The Challenges of Corporate Financial Reporting
By Di Seghposs-Oracle on Dec 06, 2012
Many finance professionals face serious challenges in managing and reporting their company’s financial data, despite recent investments in financial reporting systems. Oracle and Accenture launched this research report to help finance professionals better understand the state of corporate financial reporting today, and why recent investments may have fallen short.
The study reveals a key central issue: Organizations have been taking a piecemeal—rather than holistic—approach to investing. Without a vision and strategy that addresses process improvement, data integrity, and user adoption software, investments alone will not meet the needs or expectations of most organizations.
The research found that the majority of finance teams in 12 countries—including the U.K., USA, France, Germany, Russia, and Spain—have made substantial investments in corporate financial management processes and systems over the last three years. However, many of these solutions, which were expected to improve close, reporting, and filing processes, are ineffective, resulting in a lack of visibility, quality, and confidence in financial data.