Executives plan substantial changes in how finance departments control, manage, and automate key processes.
www.RevenueRecognition.com and International Data Corp. (IDC) conducted a survey of 118 business leaders in May 2004. The results show that financial executives understand the risks associated with manual accounting processes and that the majority plans to dramatically reduce their reliance on spreadsheet based accounting processes. That's in order to increase the reliability of key financial information and tighten up audit trails. Interestingly, even privately held organizations not bound by stringent government regulations, such as Sarbanes-Oxley consider this a major initiative in the next 12 months.
Shifting from Manual to Automatic
Today, companies commonly rely on spreadsheets to perform key accounting processes such as revenue recognition, contract management, purchasing, inventory, billing and payroll. However, many businesses plan to move to more automated systems that offer tighter internal controls as well as greater transparency and insight into their companies’ financial health. According the RevenueRecognition.com survey, 80 percent of respondents indicated that they believe spreadsheets should not be the foundation for these critical accounting processes.
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