Overcome Month End Reporting Challenges for your Group
In a business 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.
When the Sales Director and the Accountant produce data from different sources, a Single Version of the Truth (SVOT) can 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 Tony Connolly explains why these inconsistencies occur and what CFOs can do to ensure the numbers are accurate and reliable.
Creating a consistent, monthly management report pack, which represents all aspects of the organisation’s results, isn’t easy. The Board pack can be constructed from individual divisional or branch reports, with data derived from multiple sources, often with inconsistent data. Each division may have their own system for day to day management; a Reservation system, an Electronic Point of Sale (EPOS), a Transaction Processing System (TPS) or perhaps a CRM system to manage the sales pipeline. The accounting team typically derives its information from the transactions that are formally posted to the accounting system. The timing and values of these transactions frequently differ from the source systems, causing discrepancies that can create uncertainty at board level, taking time to unravel and explain.
This whitepaper looks at why discrepancies happen and how you can overcome this month end challenge.
Download Group Finance Reporting whitepaper
Discover how AccountsIQ makes reporting and consolidation really easy at month end.
With our partner flinder, we have also create a Savvy CFO Guide. If any CFO or CEO is struggling with their management reporting, whether it’s untimely, not aligned to the business strategy or they generally just lack confidence in it, then this report gets to the heart of how to change that.
This guide explores two common areas in which CFOs are frequently challenged as their businesses grow and their finance teams strive to not only keep pace but also to take an evolutionary lead.
1. Building a Robust Finance Infrastructure: People, Processes and Technology
2. Management Reporting for Performance Management Excellence
What you'll learn:
- Challenges for the CFO in a high-growth business environment
- What’s the solution?
- Solution part 1: The right technology and data structures
- Success factors
- Solution part 2: The transformation journey
- The benefits
- Case study: Green Rock
- Conclusion: The CFO of the future
Download the Savvy CFO report here.