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现代财务报告的挑战(英文版).pdf

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现代财务报告的挑战(英文版).pdf

Theres a rumor afoot. The proverbial “they” say that Finance is still largely using manual processes to collaborate during the reporting process. Whats more? “They” also say Finance is still using piece-meal, siloed systems that cannot talk to one another. Together these fragmented approaches force critical communications and functions to be completed outside of auditable functions. We wanted to find out if “they” were right. So, in order to get objective insight into the larger market trends and the issues shaping them we conducted a survey of finance executives and professionals from more than 200 companies worldwide. The answers came from myriad industries, including financial services, retail, technology, media, healthcare, energy and utilities, professional services, construction and more. What did the survey reveal? “They” might be right. The results confirmed our assumption. Financial reporting continues to be a major challenge for most finance teams for several significant reasons: The widespread adoption of narrative (text) in financial reporting. While certainly valuable, narrative contributions are notoriously difficult to manage, revise, and maintain. The need to integrate multiple data sources, and the accompanying challenges with data consistency and tracking. The need to collaborate with contributors and stakeholders throughout the reporting process while still relying on traditional communication vehicles such as email. A general lack of data, workflow and process control. In this research report, well share with you the detailed survey findings so you can compare them to your own reporting experiences. Along the way, well analyze the story behind the numbers, detail the innovative ways finance organizations are staying ahead of the curve, and conclude with key takeaways and recommendations for evolving the reporting process to meet todays business requirements and expectations. PURPOSE OF THE SURVEY SURVEY SCOPE 2% Media 3% Construction 22% Other 18% Manufacturing20% Finance 9% Retail 8% Technology 6% Energy and utilities 7% Professional services 4% Healthcare 79 0 299 M 59 300 M 999 M 49 1 B 10 B 15 10 B 131 Finance 36 Other 6 Risk 29 Compliance/External Reporting INDUSTRIES ANNUAL REVENUE (ML) JOB TITLE OF RESPONDENT THE CHALLENGES OF MODERN FINANCIAL REPORTING - How well do your reports meet stakeholder needs? Copyright 2016 | Tagetik | All Rights Reserved THE CHALLENGES OF MODERN FINANCIAL REPORTING - How well do your reports meet stakeholder needs? QUESTION After the books are closed, what types of reports/ documents do you produce to communicate to key stakeholders? (check all that apply) Financial statements (i.e., 10Q, 10K) 78 % Board presentations 69 % Annual reports 58 % Business performance-to-plan review documents 58 % Earnings releases / presentations 32 % Sustainability reports 12 % Industry compliance reports (i.e., Proxy Statements,CCAR, Call Reporting, EIOPA) 24 % Other (please specify) 9 % BEHIND THE NUMBERS: Today, finance is responsible for producing a wide variety of reports. Many of these, such as annual reports and board presentations, are comprehensive. In order to present a holistic view of the organizations financial and strategic reality, they require data from multiple sources and contributions from business owners throughout the enterprise. STAYING AHEAD OF THE CURVE: Finance organizations should consider using a centralized database, which will allow for data consistency and integrity across large numbers of reports. Copyright 2016 | Tagetik | All Rights Reserved THE CHALLENGES OF MODERN FINANCIAL REPORTING - How well do your reports meet stakeholder needs? QUESTION How many of these reports/presentations in total are produced per month? Per quarter? NUMBER OF REPORTS/ PRESENTATIONS PER MONTH NUMBER OF REPORTS/ PRESENTATIONS PER QUARTER 61% 1-5 15% 16+ 14% 6-10 10% 10-15 42% 1-5 21% 6-10 24% 16+ 13% 10-15 QUESTION On average, how long does report/presentation production take per month? Per quarter? Monthly Reporting Production Time Responses 1-5 Days 65% 6-10 Days 26% 11-14 Days 5% 14 + Days 4% Copyright 2016 | Tagetik | All Rights Reserved THE CHALLENGES OF MODERN FINANCIAL REPORTING - How well do your reports meet stakeholder needs? Quarterly Reporting Production Time Responses 1-5 Days 36% 6-10 Days 31% 11-14 Days 14% 20 + Days 15-20 Days 10% 8% BEHIND THE NUMBERS : Nearly two-thirds (63%) of finance teams are spending at least a week preparing monthly and quarter-end reports. Consider that in both cases, one third (35% and 32%, respectively) are allocating a minimum of TWO weeks in report preparation. To put that in perspective, in any given quarter, finance teams are spending at least HALF their time producing reports, eating up valuable time that could be sent on analysis and other strategic activities. STAYING AHEAD OF THE CURVE: A collaborative approach to financial reporting is becoming the way of the future. Finance organizations should set out to: 1. Increasing data consistency, auditability and controls 2. Significantly decreasing the time commitment when creating monthly and quarterly reports. Copyright 2016 | Tagetik | All Rights Reserved QUESTION How many departments are (or should be) involved in pulling these reports together? And how many individuals? Numbers of Departments Responses 1-3 69% 4-7 24% 8-10 4% 11 or more 3% DEPARTMENTS Numbers of Individuals Responses 10 or less 70% 11-14 17% 25-49 6% 50 or more 7% INDIVIDUALS THE CHALLENGES OF MODERN FINANCIAL REPORTING - How well do your reports meet stakeholder needs? Copyright 2016 | Tagetik | All Rights Reserved 37% NO 63% YES THE CHALLENGES OF MODERN FINANCIAL REPORTING - How well do your reports meet stakeholder needs? QUESTION Is there an adequate workflow process in place to manage contribution, approval, submission, etc.? BEHIND THE NUMBERS: In some cases, more than 50 people are working together to create reports. That can mean finance is dealing with 50 different opinions, 50 contributors to monitor, and many versions of any given document all without a centralized or automated management solution. The risk of bottlenecks, data, input errors or collaborative versioning issues is consequently extremely high. Its no wonder a third of those surveyed are not confident about their workflow processes. STAYING AHEAD OF THE CURVE: With so many different contributors with varying agendas, reporting obligations and deadlines, its easy to see how lines can get crossed, blurred or erased entirely. The challenge to finance teams is to find a way for multiple contributors to work simultaneously on the same document, without risking overlap and while keeping a log of all changes made. In addition, they must find a way to promote security and workflow governance of those documents. Remember, each person in the Office of Finance consumes data differently by preference and responsibility so having flexible options for consumption will pay dividends in the long- run. Copyright 2016 | Tagetik | All Rights Reserved QUESTION How many sources of data are involved? THE CHALLENGES OF MODERN FINANCIAL REPORTING - How well do your reports meet stakeholder needs? Number of Sources Response Percent 1-5 68 % 6-10 22 % 10+ 10 % BEHIND THE NUMBERS: Data collection is an incredibly sensitive and accuracy-driven task, one that becomes infinitely more complex and error-prone when multiple sources are used. With every additional source, data integrity and consistency becomes more difficult to manage and maintain especially when detailed data collections are required. STAYING AHEAD OF THE CURVE: When it comes to financial reporting, nothing can make life easier than a single source of data. Thus, its more efficient and assuring to produce financial and management reports, board books and earnings presentations from a single, centralized source. This way, data is uniform and controlled, not copy and pasted from email chains, old sources or otherwise miskeyed causing error. Copyright 2016 | Tagetik | All Rights Reserved QUESTION What applications are typically used to create the reports/documents? (check all that apply) BEHIND THE NUMBERS: Working exclusively out of Microsoft Office has been a tried and true method of financial reporting for decades. Yet undeniably, its a vehicle that lacks collaborative functionality and control. Even with proven automated reporting solutions available, it appears that the Office of Finance will not move away from the comfort of Excel, Word and PowerPoint. STAYING AHEAD OF THE CURVE: Microsoft Office is the mainstay of todays finance team. Its comfortable and familiar. The key to modernizing the use of it? Power Microsoft Office tools with financial intelligence, automation, collaboration tools and process workflow. Only then will Microsoft Office come into its full reporting potential. Application Response Count Excel 95% PowerPoint 65% Word Adobe InDesign 48% 5% THE CHALLENGES OF MODERN FINANCIAL REPORTING - How well do your reports meet stakeholder needs? Copyright 2016 | Tagetik | All Rights Reserved On average, what percentage of the document is narrative vs. financial information? QUESTION THE CHALLENGES OF MODERN FINANCIAL REPORTING - How well do your reports meet stakeholder needs? Mostly Narrative (70%) 7% Partly Narrative (60%) 11% Evenly Distributed (50/50) 29% Slightly Narrative (40%) 25% Nominally Narrative (30%) 28% What types of narrative are utilized? (check all that apply) QUESTION Explanation of results 84% Management and discussion analysis 69% Notes to the accounts 59% Risk identification and mitigation plans 37% Strategic assumptions 34% Message to the stakeholders 30% Legal disclaimers 12% Other (please specify) 5% BEHIND THE NUMBERS: Explaining the numbers is becoming fundamental as reporting requirements increase. Finance is charged with explaining the meaning of more and more data and providing insight for decision makers, executives and investors alike. Narrative is the next reporting frontier. And yet, operationally speaking, when last-minute changes come through, updating the narrative is a manual process where one small data change can result in rewriting the associated interpretation and explanation. STAYING AHEAD OF THE CURVE: Everyone knows the benefits of data consistency. But what about narrative consistency? Narrative implicitly involves discussion, which often means various contributors. Thus, managing the creation of narrative with communication and collaboration tools, like version control, is important. In addition, because reports are increasingly automated, the ability to automatically update narrative is also a capability the Office of Finance should look out for. Copyright 2016 | Tagetik | All Rights Reserved MODERN FINANCIAL REPORTING CHALLENGES SURVEY - How well do your reports meet stakeholder needs 84% 69% 59% 37% 34% 30% 12% 5% What forms of communication are used during this process to manage the collection of information? (check all that apply) QUESTION THE CHALLENGES OF MODERN FINANCIAL REPORTING - Ho ell do your reports meet stakeholder needs? Emails 96% In-person meetings 69% Phone / video conferences 55% Messaging (i.e., Skype, chat, Slack) 23% BEHIND THE NUMBERS: The results for this question indicate that most communications related to the reporting process are outside of a centralized, auditable system. Phone and even in-person communications are record-less and leave plenty of room for misunderstanding. Messaging and email communications are not easily traced, requiring report creators to verify responses by manually searching through massive emails and other online communications. STAYING AHEAD OF THE CURVE: Again, a centralized reporting solution comes into play. “Is the number that was disclosed in that email the truest, most updated version? Or had it been updated? Axe the mishmash of email and video conference. Interaction between power users, admins and end users alike should be housed in a centralized system, where detailed communication records are kept, a single version of data ensured, and vetting and verification is automatic. This includes the ability to assign tasks, approve changes, leave notes for others and set a workflow approval process. Copyright 2016 | Tagetik | All Rights Reserved Not automated 60% Takes too long 59% Integration with data sources 46% Last minute changes not reflected in reports 34% Lack of full control 33% Data / rounding / formatting not consistent across reports 31% No audit trail 27% Data not accurate / complete 25% Other (please specify) 9% Answer Options Response Count QUESTION What reporting challenges do you face? (check all that apply) THE CHALLENGES OF MODERN FINANCIAL REPORTING - How well do your reports meet stakeholder needs? BEHIND THE NUMBERS: Not surprisingly, reporting challenges are numerous and far-reaching. These numbers reveal that there are significant holes and inefficiencies in the report creation process. STAYING AHEAD OF THE CURVE: The pathway to success is pretty clear: automation, shorter reporting times, data integration and complete control would result in reports that are more accurate, meaningful, and credible. Copyright 2016 | Tagetik | All Rights Reserved According to survey results, it takes a week or more for 35% of organizations to produce monthly reports and at least two weeks for 33% of organizations to produce quarterly reports, with some nearing the three-week mark. Its no wonder that 60% of respondents indicated that the length of time it takes to create reports is a key issue. 1. REPORTING EATS UP VALUABLE PROFESSIONAL TIME Excel or Excel-like tools arent viable options for modern financial reporting. While 95% of those surveyed use Microsoft Excel, 60% of respondents express that their main concern in the reporting process is lack of automation and 46% of respondents report concerns related to a lack of integration with data sources. These survey results make it clear that on their own, Excel, Word and PowerPoint are not enough to effectively meet current disclosure requirements and internal reporting expectations. However, when combined with a comprehensive and automated reporting solution, the Microsoft Office suite can be a powerful and familiar complement for business users and contributors. 3. EXCEL ALONE ISNT ADEQUATE FOR MODERN FINANCIAL REPORTING Almost a third of respondents said they need to collect information from, on average, at least five departments, 12 individuals, and six sources of data for reports. When data collection and narrative contributions are handled with manual tools and email- driven processes, the potential for error is very high and the ability to manage changes is severely compromised. With issues like this prevailing throughout finance teams, its not surprising that 33% cited lack of full control compromised the reporting process. 2. INFORMATION IS SILOED Communication in the reporting process is broken. The sur

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