Top drivers for improving financial management:
- market volatility creates the need to dynamically account for change
- need to better align planning / budgeting with corporate goals
- corporate mandates for cost control
- current inefficiency of the process
- insufficient buy-in of decision-makers to deliver expected results
Core drivers for undertaking XBRL initiatives:
- SEC regulatory mandate for XBRL reporting
- corporate mandate to improve financial / accounting staff productivity
- corporate mandate to reduce operational cost
- inaccurate / erroneous financial reporting
Strategic actions of the best-in-class:
- invest in automation of financial reporting
- streamline external SEC filing
- streamline internal financial reporting
- improve interdepartmental communication
Key knowledge management capabilities:
- centralised repository of archived financial reports and filings
- financial data and information are tagged for content re-use
- centralised repository of financial data and information for ease of input / access
- centralised repository of regulatory information for ease of access
Top technologies in use:
- general ledger solutions
- financial reporting solutions
- financial planning, budgeting and forecasting solutions
- governance, risk, and compliance solutions
- XBRL-based financial reporting solutions
To achieve best-in-class performance, companies must:
- establish centralised repository of regulatory information for ease of access to ensure alignment of company objectives with existing laws
- establish standardised financial data management processes
- continue to track and assess audit risk exposure
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