In an effort to improve costly processes, many companies worldwide have made investments in financial reporting systems, according to a report from Oracle and Accenture. However, the report, “Challenges of Corporate Financial Reporting,” indicates that many of these investments have been reactive and not proactive, which has led to ineffective solutions and a lack of visibility, quality and confidence in financial data.

For the report, Dynamic Markets surveyed 1,123 finance professionals in large organizations, including insurance companies, in 12 countries, including the UK, United States, France, Germany, Russia and Spain, and found that 82 percent of respondents have made changes over the last three years to their close, reporting and filing processes, and 47 percent have invested substantially in at least one of these three areas over the past 12 months.

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