More Than 40% of C-Suite Execs and F&A Professionals in Singapore Do Not Completely Trust Their Organisation’s Financial Data
More than 40% (41%) of C-suite and Finance and Accounting (F&A) professionals in Singapore do not completely trust the accuracy of their organization’s financial data. Confidence in cash flow visibility also remains stubbornly low, making it difficult for organizations to respond to unexpected market changes, according to a survey commissioned by digital finance transformation leader BlackLine, Inc. (Nasdaq: BL).
The survey of over 1,300 C-suite and senior finance and accounting (F&A) professionals in the US, Canada, UK, France, Germany, Australia, and Singapore reveals a heightened sense of concern over the uncertain business landscape and their ability to navigate it successfully.
Singapore organizations grappling with trust issues in their financial data
In Singapore, top worries include another global financial crisis (93%), cybersecurity threats (90%) and the impact of new disruptive technology on their business (86%). When asked what would help their company respond to such unpredictable events, the ability to access and analyze financial data in real-time (53%) was chosen as one of the most important factors.
Yet, 41% admitted they do not completely trust their own data. Levels of trust are even lower for those closer to the numbers, with 45% of senior finance and accounting professionals indicating they do not fully trust the financial data they are working with. Additionally, a staggering 100% of overall Singapore respondents confirmed they do not have complete confidence in the visibility their organization has over its cash flow.
“Trusting the data organizations work with is critical for effective decision-making, not only for the Office of the CFO but for the entire business ecosystem. This is especially important when dealing with external events that are difficult to predict or hard to control,” said Nikhil Parambath, Regional Vice President, Asia at BlackLine. “However, when trust and confidence in the financial data is not nearly as strong as it should be, this can make it difficult for leaders to make fast, effective, data-driven decisions.”
Insufficient visibility undermining Singapore business responsiveness
The lack of confidence in cash flow visibility is causing challenges for business responsiveness. Over half (56%) of overall Singapore respondents are concerned they are making decisions based on inaccurate or out-of-date information and 45% believe that limited cash flow visibility makes it harder to respond to market fluctuations.
Manual processes and the potential for human error are also creating challenges for organizational preparedness and decision-making. Over two-thirds (70%) of Singapore respondents stressed that the overwhelming volume of manual, day-to-day work leaves little or no time for proper financial planning and analysis. At the same time, 73% state that manual work leaves their organization vulnerable to errors that could undermine business decision-making.
Organizations’ reliance on manual processes limiting trust
When asked why they did not completely trust their organization’s data, over a third (37%) of Singapore respondents said the data comes from too many different sources, meaning they cannot be certain that all data is being accounted for. Other reasons include not knowing the competency of everyone who inputted the data (30%), a reliance on clunky spreadsheets that leave F&A teams in the dark until month-end (27%) and outdated processes, including manual data collection which is prone to human errors (25%).
In acknowledging the myriad of challenges with manual work, Singapore C-suite and F&A leaders feel that modern business has to embrace new technologies like AI to streamline their financial operations, with a majority of respondents saying that cloud computing (85%), generative AI (88%), and new kinds of AI (85%) are essential for improving business resiliency in the face of future disruption.
Parambath shared: “When we look at what is undermining confidence in financial data, we repeatedly find that ineffective, manual processes are the problem. Businesses have invested in technology solutions in recent years, including emerging forms of AI, but it’s clear that too many are still reliant on manual processes for a significant portion of finance and accounting work. Companies need to embrace modern, next-generation solutions that automate cumbersome processes, such as financial close, consolidation, invoice-to-cash, and intercompany, and give them complete visibility and control over their financial data. These will be indispensable assets in navigating the terrain of the future and building resilience for future success.”
A detailed white paper on the survey findings can be found here.
Survey Methodology/Notes for Editors
The research was conducted online by Censuswide, surveying 660 C-level and 679 F&A professionals in seven markets (US, Canada, UK, France, Germany, Australia, and Singapore), with minimum annual revenues as follows:
- US: 150m USD
- Canada: 50m CAD
- UK: 50m GBP
- France: 50m EURO
- Germany: 50m EURO
- Australia: 20m AUD
- Singapore: 20m SGD
