Business & Technology
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.
Business & Technology
Mouse droppings found in Oxford city Chinese restaurant
Ten Seconds Yunnan Rice Noodle in New Inn Hall Street was inspected by Oxford City Council on May 26.
Inspectors subsequently handed the Chinese restaurant a rating of two out of five, meaning “improvement necessary”.
According to the report, received by the Oxford Mail after a Freedom of Information request submission, officers identified a series of concerns, including evidence of mouse activity.
The report states that mouse droppings were found throughout the business in two food storage rooms and the bar area.
In one of the storage areas, mouse activity was present where noodles were kept in plastic carrier bags and potatoes and onion were left in the open.
“Historic” mouse droppings at Ten Seconds Yunnan Rice Noodle (Image: Oxford City Council)
Inspectors said pest-proofing measures were “not great” and identified a hole beneath a sink in the bar area which could potentially allow pests to enter the premises.
In the report, the inspector said: “At the time of the inspection, I observed a number of historic mouse dropping in both the food storage areas.
“The most recent pest control report mentions no mouse activity in any of the food storage areas.
“All areas where food is prepared and stored must be kept clean and capable of being kept clean. This is so that pests are not attracted into your premises and the risk of food being contaminated by dirt is minimised.”
They advised the owner to remove all historic mouse droppings within the food business and continue to identify any issues of pest proofing within a month.
A hole where pests could have entered underneath the sink (Image: Oxford City Council)
The business was instructed to remove the droppings and improve pest-proofing measures where previous temporary work had failed.
Food storage issues were also highlighted during the inspection.
In an “overfilled” fridge, officers found raw chicken stored above ready-to-eat foods, including uncovered beans and spring onions, which could cause cross-contamination leading to food poisoning.
That same fridge, which stored items such as cooked rice, chicken ballotine and prawns, was above the required eight degrees, raising concern about food poisoning.
A large number of food containers were also unlabelled, despite the food looking fresh.
The officer insisted a “robust system for ensuring adequate stock rotation” was implemented and recommended all food be kept in sealed, pest-proof containers.
An overfilled fridge which was measured above safe temperature (Image: Oxford City Council)
No food-safe sanitiser or disinfectant were available on site, only a kitchen cleaner which they said did not provide adequate disinfection.
Despite the concerns, the report noted there had been a “huge improvement” in cleaning standards since the restaurant’s previous inspection.
The business also had a food safety management system in place and a pest control contract with Pure Pest Solutions.
The council has required a range of improvements, with compliance timescales ranging from one week to one month with a revisit inspection planned.
Business & Technology
Oxford startup secures Innovate UK Women in Innovation Award
Oxford-based Peripear has secured an Innovate UK Women in Innovation Award and a £74,974 grant for its development of a wearable device designed to prevent perineal trauma during labour.
The funding will support continued product development ahead of the company’s planned first-in-human study.
Nina van Schaick, co-founder and COO of Peripear as well as a midwife who trained at Oxford Brookes, said: “I’m sure I wasn’t the only one to see this gap.
“I was incredibly lucky to meet my co-founder, Eviatar Natan, right as my frustration about the lack of translation of evidence into practice had peaked.
“There was a proven mechanism that could reduce injuries occurring in up to 90 per cent of vaginal births, and it was being left out of clinical pathways simply because no standardised tool existed to deliver it.”
Peripear is developing what it describes as the world’s first automated perineal thermotherapy wearable, designed to prevent perineal trauma during childbirth.
A perineal thermotherapy wearable is an emerging medical device.
It is a hands‑free warm compress device used on the perineum during the second stage of labour to reduce severe tearing and episiotomies while improving maternal comfort.
Ms van Schaick added: “I’m a farmer’s granddaughter, and when I started practising over 14 years ago, I asked: where is the tool I need to implement this evidence? I looked around and realised we were still asking clinicians to improvise.
“Peripear is what happens when the person who has lived the problem, both personally and professionally, meets the person who can help her build the solution.”
Business & Technology
UK bike manufacturer on brink of £30m collapse after 139 years
The company behind bikemaker Raleigh, which was founded 139 years ago and has supplied bikes to the UK’s cycling city of Oxford over the years, has filed to appoint administrators.
Accell UK and Ireland, part of Netherlands-based Accell Group, filed a notice of intention to appoint administrators as the wider group kickstarted insolvency proceedings.
This follows a difficult spell for Nottinghamshire-based Raleigh, which confirmed job cuts in 2024 before reporting a £30m loss in financial accounts published the following year.
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The boss of Accell said it was a “deeply sad and frustrating situation” and that it had “tirelessly explored” every option for the future of the cycling business.
The company bought Raleigh in 2012 for around 100 million US dollars (£74 million), adding to its roster of bike brands throughout Europe including Haibike, Winora and Ghost.
Raleigh was founded in Nottingham in 1887 and was well-known for its Chopper model, which featured extended handlebars and is now part of its “retro” range.
It no longer manufactures bikes from Nottingham, and its head office has moved to Eastwood, Nottinghamshire, while the company has shifted to selling electric bikes under Accell’s ownership.
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Accell went through a restructuring in February, securing additional funding from shareholders and lenders and reducing debts.
The group said it had since “explored every possible avenue” for its future, including discussions with potential buyers, but that it had not been possible to find a solution which means the business can continue operating.
It has therefore initiated insolvency proceedings in the Netherlands.
Accell’s chief executive Jonas Nilsson said: “This is a deeply sad and frustrating situation given all the hard work and everything we have achieved, with the support of shareholders and lenders, to restructure Accell’s operations and finances.
“It is an especially difficult moment for our employees, creditors, customers, suppliers, and partners.
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“Every realistic option for the future of the business has been tirelessly explored, and none have resulted in a solution to continue the Group in its current form.
“Our immediate focus is to support an orderly process, provide clarity wherever possible, and work with the relevant court-appointed administrators to preserve viable activities and employment where circumstances allow.”
At its 1970s height, Raleigh employed more than 13,000 people across the UK, with around 8,000 working at its various Triumph Road sites in Nottingham.
The former factory land later became the University of Nottingham’s Jubilee Campus.
Raleigh subsequently moved its headquarters to Church Street in Eastwood, before leaving that site and relocating to Durban House in 2024.
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