Not every business has automated their finance function. If your finances are simple – your customers’ average payments terms are low and your DSO is under control – that may be okay.
But automation is crucial when keeping tabs on more challenging financial forecasts, according to a survey of nearly 150 treasury leaders from large companies. Of those with a DSO of more than 60 days, 23% are automated and just four percent report no automation.
Similarly, when credit terms get stretched to more than 60 days, only 6% of respondents report operating without automation.
The data is based on a survey of 148 CFOs, Treasurers and VPs of Finance from large companies (minimum revenue $100 million; median is just under $1 billion). A more detailed analysis will be reported in the coming month.
