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A CFO’s Guide to Financial Reporting Software: Interview with: John Vaughan, Managing Director, InfoCube Consulting
A CFO’s Guide to Financial Reporting Software: Interview with: John Vaughan, Managing Director, InfoCube Consulting
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A CFO’s Guide to Financial Reporting Software: Interview with: John Vaughan, Managing Director, InfoCube Consulting

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A CFO’s Guide to Financial Reporting Software: Interview with: John Vaughan, Managing Director, InfoCube Consulting, a sponsor company at the marcus evans CFO Summit 2013, discusses how Financial …

A CFO’s Guide to Financial Reporting Software: Interview with: John Vaughan, Managing Director, InfoCube Consulting, a sponsor company at the marcus evans CFO Summit 2013, discusses how Financial Reporting software simplifies, saves time and decreases the risk of error in high visibility financial reports.

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  • 1. A CFO’s Guide toFinancial Reporting Software Reporting software enables multiple won’t use BI to prepare your monthly people to work co-operatively on board pack or senior management reporting and analysis using information review pack. collected from core financial and operational systems where all reports How can these systems assist with can be refreshed against that source compliance? data automatically. Many organisations struggle with This working environment can be highly regulatory compliance reporting. structured, preventing a user from Financial Statement Reporting systems changing formulas or breaking can directly ensure compliance is alignments. It also makes use of maintained with up to date, accurate Microsoft Office tools for preparation, information that is directly consistentInterview with: John Vaughan, enabling the flexibility of those tools with all other uses of the same data set.Managing Director, InfoCube where required. Default calculation As the reporting procedure isConsulting methods are built into the environment standardised, the results are more to ensure consistent analysis right accurate and less prone to error. For across the organisation. example, certain pieces of information,Chief Financial Officers (CFOs) can such as revenue, or profit by division,use Financial Reporting software to Can you give an example of the use have tags associated with them. Thisgather, analyse and report information of Financial Statement Reporting tag is used everywhere revenue orin a standardised manner for output software? profit is required and updatedto multiple media simultaneously, with accordingly as the underlying datathe ability to update values and A Finance Team might be producing a changes. The reporting process helpscommentary in a controlled, automated monthly report pack for management or ensure com plianc e and enable smanner, says John Vaughan, Managing board consumption that could be dozens information to be locked once it hasDirector, InfoCube Consulting. “This of individual reports, from different been audited.working environment is both flexible systems, all compiled into a singleand highly structured, is a controlled document and published. In many Any final thoughts?workflow process, is simple and easy to organisations these reports areuse and results in a lower risk, higher manually created in spreadsheets and Using Financial Statement software canquality outcomes,” he adds. are prone to data entry, reconciliation dramatically increase efficiency , and formula error. All these reports, increase effectiveness and lower the riskFrom a sponsor company at the marcus both commentary and numeric analysis, of error all in an easy to use standardevans CFO Summit 2013, in the Gold can be included and updated Microsoft Office environment.Coast, in Queensland, Australia, 10 - 12 automatically in a tightly controlledMarch, Vaughan discusses how CFOs workflow enabled environment.can use smart software specificallydesigned for financial reporting, What is the benefit for CFOs?including commentary and analysis inaddition to the obvious financial That is easy. The ROI on Financial Financialstatements. Statement Reporting tools is typically measured in months. This is achieved Statement tools can simplify,How can financial reporting through direct saving of seniorsoftware contribute to the accounting staff. In addition the greaterperformance of the finance efficiency, the CFO’s team will be morefunction? effective in providing their expertise to the business and will operate in an save time andThe traditional way of manuallycollecting information for a complex environment that has lower credibility risk because of errors in the published reduce riskfinancial report, such as an annualreport or monthly management pack, reports. of error in high visibilitycreates many problems. It is very time Isn’t this just Business Intelligenceconsuming and creates a high risk of (BI) rebadged?non-reliable information being used, asdata, in many cases, has to be manuallyentered and then has to be cross- Absolutely not. BI is primarily focussed on analytics, dashboards and financial reportschecked by the finance team. Software operational reporting and sometimes,can be utilised to get the most recent management accounting reporting. Youdata from financial systems loaded into would not prepare your Annual Report,the reporting environment on a monthly your ASX or ASIC filing, an Investorbasis. briefing with a BI tool. Likewise, you
  • 2. About the CFO Summit 2013 The Finance Network – marcus evans Summits group This unique forum will take place at the RACV Royal Pines Golf Resort & Spa, Gold delivers peer-to-peer information Coast, Queensland, Australia, 10 - 12 March 2013. Offering much more than any on strategic matters, professional conference, exhibition or trade show, this exclusive meeting will bring together trends and breakthrough esteemed industry thought leaders and solution providers to a highly focused and innovations. interactive networking event. The Summit includes presentations on ensuring structural consistency, utilising digital and social media to boost financial results and improving the quality and speed of decision making to deliver improved outcomes. www.cfo-anz.com Please note that the Summit is a Contact closed business event and the number of participants strictly Maria Gregoriou, Journalist, marcus evans, Summits Division Tel: + 357 22 849 400 Email: press@marcusevanscy.com For more information please send an email to info@marcusevanscy.com All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.comAbout InfoCube ConsultingInfoCube is a Sydney based management accounting consultancy, specialising in applying IBM Cognos technology for accountingand finance solutions. InfoCube’s primary area of expertise is Corporate Performance Management, including: Rolling Forecasts Budgeting Planning Data Warehousing Management Reporting Scorecards and Dashboards Analysis Business Intelligence Consolidations Financial Statement Reportingwww.infocube.com.auAbout marcus evans Summitsmarcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discussstrategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity toindividually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings.For more information, please visit: www.marcusevans.comTo view the web version of this interview, please click here: www.cfo-anz.com/JohnVaughan

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