We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedRisk

Inefficient reporting limits financial transformation, study finds


Survey finds 68 percent have inadequate reporting systems

Article comments

Inefficient financial reporting could lead to unnecessary costs that impact on transformation projects, new research showed this week.

Less than half of the 1,123 finance teams surveyed had invested in financial reporting systems in the last three years, according to the report by Oracle and Accenture called 'challenges of corporate financial reporting'.

Basic spreadsheets and emails continue to be the main tools to record and distribute financial information with organisations typically spending only 1.5 percent of annual earnings on financial reporting processes.

Scott Brennan, Accenture's finance and enterprise performance consulting group executive director, advocated more embedded financial data management through an ERP system to break down the siloes in reporting.

“The current practices are having a significant impact on investor confidence when companies cannot articulate their financial results clearly. Any improvement on financial reporting systems will go straight through to the bottom-line,” he said.

Over two thirds of respondents admitted they have inadequate visibility of reporting processes, according to the report.

Over four fifths of finance managers reported they find it difficult to control the quality of financial data across the course of their reporting.

Share:

Recommended Articles

Comments

Inefficient reporting limits financial transformation, study finds
Risk

Managing the costs of arbitration when a deal goes wrong

Managing the costs of arbitration when a deal goes wrong

CFOs should be involved in international deal negotiations from the startmore ..


Home Depot confirms breach

Home Depot on Monday confirmed that intruders broke into its payment networks and accessed credit and debit card data of an unspecified number of customers who shopped at its U.S. and Canadian stores.more ..

Home Depot breach could potentially be as big as Target's

In what could turn out to be another huge data breach, Home Depot on Tuesday confirmed that it is investigating a potential compromise of credit card and debit card data belonging to an unspecified number of customers.more ..

EU fines Samsung, Philips and others for smartcard cartel

The companies exchanged sensitive commercial information on pricing, customers and contract negotiations, the Commission saidmore ..

The making of a cybercrime industry

And they're employing tried and tested above-board business methodsmore ..

Is there a bulwark against the rising pound for UK exporters?

Currency volatility has prompted a surge in the use of hedging tacticsmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *