Today, many finance teams are constrained by outdated technology and forced to use manual processes to complete the ‘last mile' of financial and statutory reporting. The ‘last of mile' of financial reporting is the business processes and activities that take place between the trial balance and the filing of statutory and regulatory reports.
Currently, most companies copy and paste data from existing finance systems into personal productivity tools such as MS Word and Excel to create and edit financial reports and narrative disclosures and then distribute via unsecured email for review. This cumbersome process lacks controls, offers no visibility into the reporting process, and has little or no audit trail. With new disclosure requirements being issued around the globe (including XBRL mandates) and renewed calls for executive liability and accountability for financial reports, the ‘last mile' has become a very complex and challenging process for companies and their CFO's.
In March 2011, BPM Partners released a white paper outlining the complexities of the Last Mile and the strategic need to automate and enhance controls around these processes.
Read this white paper to learn about:
- Business challenges and risks in existing manual ‘last mile' processes dependent on different version spreadsheets, word processing files and unsecured emails
- The benefits and the value of automating ‘last mile' processes – including enhancing internal controls, reducing risks, streamlining the entire reporting process
- The benefits of integrated XBRL tagging
- What features to look for in a solution that will automate and streamline ‘last mile' activities