Summary
The 2023 SMB CFO Sentiments Survey Report outlines the current challenges faced by CFOs in small and medium-sized businesses. It highlights that 55% of CFOs predict a recession within the next 12 months, with rising interest rates being a primary concern for 52% of respondents. Despite these economic challenges, CFOs are increasing their spending on finance and accounting software, with an average projected spend of $54,000 in 2023, reflecting a 14% increase from the previous year. The report details the reliance on Microsoft Excel for various financial tasks, indicating that one in three small businesses still use it as their primary tool. Additionally, the survey reveals that 78% of CFOs prioritized accounting and ERP systems in 2022, with a notable shift towards valuing peer reviews over price in software selection. The findings aim to provide benchmarks and insights for CFOs navigating the complexities of their roles in the current economic climate.
