According to research commissioned by Oracle and Accenture, the majority of companies worldwide have made substantial investments in financial reporting systems intended to improve their close, reporting and filing processes. However, the investments have been made ad hoc, leaving businesses with ineffective solutions and a lack of visibility, quality and confidence in their financial data.
The survey, conducted by Dynamic Markets, included input from more than 1,100 large organizations across the US, Europe, Middle East and Africa offering exceptional insight into the current state of play.
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- 68% report inadequate visibility, and 84% say it is difficult to control the quality of financial data and other supporting information
- 21% report increased costs of financial reporting in the past three years, and 60% are unable to articulate the total costs for their organization
- 88% have experienced delays in the last 12 months when executing financial close, reporting and filing, mainly due to data-related issues
- Late changes have affected 80% of companies in the last 3 years and as a direct result, 22% have missed formal reporting deadlines
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