In this report, MGI finds that the importance of automated revenue accounting in the COVID-19 era extends well beyond finance. Sales needs insights to prioritize selling products and services that deliver immediately recognizable revenue. Senior executives, board directors, and investors want on-demand cash and financial projections. CFOs and senior finance execs need agile tools that can react with speed and precision to changes in regulatory mandates, accounting treatments, and the competitive environment.
In the meantime, finance departments will continue to strain under the pressure to support the business during a highly uncertain economic landscape. Many organizations today are still reliant on reporting tools, processes, and legacy financial systems. Despite its known limitations as a production tool, Microsoft Excel remains the dominant revenue recognition tool within finance.
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