Despite years of investment in digital transformation, finance functions remain heavily reliant on manual processes that slow down decision-making and increase risk, according to new research from finance and accounting software company bluQube.
The survey of 700 finance and business leaders found that 40% of businesses continue to manage up to half of their financial data manually. More striking still, more than a quarter (26%) admitted that the majority of their financial data is still being handled in this way.
Digital Transformation Delayed
The findings point to a widespread dependence on spreadsheets and manual entry, even as digital finance tools and automation have become commonplace. This reliance is creating significant bottlenecks for organisations, leaving finance professionals tied up in routine processes rather than focusing on analysis and strategy.
When asked where they lose the most time, nearly a third (31%) of finance teams said reconciling accounts between entities was their biggest monthly pain point, followed by the month-end close (26%) and audit and compliance reporting (20%). These time-intensive activities underline how far many teams remain from achieving true automation.
The research also highlights a confidence gap in financial reporting. While just over half (54%) of respondents said they are very confident their current processes would satisfy investor or audit requirements for accuracy and speed, nearly half (46%) expressed at least some doubt about their data’s reliability or timeliness.
The appetite for improvement is clear. A third (33%) of finance leaders said eliminating manual processes would have the biggest positive impact on their work, followed by faster consolidated reporting (26%) and improving cash flow visibility (24%).
Facing Up to the Risks of Manual Processes
The risks stretch well beyond inefficiency. Manual handling of financial data increases the likelihood of mistakes, duplication, and delays. These errors compromise the accuracy of financial reporting and reduce the confidence leaders need to make critical decisions. place in the insights they need to steer their organisations.
“Finance teams have been at the centre of digital transformation strategies for over a decade, yet our research shows many organisations remain trapped in outdated practices. Too much time is still being spent reconciling spreadsheets rather than generating insights that drive growth. Manual processes not only waste resources but also expose businesses to unnecessary risk. In a business environment defined by economic uncertainty, regulatory pressure, and heightened competition, that lack of reliability can have serious consequences. Automating financial workflows should now be seen as essential, not optional.”
Simon Kearsley, CEO of bluQube
The survey underscores the urgency for businesses to modernise their finance functions. By adopting intelligent accountancy software and embedding automation, organisations can cut down on errors, free up capacity for strategic projects and base decisions on accurate, real-time information.
- Digital Payments
- Neobanking