After more than 60 years of office computing, getting fast and accurate management reports is a still a struggle for many senior managers and their accountants.
Is it really that hard to extract a summary P&L for the month, compare it against the budgeted figures and summarise the year-to-date trends? And wasn’t accounting software supposed to do all this stuff?
While many executives assume all their management data comes directly from their accounting systems with little intervention, AccountingWEB member tom123 confirmed that the reality still falls short of this ideal in many businesses.
This article is the second in a continuing series looking at the monthly management reporting pack and whether the techniques recommended six years ago still apply today. New tools and possibilities have emerged since then. Drawing on comments from AccountingWEB members, finance managers and software developers, we will explore whether and how accountants are using these tools...