FD's Guide to Group Finance Reporting: Finding a Single Version of the Truth
In businesses where different systems are used for managing performance, it can be a challenge for Finance Directors to obtain accurate and reliable data for group finance reporting. In this practical guide AccountsIQ will help you avoid surprises and set-backs, collect accurate data and streamline your processes.
The Single Version of the Truth (SVOT), is a technical concept describing the ideal of having a single, centralised database which stores all of an organisation's data consistently. The reality is, in a business where different departments use different systems for managing performance, it can be a challenge for Finance Directors to obtain accurate and reliable data for group finance reporting. When the Sales Director and the Accountant produce data from different sources, a SVOT can often be hard to find and lots of reconciliations have to be made. In a group scenario - with consolidated results in multiple currencies - the potential for discrepancy multiplies.
In this three-minute read, AccountsIQ’s CEO and founder, Tony Connolly explains why these inconsistencies occur and what CFOs can do to ensure the numbers are accurate and reliable.
What we'll cover:
- Why inconsistencies occur and how to overcome them
- Problems with the reconciliation process
- How valid is your Sales figure?
- Further problems with Multiple currencies
- Will Excel solve the problem?
- The Holy Grail of management reporting
- Achieving SVOT with AccountsIQ
AccountsIQ is an award-winning financial management platform that simplifies the way finance functions capture, process and report their financial information across multiple locations.
We help finance teams transform away from older technology like Sage, Exchequer, Sun, and Access or migrate up from Xero, Big Red Cloud or Quickbooks.
Our powerful cloud accounting & consolidation software is designed for accountancy practices and medium sized businesses offering multi-currency & multi-location accounting, group consolidation and enhanced business analytics.
Contact details: [email protected] Tel: +44 (0)203 598 7350
See the platform in action