The pressure is on for the CFO. Increasing expectations and demands have been heaped on the office, with decreasing time and resource. The CFO faces many complex challenges, but the financial close and reporting process shouldn’t still be one of them. Yet, often it is.

Performing financial consolidations is a complex process. But even when consolidated figures are available, the difficult ‘last mile’ is a fertile source of errors and anxiety. The relentless pressures of shortened reporting deadlines, increased data and changing regulatory demands mean a huge drain on valuable resources too… The last mile didn’t get it’s ‘difficult’ tag for nothing.

It’s a process that’s governed by people, policy and technology issues. But, if you get it right, it’s the latter that can play a key role in improving the efficiency, governance and quality of the critical last mile of financial disclosure.

 

Picture the (sadly) familiar scene: A dark, lonely office, the glow from the finance department the only light. Everyone else is long home, but the team’s working late, again – manually entering figures into a spreadsheet, constantly crosschecking for errors. A late change to one of the figures is made, and you know you’re not going home soon. Instead the team spends the rest of the evening going through the whole report again to make sure every single occurrence of that figure is updated. That’s a lot of highly paid individuals tied-up in low-value clerical tasks, just to keep the Board happy. 

It doesn’t need to be like that

By automating the assembly of reporting documents, the highly skilled finance team can quickly reduce the time-consuming, labour-intensive frustrations of periodic reporting to focus on opportunities and value-adding business activity instead. Not only does this automation cutback on manual, repetitive tasks during the busiest periods – reducing the need for temporary staff and overtime – it also reduces the likelihood of error, ensures accuracy and enforces internal control and auditability.

Cognos Disclosure Management (CDM) provides a secure, collaborative and enterprise-scalable solution, enabling users to automate the collection of data and merge it within narrative, numeric and chart-based reports.

LISTEN AGAIN TO OUR CDM WEBINAR FOR A ‘LIVE’ DEMO AND TO SEE IT IN ACTION

CDM

How CDM will help

  • Banish inefficiency: Free your overworked teams to spend their time on high value analysis instead of on gathering and verifying data.
  • Eradicate error: Manually gathering, inputting and updating data leads to a high likelihood of error. Replace errors with efficiency.
  • Microsoft Office compatibility: Love Microsoft Office, but hate Microsoft Office’s inefficiencies? Use the tools you know with the control and functionality of an enterprise data driven solution.
  • A single version of the truth: Put an end to data silos – enhance transparency, internal control and audit trail.
  • Seamless narrative: Only by marrying quantitative data with qualitative analysis do you tell the full story. CDM changes the narrative automatically as the numbers change.
  • Fulfil regulatory requirements: By integrating iXBRL into the reporting process, users can tag financial data and commentary once and have it automatically update to support HMRC, Companies House and other compliance mandates simultaneously.
  • Look to the future: Don’t just report on the ‘what is’, look forward to to ‘what if’ too.
  • Encourage collaboration: Manage documents in a collaborative but secure environment. authors can login from anywhere to complete their tasks, while version control allows multiple users to review and edit simultaneously.
  • Spot bottlenecks – Visibility into the report generation process means if one part of the report falls behind schedule, you can see it instantly and deploy more resources or assign tasks to get it back up to speed.

Talk to the team at Barrachd to find out more about how CDM can help you with your Last Mile of financial reporting. It needn’t be nearly as difficult.

Find out more about Cognos Disclosure Management (CDM)

Posted in Cognos, Finance On April 26, 2016 By