Overcome Month End Reporting Challenges for your Group
1st Dec 2020
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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.
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.
Building a Robust Finance Infrastructure: People, Processes and Technology
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
Request a Demo or get in touch on (0)203 598 7350 to see how we can help your organisation.
Multi-Company Accounting and Consolidation Webinar: Weds 20th January 2021, 11am GMT
AccountsIQ is designed specifically for multi-company accounting, consolidation and reporting. Our platform is used mainly by companies with 2-300 entities or smaller companies that are fast-growing as well as a large number of investment management companies with hundreds of investments in their portfolio. Join our Live Webinar and see how you can save a huge amount of time managing your multi-company accounting, consolidation and reporting like AES International, Salamanca Group, and Apera Asset Management.
This Webinar covers:
Discover how AccountsIQ makes multi-company accounting so easy