Embed Size (px)
Citation preview
insights from1
5 Sources of Financial Reporting Struggles and How to Overcome Them
insights from2
No one likes financial reporting.
There, we said it.
5 Challenges of Financial Reporting(And How to Overcome Them)
insights from3
Financial reporting takesmind-numbing focus.
And it’s easy to screw up.
5 Challenges of Financial Reporting(And How to Overcome Them)
insights from4
But reporting becomes a special brand of “ugh” for
executives for 5 major reasons.
5 Challenges of Financial Reporting(And How to Overcome Them)
insights from5
Challenge One:
Pressure to Make Financial Reporting More Efficient
and Transparent
5 Challenges of Financial Reporting(And How to Overcome Them)
insights from6
Everyone wants access to data – the remainder of the C-suite, supervisory boards, audit committees and other
interested parties.
Making the flow of information and data insights efficient and transparent makes everyone’s lives easier, but that’s easier
said than done.
5 Challenges of Financial Reporting(And How to Overcome Them)
insights from7
The solution:
Find the most efficient technology possible to organize your data and run your financial reporting automatically.
This moves resources from the reporting function to the analysis function without
sacrificing quality of good reporting.
5 Challenges of Financial Reporting(And How to Overcome Them)
insights from8
5 Challenges of Financial Reporting(And How to Overcome Them)
Challenge Two:
Burdensome Regulatory Requirements and
Compliance Deadlines
insights from9
5 Challenges of Financial Reporting(And How to Overcome Them)
As soon as the finance team adjusts to new laws, another regulation comes along
to knock things off-kilter again.
CFOs have to answer to stock and shareholder regulations, auditors, and
other parties, which creates a huge drain on resources.
insights from10
5 Challenges of Financial Reporting(And How to Overcome Them)
The solution:
Embrace them.
The sooner you do, the better off your company will be and the more resources
you’ll have at your disposal.
insights from11
5 Challenges of Financial Reporting(And How to Overcome Them)
Challenge Three:
Complex Environmentsand Technology
insights from12
5 Challenges of Financial Reporting(And How to Overcome Them)
ERP systems are frustrating.
They’re costly, take forever to set up, and are outdated within a few years.
And, they almost never provide you with the reporting solutions you need.
insights from13
5 Challenges of Financial Reporting(And How to Overcome Them)
The solution:
Move your ERP to the cloud. Cloud-based technology provides team with the most
updated – and usually most intuitive – version of software.
It allows more users to access data, analytics, and findings from analysis in
one place.
insights from14
5 Challenges of Financial Reporting(And How to Overcome Them)
Even if it appears grossly expensive on the surface, as cloud technology
becomes more commonplace, it gets less expensive.
In fact, an IDC study showed that cloud solutions offer an average payback
periodof 7.1 months. The five-year ROI is 626%.
insights from15
5 Challenges of Financial Reporting(And How to Overcome Them)
Challenge Four:
Too Much Technology to Manage
insights from16
5 Challenges of Financial Reporting(And How to Overcome Them)
32% of companies work with at least 16 different reporting systems.
That’s a lot of data management and organization to keep straight!
Financial reporting becomes a zig-zagged trip through multiple systems, creating for many mistakes and headaches along the
way.
insights from17
5 Challenges of Financial Reporting(And How to Overcome Them)
The solution:
It’s not going to be easy, but you need to start trashing some of your technology.
Find a solution that handles data management, storage, financial analytics,
and data flow automation.
Don’t settle until you find technology that significantly decreases the manual moving
of data.
insights from18
5 Challenges of Financial Reporting(And How to Overcome Them)
Challenge Five:
Bad Data
insights from19
5 Challenges of Financial Reporting(And How to Overcome Them)
Bad data is like a virus.
The implications of it multiply and spread to the point at which your financial reporting – all of your hard work – is
completely useless.
insights from20
5 Challenges of Financial Reporting(And How to Overcome Them)
The solution:
Organize the entire data input, management,
and reporting process from the ground up.
Build a template of how data should beformatted and organized, and hold your
teams accountable for sticking to it.
insights from21
KiniMetrix allows companies to putall of their data in one place.
Its intuitive analytics can handle millions of lines of transaction data. It even
organizes your data for you.
Click here to see how KiniMetrix
can do this for you.
5 Challenges of Financial Reporting(And How to Overcome Them)
