Stop the insanity! How to move away from the ancient financial reporting process

It’s the evening of day 2 of your 5-day financial reporting period. You’ve still not gotten the commentary from EMEA or Asia-Pac that’s required to be available by COB today. That was hours ago and you realize that the EMEA folks are fast asleep. You’re thinking if you can hang in there for another couple of hours, you can get the Asia-Pac folks to respond because of the 12-hour time difference. It’s going to be another late night. But you’re used to this. You’re in FP&A and it’s your time of the month to shine!

Sounds familiar?

So many of today’s multi-billion dollar multi-nationals operate in this same fashion when it comes to financial reporting. When you sit back and think about it for a moment, you can’t help but ask yourself why this is still going on? Then, that worst of all “energy sucking” thought enters your mind:  “This is the way we’ve always done it!” The absolute worst phrase in the English language!

Mankind developed technology that can track the pull of Black Holes millions of light years away from us. The power of today’s cellphones is more than an order of magnitude greater than what it took us to put a man on the moon in 1969. And you’re still sitting there at 8pm on a Tuesday night hoping you can catch the folks in Singapore and get their commentary on last month’s finance reports.

So, once you have decided the insanity of this ancient reporting process can’t go on, what are you going to do about it? First of all, get through the next 3 days producing the absolute best deck you can so your CFO can leverage it during the earnings call in a few days. After that? Start looking into alternative methods that will produce quality reports in a far more efficient manner.

Take a look at what Gartner’s Peer Reviews say

Maybe you’re not a Gartner fan, but it is one of the world’s leading research and advisory companies. The peer reviews are something that helps enterprise business leaders across all major functions in every industry collect the objective insights they need to make educated decisions. Otherwise, just use Google to find and select whatever tool you need to move away from your ancient reporting process.

Good chance you will stumble upon CXO Software as one of the solutions. Our financial reporting software was developed by FP&A consultants who have walked many miles in your shoes and encountered the same issues you have.

Because our connectors are pre-tested with the most prevalent EPM systems, we can implement our financial reporting software in a matter of weeks instead of months. Or in some cases even years. Not only can we directly connect to most EPM tools, the solution comes prepackaged with 18 CFO focused Dashboards and Financial Reporting templates.

Collaboration & Communication

And how about the fact that our tool provides for both line-item as well as Point-of-View commentary which can be required input from your LOB/Regional/Entity Controllers? And to make the commentary even more meaningful and faster, we’ve incorporated an internal conversation tool. Think of it as a private chat session on steroids to get to the best possible financial reporting info in the least amount of time.

Telling what our software can do may not be the best way to convince you, so experience it for yourself and have a look at our self-service demo. And maybe, just maybe, next year you’ll have to find something else to do on a Tuesday night!

Customer Portal