5th February 2007
Clarity Systems, the provider of corporate performance management (CPM) solutions, has announced the launch of Clarity Financial Statement Reporting (FSR), a solution for the automatic creation of an organisation's statutory filings, such as 10K, 10Q, Annual Report, and internal Board book overcoming some of the problems of the so called ‘last mile' of financial reporting.

Although preparing financial statutory filings is the critical link between the company and its external stakeholders, it has historically been a manual, time consuming and inefficient process. Automating the creation of these documents, for publication and distribution, is viewed as the “last mile” in the financial reporting process. In this “last mile”, organizations typically face difficulties collaborating information in real-time and complications tracking changes and updates.

“It is critical for executives to meet their financial reporting requirements on time with data that accurately reflects the state of their business ,” says Mark Nashman , President, Clarity Systems. “ By eliminating the manual process, customers can develop quarterly and annual statutory financial submissions in a collaborative environment, with increased speed and accuracy.”

Using Clarity FSR, reports are dynamically driven from a central database, while leveraging the formatting capabilities of MS-Word – allowing for the production of highly formatted reports with the appropriate commentary and supplementary notes. The advanced software provides a collaborate environment while ensuring data accuracy, the use of workflow and audit trails, and providing better internal controls for corporate governance. Furthermore, templates can be re-used for each reporting cycle to speed up the statutory reporting process.

Clarity FSR also supports numerous output options including XBRL , MS -Word, MS-Excel and Adobe PDF.

Clarity FSR is a key component of Clarity 6 – a Web-based, performance management solution. Clarity Systems says that with Clarity FSR, organizations can achieve an end-to-end solution to accurately plan, analyze and report on organizational performance, with the additional functionality to automate the regulatory reporting process.

Other related FSN articles:
FSN Product Review Clarity 6
FSN White Paper Meeting the challenge of HR Planning with Clarity
FSN Interview Frank Pizzolato, CEO Clarity Systems