New Research Finds Latest Accounting Regulations Are Significantly Driving Up Audit Costs

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LOS ANGELES, Dec. 03, 2019 (GLOBE NEWSWIRE) -- , a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced the results of a just released survey entitled “The Ugliness of the Audit.” The study, based on feedback from more than 200 financial audit stakeholders, clearly demonstrates that audits are becoming significantly more costly and burdensome for companies of all sizes and the situation is not expected to improve in the next two years. It is important to note that these cost increases are driven primarily by changing accounting rules and regulations such as ASC 606.

“The audit is an essential part of the accounting process, but it is abundantly clear that the process has become overly taxing and expensive for companies of all sizes,” said Diane Hagglund, senior research analyst at Dimensional Research. “As audits become increasingly painful and burdensome, it is driving demand for innovative software solutions that help mitigate this pain by delivering a level of sanity into the process.”

Key findings in the report include:

“This survey validates what we hear from our customers every day - the audit has become a black hole that sucks the money, time and morale from accounting teams every year,” said Mike Whitmire, CPA*, co-founder and CEO of FloQast. “FloQast’s goal is to provide controllers and CFOs with the financial software and tools that drive more efficient audits meaning less billable hours by auditors and a quicker return to focusing on what really matters, and that’s running the business.”

A complimentary copy of the report is available at .

Join Dimensional Research and FloQast for a live webinar on “The Ugliness of the Audit - and How to Avoid It” on December 11 at 11:00 am PT/2:00 pm ET during which they will walk through the survey results and share best practices for how to improve audit readiness. Register at .

To learn about FloQast close management software and how it will help your accounting team to streamline your annual audit, visit .

*inactive

Rebecca MettlerBOCA Communications for FloQast914-215-0113

 

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Globe Newswire: 16:00 GMT Tuesday 3rd December 2019

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