Resilicore’s own experiences over the course of 20 + reporting engagements are as follows:
- Ineffective investments: Despite considerable investments, spreadsheets (70 percent) and e-mails (68 percent) are still dominate the daily tracking, managing and reporting of business, suggesting that new technology investments are falling short of expectations.
- Increased costs and uncertainty: The regulatory and data sourcing situation is largely opaque that managers across the finance function are unable to fully understand the financial impact or cost implications of reporting, with 60 percent of respondents admitting they did not know the total cost of managing and publishing their financial results.
- Decreased visibility: A majority of our client CFO’s (over 70%) admitted that they have inadequate visibility into reporting processes, while three quarters of their finance managers said they find it difficult to source and control the quality of financial data across the entire reporting process.
- Increased scrutiny over boards: and audit committees. We are in agreement with the EY findings where eighty-four percent of respondents said that audit committees and boards have increased their overall attention on reporting in the past three years, with 34% saying that the attention has increased significantly
- Missed reporting deadlines: Due to late changes to the financial results and chart of accounts, >20 percent of global businesses regularly miss statutory filings, putting their companies at risk of financial penalties and potentially impacting share value.
- Commitment to Change: Although businesses recognize they need to invest in financial reporting to address the challenges they currently face, less than half of our client companies have made substantial investments over the last year to the financial close, filing, and reporting processes.
Management accounting and reporting are key areas for continuous improvement as they provide an overview of the organization’s whole management picture. Resilicore provides a wide range of management account and reporting services for its valued clients.
Resilicore provides a broad range of services for identifying, analyzing, collecting, assessing, and interpreting management and statutory information. The information and data curated is then used for planning, evaluating, and controlling company performance and to ensure efficient utilization of company resources and cure the compliance and decision support issues above.
HOW YOU BENEFIT FROM US
By working with us, you get access to better quality management reporting within a shorter amount of time.
You will enjoy a number of benefits:
- A compendium of reporting forms that include both financial as well as non-financial indicators of performance;
- Management accounting policy along with a detailed principles of management reporting;
- Analytical reference catalogs that were used to gather data for the calculation and review of analyzing indicators;
- Algorithms for the calculation of management reporting indicators;
- Management data regulations for both gathering of data and its reporting, clearly specifying accountability and timing;
- Training of business employees to assist themselves in the business/finance analytics process e.g. self-help in the building of scenarios.
1. Are you prepared for corporate reporting’s perfect storm? EY Survey, 2015
2. CFO’s losing confidence in reporting. CFO Magazine, Matthew Heller, April 2016