Doing manual calculations was the root of where most of the mistakes began, as well as the sheer volume of work, while the complexity of tasks led to the errors in most instances, revealed research by Gartner.

‘In the past three years, 73% of accountants report that their workload has increased because of new regulations, and 82% say economic volatility has increased demands for their work’, explained Mallory Barg Bulman, senior director at Gartner Finance Practice.

The sector is struggling to recruit new talent and retain current employees, also leading to an increase in the workload.