Many finance teams lack the necessary time and skills to complete all their work and projects, according to a survey of CFOs carried out by recruitment specialists Robert Half.

The research found that a third (35%) of CFOs cited shortage of time as having the biggest impact on how the finance team operated, followed by a shortage of key skills (24%). One in five (21%) reported difficulties in finding permanent employees with the right skills set and commercial acumen.

As a result, the survey suggests CFOs are increasingly turned to interim or temporary staff, with 31% reporting they have either 'somewhat' or 'significantly' increased the number of contract employees in their department compared with three years ago.

Phil Sheridan, managing director, Robert Half UK, said: 'Whether to provide support for daily tasks or leverage niche skill sets for technical projects, many CFOs are drafting in extra support from temporary and interim workers to help fill the skills gap.'

The survey findings also indicate that 38% of finance directors plan to improve communication between internal departments, partly as a way of encouraging collaborative efforts to launch cost-cutting measures, optimise efficiencies and extend the influence of the finance function across the organisation.