Accounting Web posted an excellent article today highlighting the fact that “nearly two-thirds of finance departments in US companies and one-half in Canadian companies are still using a manual accounting system.”
Accounting Web learned this surprising tidbit from the recently published fourth annual report from the Financial Executives Research Foundation (FERF) and Robert Half, Benchmarking the Finance Function 2013: The Inner Workings of Accounting and Finance.
The article goes on to explore ways that businesses have reduced costs and time on projects by implementing automation into their processes. As Paul McDonald, senior executive director for Robert Half, explains, “The most progressive companies are moving toward automating the process through in-house systems or Cloud and software-as-a-service solutions.”
How does your organization compare to the most progressive organizations highlighted in this report? Where do you stand on manual vs. automated accounting systems?