Technology and the accounting process: When it comes to the finance function specifically, investing in new technologies to improve processes has proved a tough sell.
A recent survey of Canadian financial executives has revealed that about 40% of respondents (the majority being CFOs) have made no investment in renewing technology to support the financial close process, and add value, over the past two years. Approximately one-third of respondents do not plan to make this type of investment any time soon. This was especially true for respondents from companies with less than $25M in revenue (42% do not plan to make this type of technology investment in the next two years). For those companies that have invested, they are looking specifically to improve quality and efficiency with new workflow, collaboration and accounting systems.
Research partner: PwC
