The Canadian actor and writer William Shatner (1931-) said that at some point.
This time of the year I would say that most companies, or at least a department in most companies, are repeating the same mistakes. I am talking about the Finance Department and The Annual Report.
No I don’t mean you shouldn’t do the report. The report as such has a lot of value and is also an important tool for control and transparency besides the legal requirements.
The mistake or mistakes are more related to the way the work is done.The process as such is a challenge with all different roles involved, decision points, number of versions that are “flying” around. There is a dependency between tasks that needs to be done and that dependency is not managed by the General Ledger nor by the Financial Consolidation tool or the BI reporting capabilities. On top of that there are Flash reports that should be produced and posted to the CXO’s and board members at an early stage. The final report needs to be signed of by the CFO, the CEO and by the Board as well as the Auditors. Only that part could be a very cumbersome process. And the CSR part has been added as separate reports or as notes to the Financial Statement which increase the complexity even more.
Well there is a way to get fully process control with overview, transparency, escalation mechanism and a lot of other very good things in place that will add quality and shorten lead-time.
So Miss/Mrs/Mr CFO if you don’t want to repeat the same process and mistakes again next year or even next quarter give us at Barium a call.