Standards falling among UK finance teams
Research carried out on delegates at last Autumn's show revealed that even fewer finances teams in the UK are meeting company reporting requirements.
Link: Softworld special area
In June 2003 a little over a third of finance teams (35%) were compliant with standards, with this worsening to just 28% by the end of last year.
The main problems faced on a daily basis include cashflow management, regulatory compliance, providing timely information, lack of accurate information, budgeting & forecasting and lack of integration between departments.
‘Interestingly many accounting and finance professionals are still in the same position they were six months ago’ said Liz Wood, portfolio director for Softworld Accountng & Finance.
‘With the deadlines for regulatory compliance looming, it is imperative for professionals to keep up to speed with the latest developments as well as educating themselves on the technologies and processes available to help them achieve this.’