26th April 2017
Financial reporting, whether for internal or public consumption forms the bedrock of the finance function and is often the primary and most visible measure of the finance function’s professional competence and standing. But new research “The Future of Financial Reporting Survey 2017” released by the FSN Modern Finance Forum suggests that CFOs are being weighed down by unnecessary information as they fail to get a proper grip on an increasingly bloated and convoluted reporting ecosystem.
According to the survey, 50% of finance teams do not remove redundant information from their reporting packs and 41% don’t remove reports that are no longer used, even as the number of reports grow. This makes the reporting pack cumbersome and can unhelpfully mask what relevant information remains. The reporting ‘inventory’ is spiralling out of control.
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