FINANCIAL REPORTING BEST PRACTICES

Why CFOs Are Trading in Their Spreadsheets for Automated, Cloud-Based Solutions


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Summary

Despite the emergence of sophisticated financial reporting solutions, many chief financial officers (CFOs) still rely heavily on spreadsheets for financial reporting. Excel and other spreadsheet programs are omnipresent, and it’s likely that every finance team member, analyst, accountant and CFO use them in their everyday work. Many CFOs use Excel for their financial reporting because they are comfortable and familiar with the program. But spreadsheet programs weren’t designed for use as financial reporting software, and CFOs who use them for that purpose are creating significant risks for themselves and their companies.

Innovative financial reporting solutions have helped boost the efficiency of CFOs and their finance teams, enabling them to easily aggregate financial data from business units around the globe. These automated reporting solutions help CFOs and their finance teams focus on value-added initiatives and strategic work to make their companies more profitable, rather than focusing on the manual processes and administrative duties associated with Excel-based financial reporting.

This e-book will cover some of the current challenges of financial reporting, as well as the benefits of leaving spreadsheets behind and migrating to modern tools.
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