Data management

Don’t worry about the data. Interpret the financial ratios

Several finance-oriented IT systems work with financial data. However, transferring final and up-to-date data into regular reporting (monthly, quarterly, etc.) into an annual or ESG report is still a challenge for many organizations today. They are still copying numbers from many different excel or ERP systems. What if they forget an item? Or do they overlook and transfer another figure than intended?

This attention-intensive, manual, and truly unattractive activity can be replaced by an automated IT system for Disclosure Management. There are several of them on the market. Some are very sophisticated. Others look very user-friendly. But how do you choose the right one for your purposes?

Focus on these 4 critical criteria

1. Look for comprehensive functionality – a mature Disclosure Management solution must be able to cover a complete set of features and useful functions such as: 

  • It can work with what you usually work with, i.e., Word, Excel, and PowerPoint. So you don’t have to learn how to work with other formats or hassle converting documents to other formats. 
  • It works with up-to-date financial data, so changes are reflected in upcoming reports instantly, in real-time, without time delays. 
  • It can be a version, so it allows you to compare saved versions of a document and track changes, so you know when who, and what changes were made. 
  • Allows multiple users from different teams to work together on a work-in-progress document, following security and process/workflow rules for the required accesses and controls in the given sections/data. 
  • Eliminates manual copy and paste of data using automated data connectors that ensure seamless data flow, directly transferring master data from your ERP or consolidation systems and excel files into work-in-progress documents.  

You will learn to use a proper Disclosure Management system very quickly. After only 1-2 days of training, you will be able to prepare independently, e.g., an annual or management report, main thanks to the full integration of classic MS Office tools.

David Klapal, Disclosure Management Expert, Adastra

2. Perform a thorough evaluation of the software  

  • Verify that the demo the vendor is showing you is not the only fully functional, business-ready one. 
  • Ask the vendor to demonstrate the capabilities and benefits of the solution on a sample of your data. 
  • Ask the auditor if they know and what they think of the Disclosure Management solution you are considering using. They will undoubtedly be well-versed in the subject.  

3. Evaluate vendor support – make sure the solution you choose  

  • is backed and supported by a team of qualified professionals and experts, both financial and technology. 
  • Ask where these people are “based,” whether locally in the Czech Republic or Ireland, Romania or India – and you will know immediately how familiar they will be with the specifics of local reporting and regulations and how quickly and in what language you will communicate with them. 

A qualified team, the level of training, the actual implementation process with as much customer involvement as possible, and subsequent local support can make implementing a Disclosure Management solution in an organization more effective.

Růžena Barešová, Business Development Manager, Adastra

4. Don’t forget the importance of the implementation process itself 

It’s not just about choosing the right solution. It’s also about ensuring that the deployment goes smoothly. This will require acceptance by your colleagues, their cooperation, and collaboration.  

Implementing a Disclosure Management system, even in a large company, takes only a few months. In addition, if you have tight deadlines, we can help you prepare the report/annual report itself.

David Klapal, Disclosure Management Expert, Adastra

Focus on data interpretation, leave data transfer to automated machines  

The role of finance departments today is no longer to the bill, pay invoices, process reports and pay taxes correctly but to monitor financial data and interpret and explain changes in trends. Internally, towards management, owners, and stakeholders of the company, and externally towards regulatory authorities.  

So stop copying data and spreadsheets from one excel spreadsheet to another, from one report to three others. And stop worrying about whether you forgot to edit the updated “number” in the text or commentary. Instead, rely on Disclosure Management’s automated system. And focus only on your interpretation of the financial data.