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Difficulty Generating Accurate Financial Statements

  • You often need to change your reporting model, such as reporting structures. You need to consolidate and/or eliminate according to different structures. It takes too much time and they are made incorrectly or not in a timely manner sometimes. This has had negative consequences. Financial statements have been late and/or inaccurate.
  • You are not able to combine and analyze data from different dimensions. This restricts your analysis capabilities. The impact is negative. You spend a lot of time manually consolidating information, or performing analysis or reporting. That takes too much time.
  • You have difficulty supporting multiple currencies. You need to present group reports in multiple currencies. It is difficult to maintain all the comprehensive formulas. It takes too much time. You need to create different reports for each currency.
  • You are not able to combine data from disparate locations into one database. You need to transfer data before you can manually consolidate the data. It takes too much time. It restricts the type of consolidation that you do.
  • All your intra-group transactions need to be manually excluded when you present group results. That is complex and time-consuming. It takes too much time and slows down the closing process.
  • All of your consolidation methods have to be calculated manually. It is time-consuming to change between different methods.

About the Author: AJ Amjad Khanmohamed

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