According to a survey of 118 business leaders conducted by RevenueRecognition.com in May 2004, financial executives understand the risks associated with manual accounting processes. The majority plan to dramatically reduce their reliance on spreadsheet based accounting processes in order to increase the reliability of key financial information and tighten up audit trails.
Interestingly, even privately held organizations not bound by stringent government regulations, such as Sarbanes-Oxley consider this a major initiative in the next 12 months.
The survey revealed that an important change is taking place in terms of how finance organizations are automated. This change, even among privately held companies, is largely being driven by government regulations such as Sarbanes-Oxley. Read the results of the survey at RevenueRecognition.com.