Finance leaders face a software squeeze: 93% want to switch, but struggle to find the middle ground
- AccountsIQ research reveals mid-market firms want better functionality without the cost and disruption of oversized systems
AccountsIQ’s latest CFO Mindset Report has revealed that almost every finance leader in the UK and Ireland is considering changing their finance software, yet many feel “stuck in the middle” between inadequate, outdated systems and the risks of switching in cost and stress.
The survey of 1,000 mid-sized business CFOs, finance directors, and leaders at organisations with 20-250 employees shows that 93% of businesses plan to change providers, with over 60% expecting to do so within the next three months.
The survey highlighted the following reasons why finance leaders want to switch:
- Consolidation challenges: 34% need software that can consolidate multiple accounts.
- Better reporting and functionality: 30% require improved reporting, and 25% need more advanced features.
- Implementation frustrations: 29% were dissatisfied with onboarding, while 28% feel their current system can’t keep up with growth.
- Value and service: 30% want better value for money, and 20% are unhappy with customer support.
Despite the urgency, finance teams are cautious. Key barriers to adoption include board approval (35%), spiralling costs (33%), disruption to teams (31%), and previous negative experiences (27%). Hidden costs are widespread, with 95% reporting unexpected expenses from add-on tools and third-party support.
Darren Cran, CEO of AccountsIQ, said: “Finance leaders often feel they have two unappealing options: stick with software that’s too limited for their needs, or make the leap to an oversized system that costs a fortune in time and money. It’s a bit like joining an elite gym with every piece of equipment imaginable, but only ever needing a few of the machines. You’re paying a premium for functionality you’ll never really use. The good news is that there is a middle ground for those in the mid-market, and those who have found it are enjoying smoother processes, more productive and satisfied teams, and a more strategic approach to finance.”
The research highlights key challenges for mid-tier businesses: the demand for change is high, but finance leaders are seeking solutions that balance functionality, speed, and affordability – without the usual risks.
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About AccountsIQ
AccountsIQ delivers cloud accounting software for mid-market businesses. Providing automated processes that increase productivity, group accounting features and next-level business intelligence, AccountsIQ supports over 35,000 users in over 85 countries, enabling them to streamline their workflows and save one week per month via smart automation. With a go-live period 5x faster than competitors, AccountsIQ stands out in the market as an easy-to-use, cloud-native platform that delivers next-level insights and empowers better business decisions and faster results.
AccountsIQ is part of the AccountsIQ Group, which also includes the leading expense management software ExpenseIn. The Group has a combined headcount of 146 and is headquartered in Dublin with a second office in London.
