A large majority of companies still rely on manual spreadsheets for financial reporting. Furthermore, disclosure management and external reporting remain a separate, manual process done at the end of the monthly cycle rather than in conjunction with it. The main problem associated with these manual activities is version tracking, where various edits are made. Additionally, all approvals for financial statements are lost in multiple email, with no systematic audit trail.
Today, regulatory agencies have introduced a multitude of new standards and accounting rules changing materiality thresholds, requiring detailed schedules, and new disclosures for public filings.
Companies can save up to 30% of process costs by automating these processes with a system solution that carries out:
- Financial accounting – general ledgers and sub-ledgers
- Legal entity close – entity close management and intercompany reconciliation
- Corporate close – consolidation
- Reporting
- Systematic audit trail for all financial statement approvals
- Compliance and control of disclosure filings.
If you need more information on our Regulatory Compliance Solutions or would like to arrange a consultation, please feel free to email info@cogit.pl or call us on +48 22 496 60 00.
