39% of finance bosses experience delays in month-end reports

More than a third (39%) of UK finance decision-makers plan, manage and take over a week to prepare and submit month-end reports, according to research by Iplicit.

Iplicit’s survey, which sought the opinion of 1,000 UK-based finance decision-makers working in organisations that employ between 50 and 500 employees, also revealed that almost one in five (17%) reported that it can take more than a fortnight to complete month-end reports, with unreliable data being the most significant cause of delay. 

According to the accounting software provider, delayed month-end reporting places “additional and unnecessary” pressure on finance teams, as well as creates a significant business risk by not providing crucial financial information to business leaders in a timely manner. 

The report also highlighted additional stumbling blocks in delivering month-end accounts, with 18% reporting having unreliable data that needs checking and 17% reporting needing to work across multiple incompatible systems and data points, and having a lack of internal resources

Paul Sparkes, commercial director at Iplicit, said: “Spending longer than needed on month-end reporting significantly eats into precious time and resources – both of which have significant bottom-line ramifications for organisations regardless of their size, or sector.

“A lack of rapid insight into business performance is not only hugely frustrating, but it creates a significant risk which is not something any business should tolerate. I question whether UK finance decision-makers are being held back by their accounting and finance systems and processes.”

He added: “Missing and unreliable data will clearly create frustration amongst finance decision-makers. Without careful consideration of how to address these challenges, finance departments could be facing the perfect storm of dealing with unreliable data, lack of resources and inefficient systems to generate their month-end reports.”