UK CFOs still rely on spreadsheets for financial close

Sixthfin has published research showing that many UK chief financial officers still rely on manual tools during the financial close, while confidence in post-close figures remains weak.

The study, conducted by Odoxa among 303 CFOs at private UK companies with 250 employees or more, points to persistent problems in account analysis, reconciliation and reporting. It found that 67% of respondents rank improving the reliability of accounts as their top priority, while more than one in three are not highly confident in the reliability of their own figures.

That matters because the close remains a core control point for finance teams. Weak data reliability can expose companies to compliance failures, damage credibility with senior management and investors, and delay the detection of fraud.

Manual burden

The research suggests spreadsheets remain central to finance operations despite broader discussion of automation and artificial intelligence. In 2026, 67% of UK companies with more than 250 employees still use Excel for account analysis and reconciliation, including 62% of mid-sized businesses and 66% of larger organisations.

Only 15% analyse accounts without relying on Excel or collaboration tools such as Teams, SharePoint or email. Accruals, manual journal entries and close calendar management are also still largely handled through spreadsheets.

The findings underline how much of the close process remains labour-intensive. They show that 57% use spreadsheets for accruals, 54% for manual journal entries and 53% for managing the close calendar.

Pressure on teams

The monthly close is also a significant source of strain for finance departments. Almost all CFOs surveyed said it affects workload, and most said it also harms employee motivation.

The data show that 97% of respondents acknowledge the impact of the closure on workload, while 93% say it affects motivation. Sources of stress were spread across several areas, including deadlines, parallel projects, poor tool quality, limited time for analysis and concerns over data reliability.

Deadlines were cited by 96% of CFOs, tool quality by 93%, parallel projects by 88%, and both lack of time for analysis and data reliability by 86%. Fewer than half of finance departments described close management as very satisfactory.

The findings depict a finance function under recurring monthly pressure, with teams expected to complete reporting cycles while handling other workstreams. That can make it harder for departments to move from basic reconciliation to more analytical work.

AI expectations

CFOs nevertheless expect artificial intelligence to play a larger role in the future of the close. The survey found broad support for using AI to automate repetitive work, improve anomaly detection, identify fraud and support financial planning.

Eighty-four per cent (84%) of respondents identified the automation of repetitive tasks as an area where AI could help. Another 80% pointed to improved reliability and anomaly detection, 79% to financial planning and 77% to fraud identification.

Yet the research also suggests confidence in AI remains tentative. Respondents were more likely to say they were fairly confident than fully confident, indicating that support for adoption has not yet translated into firm trust in the tools or the data behind them.

This creates a practical challenge for finance leaders. To automate parts of the close, companies first need stronger control over the quality and consistency of the underlying figures.

Changing role

The study also points to a shift in expectations for accountants and finance staff. CFOs said future professionals will need stronger analytical and problem-solving skills, as well as the ability to adapt to new technologies and regulatory requirements.

Half of the respondents identified analytical and problem-solving skills as the most important area for future finance professionals. Another 28% highlighted adaptability to new technologies and regulations.

That points to a broader change in the make-up of finance teams. Staff are expected not only to process numbers, but also to assess outputs from automated systems, spot limitations and validate results before decisions are made. In practice, the function is moving as much towards oversight and judgement as it is towards transaction handling.

Sixthfin focuses on risk detection and process optimisation for finance, controlling and audit teams. It said the research reflects a gap between the discussion of digital transformation and the operational reality inside many finance departments.

"The transformation of Finance functions is under way, but the closing process remains a major point of friction. It is now vital that CFOs structure and secure the analysis and reconciliation phases, so that they can rely on the quality of their financial data. In a context of increasing automation, the robustness of controls remains the ultimate safeguard for the reliability of accounts, effective risk management and credible decision-making," said Jean-Marc Allouët, Chief Executive Officer of Sixthfin.