Finance and Accountancy Briefing

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Sorry, Wrong Number - Meeting the demand for error-free financial reporting

Overview

Even in the digital age, errors remain a significant cost of doing business. Whether caused by a misplaced keystroke, faulty accounting, bad coding or deliberate fraud, inaccurate financial results are still surprisingly common. In seven studies of field audits, investigators found that 88% of the operational spreadsheets they sampled contained errors.


In the on-going fight for consistency and accuracy, technology can be both friend and enemy. If outdated systems and ad-hoc processes are in place, taking a proactive approach to problem identification and resolution can be difficult or even impossible. However, by using technology to automate key tasks and provide a level of oversight that is no longer possible through manual means, finance departments can not only dramatically reduce the risk of errors, but also put themselves in a position to play a more strategic role within their organisations.


Read this KBRG report to help you mitigate financial errors while providing actionable reports.

Tags: Performance management.

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