Accounting Technology Is Adequate ... Or Not

By Mark Brousseau

In a survey of finance leaders by Treasury & Risk magazine and Citigroup, a staggering 74 percent of respondents say accounting is the top function that is well supported by technology. Cash flow forecasting (33 percent), custody/trust (23 percent), foreign exchange (20 percent) and account reconciliation (19 percent) bring up the rear, albeit many lengths behind.

But before you accounting solutions providers get too full of yourself, it’s important to note that, in response to a separate survey question, finance leaders also pegged accounting as the top function that needs to be supported more effectively by technology (52 percent). Following close behind was business performance management at 51 percent. Other functions where finance leaders think technology could be doing a better job: cash flow forecasting (43 percent), compliance (37 percent; executives told the survey that they spend the most time on control and compliance) and account reconciliation (29 percent). The complete survey results can be found online at http://www.treasuryandrisk.com/.

How has your organization used technology to more effectively support accounting? E-mail me at m_brousseau@msn.com.