CFO Insights: Revolutionizing Reporting in the Digital Age

“Real-time reporting will arrive when all aspects of the reporting process become automated and streamlined. The big barriers today are data quality and latency. Fortunately, the future of reporting holds real promise for companies that want to take advantage of it. Automation helps simplify and streamline data management because data used in reporting is no longer prepared for analysis manually. The software does that work.”

Read More at Deloitte >

CFO Magazine: Best Organizations Report Consolidated Financials in 4 Days: Metric of the Month

“Excessive spreadsheet use, manual touchpoints in the process, and human error all increase cycle times for completing monthly consolidated financials.”

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CFO Journal: Financial Reporting Considerations: Supply Chain and Labor Disruptions

“For many companies, such disruption is significantly increasing the costs associated with moving goods through the supply chain. If the higher costs are included in inventory, companies should consider whether these costs drive up the cost of the inventory in such a way that adjustments based on the expected net realizable value of the inventory are warranted.”

Read More at The Wall Street Journal >

CFO Journal: Financial Reporting Considerations: Forecasts and Inflation

“Inflation, as well as supply chain disruptions and labor shortages, are affecting an increasing number of companies in different industries to varying degrees. And if a company’s business model and operations are affected, it’s likely that its accounting and financial reporting will be as well.”

Read More at The Wall Street Journal >

FP&A Trends: Corporate Performance Management in the Age of Agility

One of the key transformation pillars for FP&A Teams is to “optimize the use of technology:

• Digitalise the forecasting and reporting cycle to promote collaboration and access to data while ensuring security and traceability
• Take advantage of Artificial Intelligence (including analytics) to solve current problems and improve its ability to anticipate, decide and act
• Equip yourself with a modern reporting tool that allows users to easily access data, conduct their own analyses, and define their own dashboards (taking into account mobility needs, if applicable)”

Read More at FP&A Trends >

CFO Journal: Reduce Misstatement Risk While Creating Value

“Advanced technology, including automated workflow and controls testing, is an increasingly common feature of a modern internal control environment. These tools can provide real-time information and seamless communication among critical stakeholders—control owners, the internal controls team, and external auditors—to provide an efficient, effective program.”

Read More at The Wall Street Journal >

CFO Journal: Modernized Reporting for a Rapidly Changing World

“Connected, integrated reporting can provide many benefits to organizations by helping produce consistent, high-quality data through a streamlined process to enable improved business decisions. This reporting model can shift an organization’s focus away from collecting and reconciling data toward exceptions or anomalies that warrant scrutiny.”

Read More at The Wall Street Journal >

CFO Journal: It’s Time for a Controllership Reboot

“The pandemic brought with it an unpredictable global environment and uncertain future. This decreased the value of historical financial reporting while increasing the need for real-time reporting, including data analysis, and predictive forecasting. Finding new ways to leverage real-time data and new forecast models, controllership could manage against multiple views and plausible scenarios to remain agile and resilient against an unpredictable future.”

Read More at The Wall Street Journal >

CFO Dive: Work Backwards When Replacing Legacy Systems, Accounting Specialists Say

“When replacing your legacy finance and accounting system with something automated and cloud-based, first understand what both you and your non-finance business users need out of the system, and organize implementation around that.”

Read More at CFO Dive >