Accounting: reliance on spreadsheets waning, survey suggests.

• Author: Marshall, Jeffrey
• Position: BusinessBriefs - Brief Article

Are smaller companies prepared to make the shift from spreadsheet-based accounting processes to more automated systems? A recent survey suggests that they are.

According to a survey of 118 financial executives conducted by RevenueRecognition.com and International Data Corp., many working in small to mid-market businesses (SMBs) understand the risks associated with manual accounting processes that are predominantly spreadsheet-based and plan to "dramatically reduce" their reliance on spreadsheets--even within the next 12 months--to increase the reliability of information and tighten audit trails.

In fact, the survey found, 80 percent of respondents believe spreadsheets should not be the foundation for such critical accounting processes as revenue recognition, contract management, purchasing, inventory, billing and payroll.

The report concludes that 40 percent fewer SMB respondents expect to be using spreadsheets for...