Excel Reliance Erodes UK Finance Leaders’ Trust in Close Data

The financial close is a critical control point for figures presented to boards, investors and regulators. Yet many finance teams still depend on Excel, email and collaboration software for account analysis and reconciliation. Fragmented files, manual entries and weak version control can raise the risk of errors, audit gaps and reporting delays, turning close-process modernisation into a governance priority as companies invest in automation and artificial intelligence.

Sixthfin commissioned Odoxa to survey 303 finance leaders at UK private companies with at least 250 employees in March 2026. The findings, reported by The Fintech Times on May 27, showed 67% still use Excel for account analysis and reconciliation, while more than one in three lack high confidence in post-close figures. The operational strain is also widespread: 97% said the close affects workloads and 93% reported an impact on employee motivation.