Efficient closing, reporting and disclosure of financial statements
A white paper on common business challenges and requirements of today’s office of finance that discusses how you can overcome these hurdles with modern financial consolidation and close software.
Introduction
Today’s environment: Report accurately, quicker and more often
Today’s CFOs are under pressure to report accurately, quickly and more often to management and stakeholders. At the same time, they are expected to act as a business partner and provide proactive support for senior management decision-making.
Their role and the demands placed on CFOs continue to evolve and shift.Consolidation and consolidated financial reporting can improve finance department efficiency and effectiveness, helping CFOs address the challenge of meeting increasing requirements with often limited resources.
Listed companies and private businesses with multiple entities face many challenges in their financial accounting and reporting.
Who should read this White paper?
This white paper is designed to highlight the common pitfalls, challenges and requirements for modern financial consolidation and close solutions and how these can be overcome.
The target audience of this white paper are CFOs, Financial Controllers, Head of Finance and Consolidation as well as people responsible for finance systems (both in Office of Finance or in IT).
Requirements in financial consolidation and closing and why you should improve your current processes
Faster, more accurate, more efficient, more complex
Organizations that succeed in today’s constantly changing marketplace adapt quickly to new conditions and consciously improve their business processes. Efficient consolidation and reporting ranks high on the agendas of modern CFOs.
The drivers for change are:
Management, shareholders and other stakeholders demand fast and reliable information
Increasing requirement to support self-service analysis
Global organizations need information broken down to divisional, regional or business unit activity levels for management purposes, to comply international accounting standards (IFRS or US GAAP) or with local regulators (real-time drill-down from reports)
In a competitive world, activity and financial figures should be reported monthly to the management and compared with budgets and forecasts, so that timely decisions can be made on how to course-correct and react in a more agile way
