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.
The research was conducted amongst the 49,000 members of the FSN Modern Finance Forum on Linkedin globally and represents one of the largest and most authoritative global surveys of its kind.
A series of infographics released from today depicts some of the highlights of the research and will form the foundation of discussion in the FSN Modern Finance Forum in Linkedin during the next few months. The full research will be released at a reception and dinner at the Shangri-La Hotel, at the Shard in London on 10th May 2017.
977 senior finance professionals responded to the survey covering 23 countries and 13 industry sectors. Approximately half of the respondents were from organisations with more than 1,000 employees.