BeyondSquare FinAlyzer - Your partner for Financial Consolidation, Close, Analytics & Reporting

How Financial Performance Monitoring is evolving. Visit :  https://finalyzer.beyondsquare.com   ||   https://xbrl.beyondsquare.com The world is changing. Business is changing. As businesses have changed, so has the role of the CFO. In today’s business environment, the role of finance has greatly evolved, and it now permeates all areas of business and its influence only appears to be growing. Today, there are new risks, responsibilities and challenges that finance professionals face. They are responsible for analysing and reporting the past, managing the present and planning for the future. Many are leveraging new technology to help them thrive in this evolved role. There are a number of ways financial performance of your business can be monitored using available data. Let’s broadly divide them into three parts: Preparation of monthly financial statements –  The basic reports that every company needs to produce are the balance sheet, profit/loss & cash-flow statement

Visit : https://finalyzer.beyondsquare.com   ||  https://xbrl.beyondsquare.com Statutory reporting consumes a significant amount of time, effort and cost. The statutory reporting function is constantly evolving as organizations look to further streamline their finance function through technology transformation and other cost-cutting initiatives. Manually prepared reports present challenges around data inaccuracy, inconsistency, lack of audit trail. They are time consuming and subject to significant operational risk. If consolidation is involved, there are a whole new set of challenges to deal with – standardisation of account grouping, forex translation, elimination, minority interests etc. Incorrect reporting due to manual errors and omissions can be quite costly. Hundreds of companies are routinely investigated and penalised each year for violating disclosure norms. Organizations are looking at technology solutions to ease out and streamline the regulatory reporting function