More Related Content More from DisclosureNet (7) INFOGRAPHIC: 9 Tips for Public Companies to Accelerate Financial Reporting 1. Tips for Public
Companies to
Accelerate
Financial Reporting
Filers, start your engines.
No more reporting in circles. Accelerate your company’s
financial reporting processes by taking a cue from the
fastest drivers in town.
Choose a Stellar Pit Crew:
Be Aerodynamic:
Keep a dynamic list of peers and
competitors updated regularly with key
company information. Use peer documents
as benchmarks to speed up formatting disclosures.
of companies that make extensive use of
benchmarks also agree that “improving financial-
and-administrative-processes would yield a
meaningful financial benefit to my company.”2
Have a database of
note disclosures and
examples available for
quick access to unique
formatting and verbiage.
Create a Disclosure Management Cycle
(DMC) unique to your company’s needs and
followed conscientiously by all your staff.
1
2
“More than
1
Know the "Right Combination" for Success:
Create an
office-of-finance.
5
7
9
Biggest Challenges that a DMC Addresses:
44% cited ineffective communication between
executive management and staff.3
43% cited their IT infrastructure lacks
advanced capabilities.4
Hire an in-house specialist to eliminate back-and-forth
with outsourcers and reduce the risk of filing late.
Avoid “Slick Spots” in Reporting
of the largest companies cited XBRL tagging
as their greatest difficulty when filing.
8
Hire an “all-in-one” accountant.
60%of respondents say that the
number of handoffs involved in
preparing financial reports
significantly increases
the risk of error.
78%
An office-of-finance approach to corporate
performance management will provide greater
effectiveness for finance if extended deeper into
the financial close process through added
support in such areas as account reconciliation,
financial analytics, tax provisioning,
planning, and forecasting.
5
of large accelerated filers (the earliest adopters)
are not planning to outsource XBRL tagging
next year.6
55%
43%
Check Your Breaks, Engine,
Throttle & Windshield Wipers:
Prioritize your strategic actions to ensure
strong internal controls are in place for sound data.
of best-in-class companies are
prioritizing standardized procedures
and integrated systems from uniformity
and data consistency.7
Choose a Strategic Place to Slingshot:
Strategically choose where to implement
automation in your company. Automation
provides a much needed boost in the
reporting process.
believe that real-time reporting plays a role in
compliance, accuracy and organizational productivity.8
Pick a Sweet Ride:
By investing in the most robust and
multifaceted disclosure research technology,
you’re put on a fast track to the finish line
(and will arrive in one piece).
Organizations that devote the right resources to
performing analytics on relevant data will benefit
from an informed perspective that will help them
make better business decisions and ultimately
achieve the measurable business outcomes
they desire.
4
6
3
68%
72%
1. Owens, David. “Http://www3.cfo.com/article/2013/3/accounting-tax_cfos-narrative-financial-reports?currpage=1.”
CFO.com. N.p., 21 Mar. 2013. Web. 11 June 2013. http://www3.cfo.com/article/2013/3/accounting-tax_cfos-narrative-finan-
cial-reports?currpage=1
2. Surka, Matt, and Josh Hyatt. “The Long and Winding Road.” CFO.com. N.p., 8 Oct. 2012. Web. 11 June 2013.
http://www3.cfo.com/article/2012/10/benchmarking_cfo-research-benchmarking-business-processes
3. “Disclosure Management Analytics: Paving the Way for Organizational Transparency and Collaboration.” Aberdeen Group.
N.p., Dec. 2012. Web. 11 June 2013. http://v1.aberdeen.com/launch/report/perspective/8403-AI-disclosure-management-an-
alytics.asp?lan=US
4. “Disclosure Management Analytics: Paving the Way for Organizational Transparency and Collaboration.” Aberdeen Group.
N.p., Dec. 2012. Web. 11 June 2013. http://v1.aberdeen.com/launch/report/perspective/8403-AI-disclosure-management-an-
alytics.asp?lan=US
5. Van Decker, John E. “Getting More Value From CPM: Strategic Versus Office-of-Finance CPM.” Gartner. N.p., 8 Feb. 2013.
Web. 11 June 2013. http://my.gartner.com/portal/server.pt?open=512objID=202PageID=5553mode=2in_hi_userid=2-
cached=trueresId=2331415ref=AnalystProfile
6. Provost, Taylor. “The XBRL Factor.” CFO.com. N.p., 21 Mar. 2013. Web. 11 June 2013. http://www3.cfo.com/article/2013/3/
regulation_xbrl-ferf-reserach-insource-outsource-pencils-down-sec?currpage=1
7. “Disclosure Management Analytics: Paving the Way for Organizational Transparency and Collaboration.” Aberdeen Group.
N.p., Dec. 2012. Web. 11 June 2013. http://v1.aberdeen.com/launch/report/perspective/8403-AI-disclosure-management-an-
alytics.asp?lan=US
8. “Disclosure Management Analytics: Paving the Way for Organizational Transparency and Collaboration.” Aberdeen Group.
N.p., Dec. 2012. Web. 11 June 2013. http://v1.aberdeen.com/launch/report/perspective/8403-AI-disclosure-management-an-
alytics.asp?lan=US
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