> Runbook Company International > Automating the Financial Close

Automating the Financial Close

Runbook Company International
Published:  Sep 13, 2010
Length:  13 pages

In recent times the reporting burden has reached fever pitch as companies grapple with novel disclosures. Reporting has broadened plus it has also become more technical as regulators seek to impose complex international accounting standards. To add 'insult to injury', companies are required to report their results more frequently and in ever tighter timescales. But not everything has gone to plan. The Enron collapse followed by the demise of Lehman Brothers during the financial crisis of 2009 has focused attention on compliance and control. Companies now face the 'perfect storm' of increasing complexity in reporting, broader disclosure requirements, accelerated timescales for producing statutory accounts, digital filing (XBRL) and increased scrutiny of their standards of governance, risk and control. How does a company increase the dependability of reporting and satisfy the demand for faster information and auditability against the backcloth of increasing reporting complexity?

Tagsfinancial close, finance process automation