According to research commissioned by Accenture and Oracle, businesses do not fully understand the cost of their financial reporting, and 60 percent of finance professionals cannot identify the total cost.
The survey conducted by Dynamic Markets included input from more than 1,100 large organizations across the United States, Europe, Middle East and Africa, offering exceptional insight into the current state of play.
- Sixty-eight percent report inadequate visibility and 84 percent say it is difficult to control the quality of financial data and other supporting information.
- Twenty-one percent report increased costs of financial reporting in the past three years, and 60 percent are unable to articulate the total costs for their organization.
- Eighty-eight percent have experienced delays in the last 12 months when executing financial close, reporting and filing, mainly due to data-related issues.
- Late changes have affected 80 percent of companies in the last three years: and as a direct result, 22 percent have missed formal reporting deadlines.
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