TechnologyAccounting SoftwareSoftworld survey points to reporting pressure

Softworld survey points to reporting pressure

Speed and efficiency of financial reporting is top of the agenda for finance professionals, according to a survey carried out by Softworld Accounting & Finance.

Link: Softworld special report

Over 80% of those surveyed currently use technology to help with reporting and planning, while over 90% said improving management information systems was key to meeting the new regulatory environment.

‘The pressure on the finance function has increased dramatically,’ said Scott Parker, managing director of financial management consultancy Parson Consulting. ‘We’ve had the Sarbanes-Oxley Act in the US, theSmith report on the role of audit committees, as well as the DTI ruling on audit and accounting practices. The focus on reliability, efficiency and speed has never been more important.’

He went on to say the greater responsibilities of audit committees meant the finance team had to be able to justify every number quickly, and, crucially, at any time.

‘Companies were content disclosing their financial information to stakeholders five to ten days after the close of each month,’ he said.

Reporting was accepted as a time-consuming process that required a fixed amount of resources. ‘This is not an option anymore,’ he added.

The spring Softworld Accounting & Finance show takes place on 5 and 6

March at the Grand Hall, Olympia, London.

It features around 100 software suppliers, as well as a packed programme consisting of vendor seminars, breakfast briefings and master-class sessions.

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