As accounting leaders use technology to increase efficiency and reduce workloads, they are finding further benefits in the form of improved accuracy and quality.

For example, while lease accounting presents many opportunities for errors — affecting both financial reporting accuracy and strategic decisions made by businesses — the role of technology in eliminating mistakes and enhancing quality has never been more pronounced.

A recent research study by Gartner highlights how the adoption of new technology significantly reduces error rates among accountants, with 18% of them acknowledging making financial errors daily and more than half experiencing multiple errors monthly. This study, which surveyed 497 professionals in controllership functions in July 2023, highlights a pressing challenge within the industry. These mistakes add to the rising pressures faced by accountants, including increased workloads due to evolving regulations, economic uncertainties and staffing shortages. 

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