Financial services professionals may be suffering from misplaced confidence about the accuracy of their data, according to a recent poll.
Software vendor Advanced Business Solutions (ABS) surveyed 104 professionals working in finance, fielding responses that suggested many falsely believe their accounts receivable, accounts payable, and general ledger data is correct.
"In addition, 77 per cent have confidence in the accuracy of their fixed-assets data," the vendor said in a release. "However, further analysis suggests that this confidence is misplaced."
In the vendor poll, reported in a white paper entitled Making the Numbers Add Up, about 43 respondents (42 per cent) also said accounts receivable data lags behind reality by more than one day. More than half conceded that was the case for accounts payable, general ledger, and fixed ledger data. Most appeared to rely heavily on spreadsheets.
"A startling 77 per cent of respondents used spreadsheets as part of both their accounts receivable and general ledger processes," ABS said.
Rachel Ainsworth, senior research manager at SourceforConsulting, the company that carried out the survey for ABS, said it was important for organisations to have an honest review of their financial records and related procedures for updating them.
"Data needs updating in a timely fashion and the use of unreliable and time-consuming tools such as spreadsheets should be replaced with smart, automated technologies," she added.
Infrastructure provider says international sales now make up 51 per cent of its revenue
Suzanne Chappell of TMS plans sailing venture after selling Oxfordshire-based TMS to acquisitive Chess
Withdrawal of credit insurance by some providers a 'reflection' of current challenge facing IT sector, according to MD Steve Soper
SMART's UK managing director joins Lenovo to boost SMB business