Financial reports are not something you can simply cobble together. Financial reporting rules are becoming stricter all the time.
As a result of regulations such as IFRS, the requirements for external reporting have become much more complex. Companies need to include much more internal information in their reporting. As a result, the office of the CFO needs to be able to unlock more internal data sources and orchestrate the entire reporting process. This does not mean the situation has to be complex. You can start by doing away with spreadsheets as consolidation tools.
Fast close as a foundation
In the first instance, the CFO benefits from an optimised fast close process, as it helps meet transparency requirements efficiently. This is because anyone who is able to close the financial period smoothly will have control over the available data and will be able to combine this data easily. A structured and automated process of this kind that can be integrated seamlessly with source processes will ensure optimal data quality and accelerate the reporting process.
Collaboration made easy
A financial report is never the work of just one person. Ideally, managers of different departments should be able to add their changes to a single central file, thereby resulting in one single version of the truth. If the office of the CFO manages the work flow, the finance team will retain control at all times. This makes it much easier to publish on time and in full.
Streamline your reporting with Ctac
Do you want to improve the quality of your financial reporting and publish your reports much more quickly and easily? If so, we will be happy to help you on your way. Our experts can assist you with streamlining your reporting based on reliable data and a clear work flow – one where the number of manual actions and the risk of errors are kept to a minimum. In addition to a streamlined process, you can rely on accurate reporting that is fully compliant with IFRS and GAAP and meets XBRL standards.
We can support you at every step in the chain – from optimising your data environment to integrating the right systems. Our experts know how it all works and offer targeted help to ensure you take the right steps.