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9 in 10 S'porean finance leaders spend their time on manual back-office tasks

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Stripe released a new study that explores how finance leaders are coping amidst changing economic conditions, AI emergence, and pressures in profitability.

89% of finance leaders in Singapore spend more than half of their time on these manual back-office tasks significantly higher than their peers in other Asia Pacific markets including Japan and Australia , a study released by Stripe revealed.This focus on manual tasks not only costs finance teams their time, but also increases the risk of errors.

36% report having to reopen their books or restate earnings at least once a quarter because of errors that were made after their quarterly close. These issues can add extra work for finance teams, slow down decision-making, and damage a business’s credibility. Consequently, automation of financial tasks becomes an investment priority for 40% of finance leaders in Singapore, second only to the digital transformation of go-to-market and sales at 42%. Other key areas of investment focus are cloud technologies at 39% and better use of data pipelines and data lakes at 39%.

Source: News Formal (newsformal.com)

 

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