Reporting Beyond the Financials

When it comes to reporting, it seems like the CFO’s job is never done. Increasing information demands from internal stakeholders are causing Finance departments to provide more frequent and detailed financial and operational reports and KPIs to line of business managers. Regulatory reporting is also getting more stringent, as external stakeholders are also demanding more detailed disclosures regarding financial and operational results.
 

In fact in a recent survey report published by E&Y, “Connected Reporting - Responding to Complexity and Rising Stakeholder Demands”, 74% said their company reporting needed to move beyond compliance and provide information that is useful to current and potential investors on areas such as strategy and forecasting. And 90% of respondents said they expect to report on forecasting, sustainability, and corporate social responsibility — each of which may require expanding existing reports, creating new ones or, most likely, a combination of those approaches.
 

These increasing demands from both internal and external stakeholders are causing CFOs and Finance departments to evaluate their existing systems and tools for financial and non-financial reporting. If spreadsheets and manual data collection processes are currently being used to collect supplementary information beyond the financial statements, that can be low-hanging fruit and a prime target for replacement with a more trustworthy and scalable reporting system.
 

Furthermore, if a number of different tools are being used to support data collection and reporting of financial and non-financial information, this can be a great time to consolidate tools and standardize on a single system that can support a broad range of requirements. This approach can increase accuracy, reduce data collection and reporting cycles, and also reduce IT system costs. Software solutions like Tagetik’s unified CPM platform are designed to support a broad range of financial and non-financial reporting requirements, as well as planning, forecasting and profitability management.
 

To learn more about the value of Integrated Reporting and how Tagetik is helping customers address an ever-expanding set of stakeholder reporting requirements, check out the following webinar replay: Why Integrated Reporting Matters to Your Business and Your Career

 

Tagetik for Integrated Reporting

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