The Future of Financial Reporting

Increasing demands, more complex regulations, additional stakeholders, new technologies and digital delivery all impact the future of financial reporting. Autonomy, flexibility, and self-service are cornerstones of the future of financial reporting but there are foundational flaws in reporting processes that obscure the path to the future of financial reporting. Don’t let self-service be a disservice to your business.

In this research report, FSN pinpoints why spreadsheets and self-service reporting are currently barriers on the journey to the future of financial reporting. Learn how the Office of Finance can breakdown these barriers and unlock the business value of the future of financial reporting. What You’ll learn:

  • The main factors inhibiting self-service reporting
  • How the spreadsheet spiral propagates throughout an organization
  • How the reporting crisis is affecting both executives and boardrooms
  • How to unleash the value of self-service reporting without losing control and accountability

download full report   watch webinar

The future of Financial Reporting Survey 2017

CFOs Aren’t Ready for Self-Service Reporting

40%
incomplete business view
66%
dependant on IT to make changes
69%
using spreadsheet band aids
54%
unable to accommodate requirements


CFOs aren’t ready for self-service reporting


Self-service reporting has the ability to transform the reporting burden into a strategic weapon. Unfortunately, the Office-of-Finance can’t access this advantage due to these foundational problems. READ MORE


How CCH Tagetik solves this issue
A strong foundation and consistent reports, that’s the goal! Get CFOs and all finance departments ready for self-service reporting with CCH Tagetik. Dyckeroff AG did. Now they experience all the benefits of a single platform for consolidation, planning, and company-wide reporting.

Read how they did it here

The Spreadsheet Spiral

71%
high dependence on spreadsheets
49%
unable to adjust organizational structure
46%
IT dependence
69%
use spreadsheets to plaster over processes

CFOs are caught in a Spreadsheet-Spiral


The Spreadsheet Spiral marks a flawed manual data collection and reporting process. The spiral is so deeply entrenched in businesses, its consequences - like errors, ticking and tying data, time lost vetting - seem impossible to escape. SEE HOW IT SPIRALS


How CCH Tagetik solves this issue
Break free of the spreadsheet spiral. Read our eBook, “Herding Cats: How to Best Manage the External Reporting Process” to learn how you can take control and automate the process of creating external reports!

Read it here

What’s Keeping CFOs awake at night

97%
worry about reporting processes
55%
worry that financial controls have failed
46%
worry about a critical error
62%
worry about meeting deadlines


The reporting process keeps 97% of CFOs awake at night


Eight hours of sleep? What’s that? CFOs reveal what’s keeping them up at night. The answers are more foundational than you’d think. SEE THE INFOGRAPHIC


How CCH Tagetik solves this issue
Eight hours of sleep? That’s the goal. Learn how Caisse des Dépôts et Consignations revolutionized their complex reporting processes and achieved anxiety-free sleeps for C-level executives and business users alike.

Read the case study

A reporting ecosystem in crisis

57%
unable to report simultaneously
50%
worry if updates were completed
46%
worry about an unexpected error
60%
too much time on data collection

Reporting Inventory is Out of Control


In a financial ecosystem, people, processes and data depend on each other to create compliant, accurate reports swiftly. What happens when they don’t work well? This infographic identifies where the breakages are. SEE THE INFOGRAPHIC


How CCH Tagetik solves this issue
Budgets are connected to reports. Reports are connected to consolidated financials. A healthy reporting ecosystem thrives on collaboration. Watch our webinar on how to attain a collaborative approach to enterprise-wide reporting.

Watch it here

Problems in the Boardroom

30%
delayed a decision over data quality
50%
say questions about performance are unanswerable
77%
say investors need more frequent but simpler statutory reporting
75%
of boardrooms don’t have realtime access to information


2 min Demo: Board Reporting in Power Point


The board’s got 99 problems. Data quality, consistency, performance and investor grievances to name a few. 


How CCH Tagetik solves this issue
Keeping the board happy is as easy as keeping them in the know, fed with accurate information and the answers they need, when they need them. In two minutes, learn how Tagetik can drastically improve board reporting so your board has the accurate, vetted information they need at their fingertips.

Watch the video

Download Full Report



The future of financial reporting