BlackLine has recently published a survey in the UK where it found that only 27% of financial decision makers (FDMs) trust the accuracy of their financial data ‘completely’.
The survey, conducted by Redshift Research last November, reached 250 FDMs, working in organisations with 500 or more employees and £20 million or over in annual revenue.
38% of those responding believe that financial reporting exposes their organisation to the greatest level of risk, when compared with other operations.
Reasons appointed for such results involve human error or even the deliberate decision of an employee to hide certain data. Companies are still very much utilising repetitive manual processes to accomplish complex accounting tasks.
For BlackLine though, automating financial services seems to be the way and 78% of FDMs agreed that cloud-based applications could help their organisation to reduce the costs and time needed to deploy tools for better reporting.
Nearly 100% (91%) responded that by having quicker access to the right information would help their institution to achieve better results.
On the other hand, and despite FDMs acceptance of ‘modern finance’, 28% said their company had deployed at least one cloud-based app within the finance organisation.
The report also exposed that 40% of decision makers in the UK do not have the funding to adopt new automated financial data software capable of analysing this same data.
For 2015, enterprises have elected the deployment of cloud-based applications, aka Software as a Service (SaaS), as their key focus leading to a wider adoption of ‘modern finance’.
