these findings help you to take a step back and reflect on your own strategic priorities, and where you want to focus your time leading your finance function."
Simon Davidson Head of Finance Consulting

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*The CFO Pulse Survey is an anonymous survey of 300 CFOs at businesses with £50 million-£1 billion annual revenue, and 200 GFCs at businesses with more than £1 billion annual revenue. The data was obtained in H1 2024.

All respondents come from UK-based businesses across a range of sectors and regions.

This page and the articles we link to focus on the CFOs' responses. If you would like to know more about the GFC findings, please email financeleaders@uk.gt.com.