Diagnose the Challenges of Your Financial Reporting Process.
In a recent webinar, Trintech partnered with Workiva and KPMG to discuss how COVID-19 impacted finance and accounting organizations in regards to their people, processes, and technology.
Today’s close environment has never been more complex with the increase in data, regulatory reporting, and a remote work environment. As the old accounting adage goes, “The only three things guaranteed in life are death, taxes, and regulatory changes”— this still holds true in a COVID-19 world.
4 Recommendations to Strengthen Your Regulatory Reporting
1. Take a Holistic Approach to the Record to Report Process
Historically, the close process has been handled in a very isolated manner. Spreadsheet usage and pockets of automation have dominated the office of finance. While this is certainly an improvement over pen and paper ledgers, as employees went remote, the new environment revealed some glaring weaknesses.
2. Improve Data Integrity and Control with a Centralized System of Record
As accountants began working from home, ensuring both the integrity and quality of financial data became difficult. Questions such as, “Where are some of the numbers coming from?” could no longer be solved by walking to the desk of a colleague to ask.
3. Don’t Let Filing Extensions Distract You From the Future
As COVID-19 ravaged the global market, many organizations took advantage of filing extensions offered by their governments. Despite the disruption, there has still been major alterations in how companies must disclose their financial information — including both industry and geographically specific changes.
4. Transform Your Office of Finance
Beyond the specific regulations that have changed within your industry or location, or the move to a remote setting and a virtual close, it’s highly likely that COVID-19 has drastically changed your Office of Finance in other ways.
Download this eBook to uncover these four recommendations from Workiva, KPMG, and Trintech in greater detail and discover how organizations can strengthen their regulatory reporting right now and in the future.