An online survey which was carried out among 82 companies by Oracle Corporation shows that 51.2% of these companies miss reporting deadlines due to over-reliance on spreadsheets.
â€œThe report suggests that a lack of investment in consolidation software in particular and financial software in general results into ineffectual financial reporting and missed key deadlines,â€ said Oracle Regional Director for Turkey, Central Asia, West and East Africa Gurhan Kalelioglu.
The research also revealed that 23% of companies had invested in financial software in 2012, 35.36% in the past three years, and 41.46% more than three years ago.
â€œKenya is a vibrant market with many companies growing steadily. Their financial software should be up to date if they are to produce reports to the satisfaction of shareholders and other stakeholders, as well as comply with global standards,â€ added Kalelioglu.
â€œWith businesses still looking to invest, our advice is clear. Take the time to find a truly effective solution that can address data integrity issues and optimize processes. By doing so, finance organizations can be more efficient, while accuracy can improve and reports are more likely to be completed on time,â€ he added.