Transforming financial reporting to improve performance
The reality of financial reporting, in many organisations, is that directors, committees, managers and owners are receiving information which is a snapshot of the financial position a week or more prior to the meeting or delivery of the report.
Qualified and experienced finance personnel produce these reports because that is what they have always done. The collation of data has centred around the processing and reconciliation of transactional data. The outcome of this is the production of typical management reports including the Balance Sheet, Income Statement and Profit and Loss Statement: reports that have remained relatively unchanged for decades.
The problem is the world has changed and is continuing to evolve. More than 90% of the world’s data has been created in the past 3 years. According to IBM, more data has been created during this time than in the entire history of the human race.
Organisations are producing and receiving more data and information than ever before, however financial reporting remains the same. Moving from these limited insights to a more informed position involves a mind-set change and significant transformation in how finance teams work.
What does a more informed position look like?
Boards and management, when planning, making decisions and/or discharging their governance obligations, should be provided with more than just historical information and linear forecasts. Directors and executives should be looking at interactive, real-time dashboards, forecasts involving scenarios, and historical information that can be drilled into for answers.
- inform how the business is actually performing;
- indicate how performance may be improved;
- highlight trends, issues or opportunities; and
- enable good financial governance, strategy, business model and operational decisions.
How do we achieve this informed position?
Our approach to transforming financial reporting to improve performance involves a systematic approach to identifying and collecting broader data sets for analysis.
Organisations produce a multitude of data which is not always effectively utilised to gain valuable insights. Broader data sets including, but not limited to, operations, assets, human capital and marketing can be captured and analysed to make an organisation’s data work.
Finance teams adopting data analytics is the key to making data work and getting real insights.
What are the benefits?
Transformed financial reporting produces ‘a perspective that helps leaders make important decisions in a risk-controlled manner. In other words, they use data to minimize the chance that you’ll come to an unwise conclusion’ (Harvard, 2019).
- Strategic planning
- Capacity planning
- Resource planning
- Asset performance
- CAPEX planning
- R&D planning
- Investment analysis and planning
- Product lifecycle planning
- Customer insights and interactions
- Innovation opportunities
- Improvement opportunities
Put simply, directors and management have access to the right information, at the right time to solve the right problems and pursue the right opportunities.
As 2020 approaches, can you afford not to have 20:20 visibility of organisational performance? Talk to us about how we can help transform your financial reporting to improve performance.
Choose i3 Australia for the Best Small Business Financial Assistance
If you’re looking for small business financial assistance, you’ve come to the right place. Our professionals offer excellent services by tailoring all our solutions to your unique business. Everything we do is to ensure you gain the momentum and levels of success equal to your aspirations. With i3 Australia, every business is a successful one.
Benefits of Using Our Services that Offers Your Small Business Financial Help
When you work with us, you’re bound to experience these benefits:
- We will never apply template solutions to your business stresses. We firmly believe that each problem requires a unique solution because every business is different. Our senior professionals will work with you to find a tailor-made solution to the problems you want to address.
- We can work within financial services, retail, infrastructure, hospitality, and non-profit organisations. Our teams are flexible and can deliver excellent performance, outstanding solutions, and unbeatable experience to anyone.
- We offer an incredibly wide range of services to the benefit of your business. Whether you need to fill vacancies or whether you want us to ensure you have working risk management, we can do it. Our services are comprehensive enough to cover the needs of any business, whether small or large.
Services We Offer Similar to Small Business Process Improvement in Queensland
Here’s a list of additional services we can offer your business:
- We’ve partnered with excellent designers, creatives, and developers to provide any digital media or marketing services you might require. Our services include graphic design, web design, eCommerce services, copywriting, SEO writing, paid advertising, as well as email marketing.
- We help you get the most out of your business intelligence by ensuring you have working data analytics. Today, understanding how to make your data work for you is extremely important. Showing you dynamic information about which of your platforms generate the most traffic and how you can get the most out of that traffic is a simple example of how we’ll ensure your data never goes to waste.
- Building on the idea of business continuity but extending further, we offer business resilience. We set out to create immunity against unexpected challenges or disruptive events or attacks that might put your company at risk. We help you fight back by putting systems in place that ensure the efficacy of your company when it comes to crisis management.
What You Stand to Gain from Our Services for Financial Survival in Queensland
When you’re dealing with the need for financial recovery, it means something has already gone wrong. When your business is doing well, you should put systems in place to help you during challenging times. This approach will ensure that the necessary systems are in place to shorten the lifespan of any crisis whenever it occurs. Working with us means security now and in the future. It’s never too early to put systems in place to ensure your financial survival.
Our services offer comprehensive solutions to a wide range of problems. Whether immediate or down the line, we can help you tackle any crisis with confidence. When you need help with anything financial, give us a call, and we’ll make sure your business stands the test of time.
Our ERP implementation had gone over time and over budget and was anything but a success. The team fixed the solution and most importantly took our finance team on the change journey. Now the ERP is a critical part of our business and is adding more value than we could have envisaged."