Read this blog to discover why a modern financial reporting it's fundamental – not only to meet regulatory requirements but also to provide operational, financial, and strategic guidance to the business!
One of the biggest challenges financial executives are grappling with are those related to financial reporting. Expanded reporting requirements, new compliance requirements – such as IFRS 16/ASC 842 , IFRS 17 and local sustainability standards – are requiring massive changes to financial reporting, as well as to some financial processes as well.
Additionally, finance teams are facing new internal reporting demands. Business owners throughout the enterprise are looking for more relevant and timely information on which they can base day-to-day decisions. And C-level executives and board members are seeking comprehensive, up-to-the-minute financial snapshots, as well as forecasting, modeling, and KPI-based analytics on which to base strategic decisions.
Expectations for data accuracy, timeliness of reporting, accessibility (anytime, from any device), meaningful presentation, and process efficiency further raise the bar.
Industry analysts, consultants, and finance executives themselves concur that spreadsheets, the common tool for meeting most reporting demands of the past, simply aren’t up to addressing today’s reporting needs.
Technology holds the key to meeting modern financial reporting challenges. In addition to compressing the time and resources required for reporting, comprehensive reporting solutions can greatly expand the reporting capabilities of finance teams, many of which are resource-constrained to begin with.