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Some CFOs don't trust the accuracy of their own data

Chief Financial Officers are under increasing pressure to deliver accurate data, which has made them insecure about the data they are accountable for.

Moreover, not having the right tools and not being able to deliver can cost them their jobs.

Those are the results of a new research released today by finance controls and automation software provider BlackLine.

According to the report, in 2015 23 per cent of CFOs said their workload wasn’t manageable. A year before that, the number was at 12 per cent. Twenty-four per cent said they were under constant pressure to deliver accurate data, but 16 per cent said they were worried the data wasn’t accurate.

To round tings off, 44 per cent said they didn’t have complete trust in the accuracy of their financial data. A year before, the number stood at 27 per cent.

The biggest problem is that the process of collecting and processing data is too complex, according to 67 per cent of FDMs questioned. A third (33 per cent) said human error was the main worry, as a lot of data needs to be input manually.

Almost a quarter (20 per cent) said their organisation doesn’t use proper data management tools.

“CFOs are under increasing pressure to deliver vast amounts of accurate data in short time frames. But without the right tools for the job, it’s no surprise that many are faltering under mounting stress,” said Mario Spanicciati, BlackLine Chief Strategy Officer. “In an industry which is already suffering from high staff turnover, businesses need to ensure they’re offering staff the right support and technology to streamline manual reporting and give finance departments more time to work strategically. This will help boost morale and enable CFOs to help drive real business value rather than getting sucked into repetitive manual processes.”

Image source: Shutterstock/winui