Reporting and Analysis
Today’s business environment is moving at a fast pace and so are the standards for financial reporting. With regulators and investors continuing to require more information and explosion of data, both structured and unstructured within the organization, many organizations still struggle with efficient reporting and analytics.
These changes have increased the need for better reporting technologies and increased organizational effort to prepare the financial reporting and analytics needed to keep up with internal and external reporting pressures. The demand for quicker access to standardized financial data, in addition to financial metrics and disclosures, is real. It’s no longer just an output from closing the books. It’s the beginning of modeling financial systems and solutions.
In order to be successful today, organizations must have an intimate understanding of their reporting requirements and make them the foundation for designing procedures and policies that span the financial close process. Organizations that are succeeding have taken steps to automate and provide control around communication, versioning, timeliness, accuracy and analytics flexibility in their reporting processes. XBRL & EPM Analytical applications are examples of technologies being implemented and leveraged across efficient financial information exchanges.
Does Your Company Need Help With?
- Improving reporting efficiency by implementing data quality and stewardship capabilities
- Reducing the number of versions and views of the same data through streamlining the review, approval, and update cycles
- Designing and Implementing control document and origination ownership process
- Designing and building out reporting in support of International Financial Reporting Standards (IFRS), Sarbanes-Oxley (SOX), and highly structured reporting taxonomy requirements like XBRL?