{"id":1443,"date":"2019-10-08T17:00:30","date_gmt":"2019-10-09T00:00:30","guid":{"rendered":"https:\/\/addison.lwh.dev\/insights\/future-financial-reporting\/"},"modified":"2019-10-08T17:00:30","modified_gmt":"2019-10-09T00:00:30","slug":"future-financial-reporting","status":"publish","type":"post","link":"https:\/\/addisongroup.com\/insights\/future-financial-reporting\/","title":{"rendered":"The Future of Financial Reporting"},"content":{"rendered":"\n<p>Armies of accounting and finance professionals put together and deliver reports and presentations every month, only to do it over again the following month. While it would be perfect if the reports aligned with the changing needs of the business, that seldom happens with financial reporting.<\/p>\n\n\n\n<p>48\npercent of companies spend their time creating and updating reports vs. 18\npercent of the time is spent communicating the results to the company.\nCompanies know that there is room for improvement and a majority of companies\nuse standardization for a fast and efficient way to gain more insights.<\/p>\n\n\n\n<p>This begs the question- how would standardization react to automation? If standardization can be such a great and powerful performance tool now, how would it react to adding artificial intelligence (AI) into the mix?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Progress is Already Happening<\/h2>\n\n\n\n<p>Today, companies are applying point solutions to traditional reporting processes while others are using AI to write narratives about financial data. There are also companies moving towards a continuous close and get rid of latency.<\/p>\n\n\n\n<p>As of\nyet, no company has cracked the code or joined together different technologies\nacross the entire end-to-end reporting process in a way that is dynamic and\ncontains real-time insights.<\/p>\n\n\n\n<p>As\nmore demands for change are made, considerations should be taken to include the\noverall costs and savings of a company. Companies can release more efficient\nreports and significantly reduce human labor. Customer demand will also drive a\nreporting overhaul that influences self-service persona-based reporting that\ngenerates important information in a short amount of time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Future Changes to Financial Reporting<\/h2>\n\n\n\n<p>We\nknow that the nature of this work will change in the future and that the\nlaborious grind of financial reporting and management will likely not exist in\nthe future. People will be seen as insight generators and not report builders,\nand the talent pool will extend to business people with finance backgrounds and\nothers that collectively- can enhance the financial ability to support the\ncompany\u2019s strategy.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Upcoming Transformations to Financial Reporting:<\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Financial reporting will be intelligent.&nbsp;<\/li><li>Interactive.&nbsp;<\/li><li>Real-time.&nbsp;<\/li><\/ul>\n\n\n\n<p>CFOs\ncan jumpstart this revolution by applying digital technology to financial\nreporting now using the best practices and technologies available.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Design data platforms that can evolve to support both structured and unstructured data.&nbsp;<\/li><li>Focus on your customers by requesting feedback and watching what they do, allowing you to build the perfect user experience accurately.<\/li><li>Make small steps with changes and updates before implementing them on a larger scale.&nbsp;<\/li><li>Work with employees to reassure them of their human skills as they adjust to the adoption of automation.<\/li><li>A CFO should bring new ideas to the C-suite, helping the other leaders to adopt technological innovations can help the business without jeopardizing further progress.<\/li><\/ul>\n\n\n\n<p>Most\nCFOs are well aware that changes are coming for financial reporting. In 2018,\nCFO <em>Signals<\/em> reports that 63% of CFOs projected the changes in the\nfinancial workplace would likely shift in three years towards analysis,\nprediction, and decision support. About 66% agreed that technology advance\nwould help to gain significant productivity in accounting, reporting, and\ncompliance processes.<\/p>\n\n\n\n<p>Remember that reporting isn\u2019t about technology and that it is about understanding and leveraging information companywide. While new tools might make the workflow easier, human intelligence is still an indispensable resource. As such, CFOs should be required to rethink how they strategically deploy their own tools and talents to incorporate data and analytics into decision making.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Armies of accounting and finance professionals put together and deliver reports and presentations every month, only to do it over again the following month. While it would be perfect if the reports aligned with the changing needs of the business, that seldom happens with financial reporting.<\/p>\n","protected":false},"author":9,"featured_media":1444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[],"post_function":[],"post_audience":[],"class_list":{"0":"post-1443","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-article"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Future of Financial Reporting - Addison Group<\/title>\n<meta name=\"description\" content=\"While it would be perfect if all reports aligned with the changing needs of the business, that seldom happens with financial reporting.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/addisongroup.com\/insights\/future-financial-reporting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Future of Financial Reporting - 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