Streamlining Financial Statement Reporting
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The document is a presentation summary of a webinar by Senturus on streamlining financial statement reporting through the Close, Consolidate, Report, and File (CCRF) process. It highlights challenges in financial reporting, the importance of automation, and the role of Cognos FSR in improving efficiency and control. Additionally, it includes information on upcoming webinars and offers contact details for further inquiries.
Streamlining Financial Statement Reporting
- 1. Streamlining Financial Statement Reporting The “last mile” of the Close, Consolidate, Report and File (CCRF) Process www.senturus.com Helping Companies Learn From the Past, Manage the 1 Present and Shape the Future
- 2. This slide deck is part of a recorded webinar. To view the FREE recording of this entire presentation and download the slide deck, go to www.senturus.com/recorded-webinars.php You will find this—and many other recorded webinars-- under the “IBM Cognos Office of Finance Solutions: TM1, EP, Controller, FSR “ 2
- 3. Agenda • Introduction • Close, Consolidate, Report and File (CCRF) Overview • Demonstration of Cognos FSR • Next Steps • Q&A 3
- 4. Welcome and Introduction Greg Herrera CEO Senturus Gary Kantz National Practice Director, Consolidations and Reporting Senturus Clark Muse WW Channels for Cognos FPM/FSR IBM Louis Robinson Solution Specialist , Cognos FPM/FSR IBM 4
- 5. Who is Senturus ? • Consulting firm specializing in Corporate Performance Management – Office of Finance • Consolidate, close, report and file (CCRF) • Enterprise planning & budgeting – Business Intelligence – San Francisco Business Times Hall of Fame -- Four consecutive years in Fast 100 list of fastest-growing private companies in the Bay Area • Experience – 12-year focus on performance management – More than 1,000 projects for 500+ clients – IBM/Cognos Premier Partner • People – Business depth combined with technical expertise. Former CFOs, CIOs, Controllers, Directors... – DBAs with MBAs 5
- 6. A few of our 500+ Clients 6
- 7. Process Overview CLOSE, CONSOLIDATE, REPORT AND FILE 7
- 8. Current Challenges Within the Office of Finance Pressure to shorten the close process Translating local currencies of their subsidiaries into the base currency of the entire enterprise. Conversion from local accounting principles to US Generally Accepted Accounting Principles (GAAP). Elimination of intercompany transactions between subsidiaries The ability to produce meaningful, dynamic reports that can be used for making critical management decisions and financial analysis Establishing controls mandated by government agencies (for example, the Sarbanes-Oxley act, or ―SOX‖) Transmission of government reports in electronic format as mandated by the SEC and other agencies 8
- 9. Automation of Key Processes – ―CCRF‖ CLOSE CONSOLIDATE REPORT FILE Data collection Currency Financial reporting Annual and translation quarterly reports Close accounting Management systems Eliminations reporting Government reporting Account Automated Financial analysis reconciliation company and top- Electronic filing side journals Business (XBRL) and Intercompany intelligence Edgarization transactions Rollup of entities and custom Financial Journal entries dimensions Presentations Finance and Accounting Reporting and Analytics Governance Consolidation, BI, Collaborative Consolidation ERP System Collaborative Reporting Solution Reporting Solutions Solution 9
- 10. Results of a Solid CCRF Strategy • A shorter, more efficient financial close • Better internal controls • Automation of key processes • Easy, secure application deployment • Reducing dependency on manual processes 10
- 11. DEMO OF INTRODUCTION TO COGNOS FSR This webinar includes a demonstration of Introduction to Cognos FSR. See the recorded webinar to see and hear the complete demonstration. Go to the Senturus website: www.senturus.com/recorded-webinars.php You will find this free recording under the IBM Cognos Office of Finance Solutions: TM1, EP, Controller, FSR section. It is entitled Streamlining Financial Statement Reporting. 11
- 12. Senturus Upcoming Events: • February 15, 2012 – Insight into Net Profitability Free Webinar 10:00 AM -11:00 AM PST – During this webinar, we will show you how to gain insight into the true drivers of profitability across your enterprise. • March 15, 2012 –Automating the Consolidation & Close Processes Free Webinar, 10AM -11:30 AM PST – Reduce errors, inefficiencies and limited insight caused by using spreadsheets for consolidating multiple chart-of-accounts, foreign currency translation, journals and reporting. • The Pain of Closing the Books (and Prescriptions to Make it Painless) Whitepaper By Gary Kantz Download this whitepaper and many of our other learning resources http://senturus.com/recorded-webinars.php 12
- 13. Contact Information Need more details? Chris Fargo cfargo@senturus.com (510) 473-7096 13
- 14. This slide deck is part of a recorded webinar. To view the FREE recording of this entire presentation and download the slide deck, go to www.senturus.com/recorded-webinars.php You will find this—and many other recorded webinars-- under the “IBM Cognos Office of Finance Solutions: TM1, EP, Controller, FSR “ 14
- 15. Contact Senturus Senturus, Inc www.senturus.com sales@senturus.com 888-601-6010 15
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Editor's Notes
- #2: Hello. Welcome to the first installment of the Close Consolidate Report and File series. In today’s session we will discuss the “last mile” of the CCRF initiative—Financial Statement Reporting.
- #4: After a quick introduction of the team, we’ll give an overview of what the CCRF is and how Financial Statement Reporting fits in. We’ll then have our partners at IBM give a demonstration of Cognos Financial Statement Reporting (FSR). Next, we’ll share potential next steps you may want to take move your company toward streamlining your Financial Reporting.We’ll wrap with a Q&A session that will address the questions not already covered interactively during the webinar.
- #8: I’ll now hand the floor over to Gary Kantz so he can provide the context for today’s session with a quick overview of the close, consolidate report and file process. Gary?