A new survey exploring the challenges and experiences of finance departments in British businesses has been unveiled, with findings revealing legacy technology is having a detrimental effect on productivity and accuracy. More than half of respondents stated they are still using legacy OCR technology, and of those, a huge 98 % admit this results in errors or requires manual intervention.

ommissioned by Open ECX, a leader in financial

C process automation software, the survey of 810 managers working in finance departments in companies with 250 + employees, found that while 14 % of those using legacy OCR technology state it is rare for it to produce errors or require manual intervention, a substantial 84 % admit it happens most or some of the time.

For what is often considered the engine room of most organisations, such inaccuracies within the finance department could not only present a major risk to the business but also have a negative impact on the productivity levels of the finance teams who must then painstakingly work to resolve the errors. how widespread the use of legacy OCR technology is, and worryingly, the negative effect it is having on both productivity and accuracy within finance departments.

“ It is clear that many finance teams are struggling with time consuming, manual processes resulting from outdated and complex technologies; the knock-on effect is unmotivated staff and disgruntled suppliers who are being forced to deal with these queries and errors, and ultimately, growth and productivity being held back.”

The research also revealed that over twothirds( 78 %) of respondents are having to intervene in between 21 % and 80 % of their supplier invoice processing, and nearly one-third( 31 %) are manually intervening in the majority( 60 %+) of their supplier invoices. Only 13 % can claim they have to manually intervene in less than 20 % of their supplier invoice processing.

Additionally, over half( 54 %) say their supplier statement reconciliation takes more than one working week( at least six days), and one in ten( 11 %) say it takes two-three weeks( 11 – 15 working days).

“ The level of manual intervention required in the finance and Accounts Payable( AP) function raises major concerns around the significant time being wasted on administrative jobs that could and should be tech-driven,” said Ollier.

“ Automation has the potential to completely transform the finance and AP function, and as such, must become a priority for businesses if they are to capitalise on the core skills of these teams. Only then can they ensure they are delivering value and cost efficiencies for the business, rather than being burdened by lengthy and needlessly complex administrative processes.”

Nathan Ollier, CEO at Open ECX, said:“ At a time when businesses and finance teams are under huge pressure to keep costs down, further compounded by the recently announced employer tax and page increases, it is alarming to see

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