Research which has been conducted by software provider SquareSum, revealed that only 69% of companies enjoyed internal reporting and management accounting which were fully integrated within their company financial accounting systems. As a result, FDs struggle with inefficient systems rather than concentrating on strategy. FDs spend an average of 1.5 hours a day answering queries from other company departments, but few said they were assisted by their IT systems. As a result FDs only spend restricted time on strategy. Robert Dearing, FD of Twickenham Plating, said: 'I have had three accounting packages in the last ten years and to get the ideal package I would take aspects of each one. As a rule they are not flexible enough.' The research questioned more than 150 financial directors of UK companies with a turnover of between &£163;30m and &£163;60m. 'IT is still not serving the needs of many finance directors,' said a spokesman for Square Sum.
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