State financial officials reveal several reasons why their current financial reporting methods might leave something to be desired, in a newly released survey by Oracle and the National Association of State Auditors, Comptrollers and Treasurers. The oft-cited budget constraints, not surprisingly, don’t help public-sector fiscal executives’ other top challenges, which include manual processes, disparate data sources and wide variations in reporting needs.
The Statewide Financial Reporting and Performance Data Analysis Survey (download) was administered in order to recognize impediments in the path of state governments that aim to speed up financial reporting processes and ensure that their financial data is as useful as possible.
Executives in state government from 24 states with responsibilities in finance, including state comptrollers, financial reporting managers and accounting directors provided feedback that is reflected in the report.
Among the findings in the report:
The survey concludes with recommendations for governments looking to improve their financial reporting processes, some of which align with Oracle’s product offerings in the government space.