Finance and Accountancy Briefing
The single most important document: Moving annual reporting into the 21st century
Still in the Middle Ages
Despite being so important, the process to create the annual report, the 10-K and the 10-Q is still stuck in the Middle Ages.
The process typically starts with dozens if not hundreds of spreadsheets being extracted from a company's financial systems, consolidated with other data and edited. Then these spreadsheets are emailed to several more people for their inputs. Version control is extremely difficult with this approach. And this swirl of spreadsheets inevitably leads to mistakes. It has to. One example: a major financial institution made a $1 billion financial statement error because somebody made an unapproved change to a formula within the spreadsheet.
This paper looks at the key issues that need to be addressed to enable accurate reporting and outlines a software solution which improves data synergy and automates the external reporting process.
Download this paper to learn how your company can save time and eliminate costly mistakes.
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