How to automate monthly management reporting
It has long been the case that the added value contributed by the finance department has not resided in simply processing documents: a company’s financial management hinges on budget preparation, cost and revenue analysis, and well-planned cash flow. Consolidated data from accounting and other systems are a fundamental requirement for CFOs to accomplish these tasks. However, many organizations still find obtaining financial data a major challenge that consumes significant human resources. Little time and capacity then remain to actually analyze and interpret the information, and the quality of the output suffers as a result. At the same time, transferring data and preparing reports manually increases the risk of human error, which can, in turn, lead to poor management decisions.
Despite this, a number of companies still transfer final, up-to-date information into their regular reports (monthly, quarterly, etc.) or into their annual reports by copying and pasting data from multiple Excel spreadsheets or ERP systems.
This attention-demanding, laborious and truly unattractive task can be replaced by an automated solution using Disclosure Management. This maps source data from financial, ERP and other systems directly into regular reports, presentations or annual reports – not just into tables but also into supporting text, explanations or comments.
to the laborious, error-prone and cumbersome process of regulatory, external and internal reporting.
This article written by Růžena Barešová and David Klapal was published by CFO World 4/2021.
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