A recent survey by RevenueRecognition.com and IDC of senior financial executives from 578 companies, found that fewer than half are able to manage revenue reporting within their normal monthly close process. Delays of up to three weeks are caused by two factors: transactions are becoming more complex and revenue accounting data is not available in time. These problems are more pronounced at public companies - 57 percent reported making adjustments after the books were officially closed.
"This finding is symptomatic of companies not investing in revenue management processes in proportion to the complexity and importance of the problem," said Gottfried Sehringer, executive editor of RevenueRecognition.com. "Other complex financial data is readily available from enterprise financial reporting systems, but revenue - the biggest and most visible number of all - slips through the cracks. To compensate, companies are using spreadsheets, in spite of the fact that they identified spreadsheet use as one of the top challenges to ensuring their revenue policies are being applied accurately and consistently."
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