Seventy percent of CFOs and heads of reporting surveyed by Ernst and Young Global Financial Accounting Advisory Services (FAAS) responded that their organizations’ reporting frameworks are far too complex. Each additional standard, such as US GAAP or IFRS, adds another layer of reporting complexity.
In this white paper, Mike Rost, Vice President of Corporate Marketing at Workiva, identifies the fundamental problem of financial and management reporting, and provides a path to conquer reporting challenges. This paper sheds light on why executives want more information and analysis, and why the volume of reports has steadily increased.
As a result of this increase in reporting, the challenges have also been exacerbated. Common process challenges include:
- Inconsistencies
- Lack of efficiency
- Version-control issues
- Accessibility
- Security
- Lack of accountability and collaboration
The strategies provided in this paper suggest how to meet external stakeholder demands for increasingly frequent reports, address the rise of governmental regulations, and overcome reporting process challenges with the Universal Process Framework. By implementing this framework, managers can map their current reporting processes and identify their unique constraints quickly, simply, and cost-effectively.
But, where to start?
It's essential to understand your objectives and your reporting process. Establish one source of truth in your reporting process, and connect teams and data in order to truly collaborate. Make sure there is accountability and auditability. And finally, use the technology that is available to you and your team to conquer your reporting challenges.
Download this white paper to begin improving your process today.