Are you an accountant that is pulling out your hair from over demanding deadlines, ineffective processes, an over-reliance on spreadsheets and inaccurate reporting? Well, youre not alone. Fifty-three percent of accountants reportedly clock in overtime hours during a period close, according to a new survey by financial software provider UNIT4 CODA.
More than 66 percent of the surveys respondents said an average close period takes over five days to complete and more than 55 percent of them are expected to get it all done in five days.
Results also showed that 53 percent of finance departments do more than 20 percent of their close period activity manually via spreadsheets.
And, 70 percent of respondents reported that inadequate reporting from their financial systems was a source of stress.