The role of the CFO has evolved from being merely an overseer of the organization’s finances to a partner who provides strategic advice to the C-Suite. In addition to producing monthly, quarterly, and annual reports, income statements, balance sheets, and other reports, CFO’s must also provide financial data in a way that is easy for management to use and understand.
FSN – The Modern Finance Forum recently conducted a survey about the future of financial reporting.* It attracted responses and feedback from nearly 1000 senior finance professionals about the issues that caused them the most headaches:
- 97% worry about challenges with their financial reporting but don’t have time to implement changes
- 61% of CFOs worry they will not meet their financial reporting deadlines
- 50% worry that not all document and disclosures have been updated
- 42% can’t see the status of the reporting process at any point in time
- 40% didn’t feel their data was trustworthy and accurate
- 41% of CFO’s continue to produce redundant reports
- 43% are unable to identify their critical reports
- 30% can’t see the status of the reporting process
- Many organizations now have fewer staff in the finance department to assist them.
FYIsoft’s comprehensive financial reporting solution makes life easier for CFO’s, and solves many of their problems:
- FYIsoft is easy to implement, learn and use, saving many hours of staff time.
- It is fully supported to streamline the design, integration, production, and distribution of corporate financial information.
- FYIsoft pulls data straight from the general ledger, removing the risk of manual errors and ensuring financial statements are accurate.
- CFOs can access financial reports at any time from any device, and drill down to view the transaction details behind any line item, including attached invoices.
- Reports can be customized to meet the requirements of executive boards, auditors, or the SEC filings.
- FYIsoft integrates with many existing ERPs and GLs, removing the need to change or add software.
All CFO’s and their staffs are welcome to schedule a brief demo to see how FYIsoft can help solve their most pressing issues and eliminate their headaches.