Financial data plays an important role in the success of any company.
This data feeds internal management reports which facilitate good management decisions. It also feeds external reports which satisfy regulatory requirements and provide information to third-parties such as banks and outside lenders. How good a company is at generating reports to measure its success plays a tremendous role on how great its success really is.
When generating reports, companies use a variety of tools and processes. Tools that are used include reporting systems, financial models, and report templates. Examples of processes that are used include those governing accounting close and timelines for the periodic generation of reports. However, generating accurate reports involves much more than just processes and tools. It even goes beyond having well-trained personnel responsible for reporting activities. In order to generate accurate reports, the data that those reports are based on must be accurate. That accuracy starts with the very processes within the company that originally generate the data.