Controls are daily problem in finance

by Richard Kilner

Story link: Controls are daily problem in finance

Business Control Solutions Group plc has conducted research which reveals that a staggering 94% of finance departments grapple with substantial problems on a daily basis.

The survey was completed on 28 February of this year by 35 anonymous delegates who work in various financial positions.

The biggest single problem facing finance departments is handling the information they receive each day.

Ninety-four percent of those who responded to the survey cited information flow as an issue which was very challenging.

The second largest problem finance departments struggle with is making controls both visible and efficient, with almost eight out of ten reporting difficulties in this area.

Almost as widespread an issue is too great a number of manual processes, which hinder the performance of over three-quarters of respondents.

A common obstacle that finance departments face is that different departments frequently use different systems, making it more time-consuming and difficult to properly collate all the necessary information to get an overview of the general situation, or to present financial reports.

Bettering reporting and control processes was named by 69% as the single highest priority for improving systems.

More than half of those surveyed believe that poor communications and the consequences thereof were a serious problem when offshoring.