Drive Greater Speed and Accuracy Audit Readiness in Your Financial, Operational, and Regulatory Reporting
Do you ever get frustrated by the speed and accuracy of your financial reporting processes? Do you worry you won’t realize you’ve missed a crucial piece until the external auditors bring it to your attention? Does your team struggle to meet deadlines due to manual processes and a lack of visibility into the big picture? If this sounds familiar, you’re not alone.
A 2022 study conducted by Ventana Research showed that only 29% of organizations receive timely information from their finance departments, and another 67% said the data is somewhat timely.
Fortunately, there are ways to drive greater speed, accuracy, and audit readiness in your financial, operational, and regulatory reporting. And the best part is you already have the capability in your current FloQast subscription.
Financial, Regulatory, & Operational Reporting: A Painful Process
Financial, operational, and regulatory reporting can be an incredibly painful process. Tight deadlines, manual processes, and a lack of detailed workflows or centralized repositories for source documents and reviews result in bottlenecks and collaboration woes.
Often, the people preparing the supporting documents and reports don’t have enough insight into upstream workflows, like the Financial Close, to plan and execute their tasks. Even when organizations have basic productivity tools in place, they struggle to collaborate with internal stakeholders to gather supporting documents, substantiate disclosures, and discuss adjustments because individuals fail to leverage them properly. This leads to inefficient and often inaccurate processes that make it difficult for finance teams to comply with regulations, accurately report financials, and provide meaningful analysis to executive management.
Managers and reviewers don’t have an easy time of it, either. Without proper insight into the reporting process, it’s difficult for them to have confidence in how quantitative and qualitative disclosures are generated from the underlying data. And without that clear understanding of the inputs used to create reports and assumptions made about them, it is challenging for these decision-makers to review reports for accuracy or make informed decisions about the presented information.
But there is hope. By leveraging capabilities already available in your organization’s FloQast subscription, you can achieve greater speed, accuracy, and audit readiness in your reporting processes.
Optimize Your Reporting Processes With CapabilitiesYou Already Own
Over 700 FloQast customers already use the Ops Reporting Workflows included in their subscriptions to transform and optimize their financial reporting processes. With this feature, finance, and accounting departments can implement processes to prepare reports and provide greater transparency into where schedules come from, procedures used on those schedules to extract usable data, and how their teams use those schedules and supporting documents to generate disclosures.
With greater visibility into upstream processes, collaboration tools that meet preparers where they prefer to work, both preparers and reviewers can gain confidence in the accuracy of their reporting. It also provides an electronic audit trail, so teams can quickly identify and address any issues that may arise during the reporting cycle.
Starting with prescriptive best practices and checklists that organizations with similar reporting needs have used successfully, your organization can iterate and optimize over time to gain even more efficiencies.
The best part is that FloQast customers already have access to Ops Reporting Workflows with their current subscription. So you can start using it today to transform your reporting processes without disrupting your team or enduring a lengthy implementation.
If you’d like to learn more about how other organizations and their auditors drive greater speed, accuracy, and audit readiness with FloQast Ops, we’re hosting a webinar on April 20 at 11 a.m. PST. In this interactive session, you’ll hear from actual FloQast customers and the FloQast team, who will share how they use FloQast Ops. Register now to learn how to transform your reporting processes without disruption.