How long do you need for the preparation of your quarterly, annual, and consolidated financial statements? Integrating all of your Group systems and individual spreadsheets for consolidation and then validating the data for your year-end reporting is often a daunting task that can take many weeks.

Time pressure is constantly on the increase for managers in finance departments. Consolidated year-end accounts and statutory reports need to be produced quickly, but usually the process becomes bogged-down with administrative tasks such as the collection, integration, and validation of the data in order to produce a final single version of the truth. With regulatory requirements growing year-on-year and business stakeholders needing more information for the formulation of better business strategies, the finance department needs to find a solution and close the books faster.

DEAL WITH THE OBSTACLES

While many organisations will recognise the challenges outlined above, taking the decision to deal with these obstacles is often deferred, based on the assumption that solving them will take too long. But this is not the case.

Ask yourself:

  • How much time are staff currently dedicating to compiling and re-keying data. What does this cost and what errors does it introduce?

  • Is there a solution that integrates all systems across all of your Group companies that can automate the collection and validation of data for consolidation?

  • Can you maintain accounting standards for all international entities easily and automatically?

  • How easy is it to drill through to individual transactions without requesting additional reports which add to the overall cost of your process?

  • How much time would be saved if you didn’t have to manually reconcile intercompany transactions?

  • In our experience, organisations who deal with these obstacles are able to regularly achieve a time-saving at year-end of up to 80%.

THE BOTTOM LINE

In a rapidly changing and globalised business world, organisations that can quickly prepare their financial statements have a significant competitive advantage. They are able to react much faster to changing economic conditions and deliver the right corrective actions far sooner.

FURTHER READING

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