Finance and Accountancy Briefing

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OVER-RELIANCE ON SPREADSHEETS SPELLS TROUBLE FOR FIRMS BATTLING SOLVENCY II

Overview

Just three months after Solvency II came into effect, the cracks are beginning to show amongst firms that are filing their solvency returns for the first time, with research from our recent research showing that 73% of CFOs are concerned about their reliance on spreadsheets.


It also showed that 80% CFOs have reported a fault with their planning processes when using spreadsheets over the past year, making it clear that these cumbersome approaches are not working as efficiently as they should be.


The continuing transformation of the finance function has not been matched by progress in financial technology, which means that many departments are still heavily dependent on tools that are over three decades old. 

Tags: Solvency II, Accounting.

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