Its research - which questioned more than 150 financial directors in UK companies with a turnover of between £30 and £60 million about their working lives - reveals that only 69% of companies enjoy internal reporting and management accounting that is fully integrated within the financial accounting system. This compares with much higher figures for other accounting functions: 88% for revenue and cost analysis, 87% for sales ledger and 96% for purchase ledger. As a result, IT is not serving the needs of the financial director, whose time is taken up struggling with inefficient systems, rather than concentrating on strategy, said Square Sum.The survey showed that FDs spend around 1.5 hours a day answering queries from other departments and providing management reports, but fewer than 7 in 10 are assisted in this activity by their IT systems - despite the fact that internal reporting and management accounting is a key concern for FDs. Even the areas that are automated are not making the FD's life easier.As a result, finance directors do not have enough time to spend on strategy, even though strategy is seen as more important than ever, said the company.
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