42% finance leaders lack trust in their own data.

A recent survey conducted by accounting solutions provider BlackLine found that 42% of finance leaders do not completely trust the accuracy of their organization’s financial data. The survey polled 660 C-level and 679 F&A professionals in the US, Canada, UK, France, Germany, Australia, and Singapore. The data reveals that the lack of trust in financial data is due to various factors, including data coming from multiple sources, which leads to uncertainty about whether all data is being accounted for. The reliance on manual processes and spreadsheets, which increases the risk of human error, is also a major concern. The report also notes that despite the lack of trust, the proportion of executives who completely trust the accuracy of their organization’s financial data has increased by 7% compared to the previous year. However, there are variations in trust levels across different organizations and regions. The UK, France, and Canada were found to be particularly skeptical of their organization’s data, with 56% of British and Canadian leaders, as well as 51% of French leaders, expressing a lack of trust. On the other hand, Germany and the US had higher levels of trust in their data, with 36% and 34% respectively. The survey highlights the importance of trust in data for effective decision-making and calls for further investigation into the reasons behind the trust divide.