Financial reporting can cause major headaches for CFOs. Here are five major problems most financial executives face and how to overcome them. Read the full post here: https://thekinigroup.com/financial-reporting/ No one likes financial reporting. There, we said it. Financial reporting takes mind-numbing focus. And it’s easy to screw up. But reporting becomes a special brand of “ugh” for executives for 5 major reasons. Challenge One: Pressure to Make Financial Reporting More Efficient and Transparent Everyone wants access to data – the remainder of the C-suite, supervisory boards, audit committees and other interested parties. Making the flow of information and data insights efficient and transparent makes everyone’s lives easier, but that’s easier said than done. The solution: find the most efficient technology possible to organize your data and run their financial reporting automatically. This moves resources from the reporting function to the analysis function without sacrificing quality of good reporting. Challenge Two: Burdensome Regulatory Requirements and Compliance Deadlines As soon as the finance team adjusts to new laws, another regulation comes along to knock things off-kilter again. CFOs have to answer to stock and shareholder regulations, auditors, and other parties, which creates a huge drain on resources. The solution: Embrace them. The sooner you do, the better off your company will be and the more resources you’ll have at your disposal. Challenge Three: Complex Environments and Technology ERP systems are frustrating. They’re costly, take forever to set up, and are outdated within a few years. And, they almost never provide you with the reporting solutions you need. The solution: Move your ERP to the cloud. Cloud-based technology provides team with the most updated – and usually most intuitive – version of software. It allows more users to access data, analytics, and findings from analysis in one place. Even if it appears grossly expensive on the surface, as cloud technology becomes more commonplace, it gets less expensive. In fact, an IDC study showed that cloud solutions offer an average payback period of 7.1 months. The five-year ROI is 626%. Challenge Four: Too Much Technology to Manage 32% of companies work with at least 16 different reporting systems [EY]. That’s a lot of data management and organization to keep straight. Financial reporting becomes a zig-zagged trip through multiple systems, creating for many mistakes and headaches along the way. The solution: It’s not going to be easy, but you need to start trashing some of your technology. Find a solution that handles data management, storage, financial analytics, and data flow automation. Don’t settle until you find technology that significantly decreases the manual moving of data. Challenge Five: Bad Data Bad data is like a virus.

1. insights from
1
5 Sources of Financial Reporting Struggles
and How to Overcome Them

2. insights from
2
No one likes financial reporting.
There, we said it.
5 Challenges of Financial Reporting
(And How to Overcome Them)

3. insights from
3
Financial reporting takes
mind-numbing focus.
And it’s easy to screw up.
5 Challenges of Financial Reporting
(And How to Overcome Them)

4. insights from
4
But reporting becomes a special
brand of “ugh” for executives for 5
major reasons.
5 Challenges of Financial Reporting
(And How to Overcome Them)

5. insights from
5
Challenge One:
Pressure to Make Financial
Reporting More Efficient
and Transparent
5 Challenges of Financial Reporting
(And How to Overcome Them)

6. insights from
6
Everyone wants access to data – the remainder of
the C-suite, supervisory boards, audit
committees and other interested parties.
Making the flow of information and data insights
efficient and transparent makes everyone’s lives
easier, but that’s easier said than done.
5 Challenges of Financial Reporting
(And How to Overcome Them)

7. insights from
7
The solution:
Find the most efficient technology possible to
organize your data and run your financial
reporting automatically.
This moves resources from the reporting
function to the analysis function without
sacrificing quality of good reporting.
5 Challenges of Financial Reporting
(And How to Overcome Them)

8. insights from
8
5 Challenges of Financial Reporting
(And How to Overcome Them)
Challenge Two:
Burdensome Regulatory
Requirements and
Compliance Deadlines

9. insights from
9
5 Challenges of Financial Reporting
(And How to Overcome Them)
As soon as the finance team adjusts to new laws,
another regulation comes along to knock things
off-kilter again.
CFOs have to answer to stock and shareholder
regulations, auditors, and other parties, which
creates a huge drain on resources.

10. insights from
1
0
5 Challenges of Financial Reporting
(And How to Overcome Them)
The solution:
Embrace them.
The sooner you do, the better off your company
will be and the more resources you’ll have at
your disposal.

11. insights from
1
1
5 Challenges of Financial Reporting
(And How to Overcome Them)
Challenge Three:
Complex Environments
and Technology

12. insights from
1
2
5 Challenges of Financial Reporting
(And How to Overcome Them)
ERP systems are frustrating.
They’re costly, take forever to set up, and are
outdated within a few years.
And, they almost never provide you with the
reporting solutions you need.

13. insights from
1
3
5 Challenges of Financial Reporting
(And How to Overcome Them)
The solution:
Move your ERP to the cloud. Cloud-based
technology provides team with the most
updated – and usually most intuitive – version of
software.
It allows more users to access data, analytics,
and findings from analysis in one place.

14. insights from
1
4
5 Challenges of Financial Reporting
(And How to Overcome Them)
Even if it appears grossly expensive on the
surface, as cloud technology becomes more
commonplace, it gets less expensive.
In fact, an IDC study showed that cloud
solutions offer an average payback period
of 7.1 months. The five-year ROI is 626%.

15. insights from
1
5
5 Challenges of Financial Reporting
(And How to Overcome Them)
Challenge Four:
Too Much Technology to Manage

16. insights from
1
6
5 Challenges of Financial Reporting
(And How to Overcome Them)
32% of companies work with at least 16 different
reporting systems.
That’s a lot of data management and
organization to keep straight!
Financial reporting becomes a zig-zagged trip
through multiple systems, creating for many
mistakes and headaches along the way.

17. insights from
1
7
5 Challenges of Financial Reporting
(And How to Overcome Them)
The solution:
It’s not going to be easy, but you need to start
trashing some of your technology.
Find a solution that handles data management,
storage, financial analytics, and data flow
automation.
Don’t settle until you find technology that
significantly decreases the manual moving of data.

18. insights from
1
8
5 Challenges of Financial Reporting
(And How to Overcome Them)
Challenge Five:
Bad Data

19. insights from
1
9
5 Challenges of Financial Reporting
(And How to Overcome Them)
Bad data is like a virus.
The implications of it multiply and spread to the
point at which your financial reporting – all of
your hard work – is completely useless.

20. insights from
2
0
5 Challenges of Financial Reporting
(And How to Overcome Them)
The solution:
Organize the entire data input, management,
and reporting process from the ground up.
Build a template of how data should be
formatted and organized, and hold your
teams accountable for sticking to it.

21. insights from
2
1
KiniMetrix allows companies to put
all of their data in one place.
Its intuitive analytics can handle millions of lines
of transaction data. It even organizes your data
for you.
Click here to see how KiniMetrix
can do this for you.
5 Challenges of Financial Reporting
(And How to Overcome Them)