Problems with the Last Mile in Financial Reporting
In today’s volatile economic climate, there are many internal and external drivers for finance organizations to re-engineer their management reporting and disclosure management processes.
External drivers include the dramatic increase in disclosure requirements (including XBRL) that are being adopted around the globe. Internal drivers include the evolving role of the CFO in strategy formulation and execution and that requires that the Office of Finance be more nimble and responsive to requests for timely and accurate performance reports and analysis.
Despite these drivers, most organizations still use complex, manual, and time-consuming processes to produce, edit and distribute critical management reports and external disclosures. In order to be prepared for the onslaught of new disclosure requirements (and XBRL mandates), and to stay ahead of competitors – organizations need to re-evaluate their current reporting processes and look at new reporting automation solutions.
Introducing Cognos FSR.
Key benefits of Cognos FSR
- Automate the creation and delivery of management reports and analysis as well as external regulatory disclosures (including XBRL)
- Eliminate risks inherent in spreadsheet & email based processes – add integration, controls, automation and audit trail
- Facilitate creation of any external or internal report, from the collection of data and addition of commentary, through to XBRL tagging, formal approval and audit
- Help CFOs reduce risk and improve efficiency in their most critical reporting processes
