Inefficient Period Close Processes Are Major Cause of Accountant Stress, UNIT4 CODA Survey Finds

Accountants Endure Heightened Stress Levels Due to Lack of Time and Inefficient Systems

MANCHESTER, NH--(Marketwire - May 25, 2010) - UNIT4 CODA Inc., the financial software specialist (www.unit4coda.com), today released survey findings demonstrating the stressful personal impact of inefficient period close processes on accountants. Contributing factors include being held to unrealistic deadlines, ineffective processes, an over-reliance on spreadsheets and inaccurate reporting. The survey also revealed that among the top contributors to stress was the apparent disconnect between executive management teams and accountants.

Over 66 percent of the survey's respondents(1) said an average close period takes over five days to complete, but the survey also revealed that more than 55 percent of accountants are expected to complete a close in a maximum of five days.

With tight management deadlines to meet, efficient systems and processes need to be in place in order to ensure accuracy and speed. However, the survey results also revealed that 53 percent of finance departments do more than 20 percent of their close period activity manually via spreadsheets, leaving larger room for error and a requirement to improve automation.

Other key findings include:

70 percent of respondents reported that inadequate reporting from their financial systems was a source of stress.
58 percent of respondents spent more than four hours reconciling subsystems to the General Ledger with 25 percent of respondents taking two days or more.
53 percent of accountants reported clocking in overtime hours during a period close
"Our research proved that even despite so-called advances in technology, many firms are still struggling with cumbersome processes and spreadsheet stress when it comes to the period close," said Steve Pugh, UNIT4 CODA CEO. "Our CODA Link™ architecture simplifies and eliminates many of the unnecessary and manual aspects of a typical close process. Unlike the batch or multi-module ERP designs prevalent in most accounting systems today, our unique single ledger financial model eliminates time lags, sub-ledgers, data fragmentation, reconciling and unnecessary integration between subsystems. For example, our customers spend absolutely no time reconciling their Accounts Payable and Accounts Receivable systems to the General Ledger -- their systems are always in balance and up to date."

(1) UNIT 4 CODA conducted survey of approximately 238 accounting professionals, May 2010

About CODA Financials
UNIT4 CODA's best-of-class finance software, CODA Financials, is designed for complex, fast-changing business environments. It improves finance processes including accounting, procurement, reporting and analysis, and helps organizations improve their compliance and corporate governance. Its unique Link™ architecture ensures smooth integration with other applications and enables real-time visibility and control across people, processes and systems. Around 2,600 medium and large organizations across all sectors use CODA Financials to control costs, drive performance and ensure compliance while remaining agile and responsive.

----------------------------------------------------------
Press Contact Info:
Sherri Gray
UNIT4 CODA, Inc.
Phone: 877 700 2632
Fax: 603 471 1717
Email: info.coda.na@unit4.com
Website: www.unit4coda.com

About UNIT4 CODA, Inc.
UNIT4 CODA Inc. is part of UNIT4, a $517 million global business software company that creates, delivers and supports adaptable business software and services to help dynamic organizations manage their business needs effectively. We strive to set the global standard for business solutions that enable dynamic organizations to embrace change -- simply, quickly and cost effectively. www.unit4coda.com

Printer Friendly

Email Page

Sponsor Message