We have materialized 20 years of know-how and developed our financial reporting tool, says Adastra business developer Oto Gücklhorn
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?
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:
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.
2. Perform a thorough evaluation of the software
3. Evaluate vendor support - make sure the solution you choose
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.
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.
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.