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Finance and Accountancy Briefing

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Managing financial reporting risks: The benefits of automation

Overview

A broken process


Today, most organisations continue to manually produce their external financial documents, such as the annual report, quarterly and annual submissions to regulatory bodies (e.g. interim and prelim announcements) and many other statutory and regulatory filings.


Organisations typically face a number of challenges in the completion of the external financial reports including:
- Time-consuming, manual processes.
- Data inaccuracies.
- No audit trail documenting who made changes.
- No common system to manage the process and to manage the access to information.


CFOs face increasing risk...


Increasingly complex regulations. Shrinking filing deadlines. A pervasive use of spreadsheets in the finance department. Expanding quarterly and annual reports. More people than ever involved in the creation of these sensitive reports. All of which makes the job of the CFO, who is accountable for all aspects of the external financial documents, that much harder.


Solution


This article looks at how CFOs can reduce financial reporting risks by reaping the benefits of automation.


 


 

Tags: Reporting, External reporting, Software Selection, Business Software, FSR, CSR, CFO.

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