Ensure Financial Reporting Accuracy with Accurate Digits

The High Costs of Financial Reporting Errors

Financial reporting errors aren’t just a nuisance — they carry strategic, financial, and reputational consequences. And in an environment where CFOs are expected to deliver clarity fast, accuracy is no longer a nice-to-have.

The Importance of Accurate Financial Reporting

Accurate financial reporting is essential to the health and credibility of any business. It enables:

For Finance & Accounting Managers and Staff: Time Lost, Trust Eroded

You're already juggling deadlines, reconciliations, and stakeholder expectations. When errors slip through — mismatched totals, broken formulas, inconsistent figures — they don’t just create rework. They slow everything down. For finance teams, that often means late nights under pressure, line-checking reports to avoid costly mistakes. It’s not that the work isn’t important — it’s that it pulls time away from more strategic contributions.

We found finance teams typically spent between 3 and 20 hours double checking half-year reports — with some cases exceeding 100 hours.

Our ASX Top 20 analysis found that manually verifying the numerical accuracy of half-year reports typically takes between 3 and 20 hours of staff time — just to double-check the numbers. In one case, the volume of manual checks approached 165 hours. And when errors are found post-release, the clean-up is more intense and trust takes a hit — internally and externally.

See how much reporting accuracy is costing your team

Find out how much time your team spends reviewing reports

For CFOs: Accuracy Is Expected — But What’s the Cost?

In our Unseen Work of Accuracy analysis of half-year reports from the ASX Top 20, we found that CFOs place significant emphasis on getting external reporting right. We reviewed 24,625 calculations and found an average accuracy rate of 99.72%, with 12 out of 20 companies passing every numerical check. 

But that level of precision comes at a cost: manual verification typically costs $1,000–$6,000 per report, and in one case, approached $50,000 — purely for checking the numbers, not preparing them.

That level of accuracy comes at a cost. Manually verifying half-year reports typically costs $1,000–$6,000 — and in one case, up to $50,000.

Yet this effort is almost entirely focused on public reporting. Internal reports — board packs, forecasts, management accounts — often don’t receive the same diligence, despite shaping key business decisions. They're not audited, not published, and yet they guide capital allocation, pricing, and hiring. And when they’re wrong, the consequences can be greater than any external mistake.

Explore our ASX 20 research on reporting accuracy

Find out the cost of reviewing your financials

Manual Checks Are No Longer Enough

Traditional manual review processes can’t keep up with today’s reporting expectations. They’re

• ⏳ Time-Consuming: Finance teams spend hours validating figures, cross-checking totals, and reconciling reports.
• ⚠️ Error-Prone: Even experienced professionals can miss issues — and the smallest mistake can have outsized consequences.
• 🧩 Hard to Scale: As reporting requirements grow in complexity, manual methods struggle to keep pace, especially across multiple entities or reporting cycles.
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At the same time, regulators, auditors, and investors are getting better at spotting errors — using more sophisticated tools, deeper analysis, and heightened scrutiny. The bar has been raised. And that’s why more teams are turning to Accurate Digits to automate the review process and stay one step ahead.

⚖️ Manual Review vs. Accurate Digits

What Our Users Are Saying

We’ve reviewed thousands of pages of financial reports — including full annual and half-year statements — and one thing is clear: accuracy still takes far too much effort.

What Finance Teams Are Telling Us

“We spend days rechecking numbers, but still worry we’ve missed something.”
“Accuracy matters, but it shouldn’t consume this much effort.”

These are the pain points Accurate Digits was built to solve. In many cases, our platform can verify over 500 calculations in just a few minutes, surfacing discrepancies that would otherwise take hours to catch manually.