Sixthfin Report on Accounting Transformation

Conducted in March 2026 by Odoxa among 303 financial decision-makers representative of mid-sized and large UK companies, the Sixthfin Accounting Transformation Report provides a unique overview of financial close practices in UK:

• Financial close processes under pressure, still insufficiently supported by appropriate tools
• A negative impact on teams and on confidence in financial statements
• AI: an ambitious roadmap for the future

Our study reveals that the issues surrounding the financial close are largely consistent across mid-sized companies (250 to 4,999 employees) and large companies (5,000 employees and above): a duration of 3 to 8 days for over 70% of both mid-sized and large companies, the same impact on workload and team motivation and the same determination to prioritise improving the reliability of accounts (67%).

Financial close: operational strain, tooling limitations and the need for a structured roadmap

A fragile operational reality​

Excel remains the central tool for account analysis and reconciliation: 67% of CFOs use it, at parity with ERP systems (67%).​

Today, only 15% of UK companies do not use either Excel or collaborative tools for account analysis and reconciliation.​

The main factors behind the complexity of the close are human and organisational: late collection of information (44%), multiple files (38%), reliance on certain key individuals (35%), and a lack of coordination between teams (34%).​

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Multiple blind spots​

Stress and exhausted teams: more than 90% of CFOs highlight the significant impact of the closing on workload and team motivation.​

Unreliable data: improving the reliability of accounts remains the top priority for 67% of CFOs in the UK…​

…while only 67% currently say they are very confident in the reliability of their figures after the close.​

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Artificial intelligence: a tool to ease team workload and stress?​

More than 75% of CFOs say they trust artificial intelligence across all closing tasks, whether for improving data reliability and detecting anomalies (80%), or reducing team workload by automating repetitive and time-consuming tasks (84%).

Turning findings into actionable levers for the financial close

These findings reflect challenges widely shared by finance departments, identified through ongoing market engagement, field feedback, and the findings of our recent study:

• Heterogeneous processes relying on siloed or poorly integrated tools
• Controls often performed late in the cycle, limiting their overall effectiveness
• Limited audit trails and exposure to manual adjustment risks of errors
• Persistent reliance on individual “key-man” expertise
• Complex coordination across multiple and diverse contributors

It is in this context that Sixthfin developed the Closing solution, designed and continuously enhanced in close collaboration with a community of Accounting Directors and CFOs:

• Structuring balance sheet reviews, account analysis, and justification processes
• Gradual standardisation of controls and best practices
• Establishing collaborative workflows to streamline communication and exchanges
• Built-in traceability of work and documentation of controls within the process
• Centralising data to reduce fragmentation and manual reprocessing

This approach, grounded in a deep understanding of operational needs and co‑creation with users, aims to support finance teams in achieving a more controlled and efficient close:

• Enhanced reliability of financial statements
• Strengthened controls and analytical reviews
• Seamless team coordination
• Improved operational sustainability

Discover the full details of the Accounting Transformation Study