Financial Reconciliation Process Fraught With Flaws; Staff Confidence in Numbers Lower Than Managers
BOSTON, MA--(Marketwire - Feb 27, 2013) - Severe flaws in month-end reconciliation processes create distrust in finance departments in the U.S. and Europe, leaving only 28 percent of respondents able to trust the reported numbers, according to a survey of hundreds of financial professionals worldwide, Adra Match (www.adramatch.com), a global software firm specializing in advanced data matching and reconciliation management, announced today.
The Financial Close Benchmark Report, completed by surveying more than 300 finance professionals over the past three months, paints a picture of finance departments frustrated with the conflicting demands of accuracy and pressure to close each month's books quickly.
The corporate balance sheet is required to provide an accurate picture of a company's figures. But all too often the month-end close process is an error-prone and time-consuming scramble, the Financial Close Benchmark Report reveals.
Important highlights of the survey include:
"No matter where you go in the world, speed and accuracy are big challenges as new corporate governance regulations put increasing pressure on finance departments to ensure total visibility, traceability and central control. Surprisingly, nearly three-quarters of respondents reported they do not trust their figures," said Martin Thunman, CEO, Adra Match.
Improving reconciliation management routines is one of the top three technology initiatives for financial organizations, as reported in the Gartner FEI Technology Study, May 2012. "As CFOs become increasingly aware of the serious challenges revealed in the Adra Match survey, this trend is certain to remain strong," added Thunman.
Differences between the U.S. and Europe
The survey also uncovered some notable differences between the U.S. and Europe. The highlights include:
Copies of the Financial Close Benchmark Report with the results from the survey are available here: http://info.adramatch.com/DownloadedMonthlyCloseSurveyAdraMatch.html.
ABOUT ADRA MATCH
Adra Match has 20 years' experience in providing software for advanced Data Matching and Reconciliation Management. Our products are primarily used by accounts departments to automate reconciliations. Automatic reconciliation helps organisations to work smarter and quicker, with better control and accuracy. Our solutions streamline and standardise accounts departments and give them an overview of the company's balancing process at all times. Adra Match has its headquarters in Oslo, Norway and offices in Boston, Sweden, Denmark and United Kingdom. Among our 3,000 customers are Hertz, GE Capital, Old Mutual, IKEA and Telenor. Visit us at www.adramatch.com.
Contact Information:
For more information, contact:
Steven Webster
Birnbach Communications for Adra Match
swebster@birnbachcom.com
617-512-8635