The month-end close process is error-prone and time-consuming for many companies and though accurate reporting is the goal of every organization, few finance professionals completely trust reported numbers. The results of a 2013 market survey conducted by Adra Match reveal the following
Low trust in final numbers
One third of respondents confirmed that the ability to trust the reported numbers is their company’s top priority; surprisingly, however, 72% of respondents do not fully trust their reported numbers.
Significantly, 30% of managers trust the numbers compared to only 15% of accounting staff.
Pressure to close faster puts accurate reporting at risk
An overwhelming majority of respondents (90%) indicated that they were under pressure to close faster.