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The GL Company Presents. 7 Steps to Financial Integrity. Presented by:. James Taylor Account Manager The GL Company Australasia. Financial Integrity. Ensuring that financial information accurately reflects the underlying accounting transactions

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The GL Company Presents

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The GL CompanyPresents

7 Steps to Financial Integrity

Presented by:

James Taylor

Account Manager

The GL Company Australasia

Financial Integrity

  • Ensuring that financial information accurately reflects the underlying accounting transactions

  • … and that the accuracy of the information can be easily verified

Who cares about Financial Integrity?

  • Who doesn’t?

  • Legal requirement to accurately report financials

  • Organisations need relevant, reliable, timely financial information in order to operate effectively, to:

    • Control costs

    • Review revenue

    • Ensure on-going financial viability

Two Words…..

Month End

Does it Send shivers down your spine????

Challenges in achieving Financial Integrity

  • Time pressure

  • Difficult reporting, reconcilliation & validation processes

  • Imperfect toolsets

    • ERP Inquiry Screens & Report Writers

    • Spreadsheets

    • Business Intelligence & 3rd Party Reporting tools

Does this look familiar?

ERP inquiry screens & report writers

  • Run directly against ERP system – good!

  • Inquiry screens very limited & inflexible

  • Report writers are technical IT tools

  • No financial transparency in reports: hard-coded, static, no drill down

  • Difficult & time-consuming to validate & reconcile reports

Spreadsheets & Excel-based solutions

Spreadsheets provide a familiar interface for Accountants but compromise financial integrity:

  • 95% of spreadsheets contain at least 1 error (KPMG white paper)

  • Results can be manually adjusted - no audit trail on what’s changed

  • Can easily be proliferated without security both internally & externally

  • Many local copies are created, which is the correct version?

  • Difficult to manage if the person who wrote them leaves

  • No Control System. Who publishes what and when?

  • Financial Integrity nightmare

Business Intelligence (BI)

Useful for post-month end management reporting but does not necessarily provide Financial Integrity:

  • Complex Meta Data / End User Layers (EUL) require

    setup & on-going maintenance

  • Limited financial transparency, difficult to reconcile

  • Data often exported to separate database:

    reports do not run over core accounting data

  • Fixed set of reports - new requests require specification, development (modification of Meta Data); a technical process prone to error

What’s needed

  • Safe, secure, ad-hoc inquiry & reporting for accountants

  • Real Time – post a journal, see the results immediately

  • Pre-configured for the ERP system: meta data is built-in

  • No staging – runs directly against core accounting system

  • Financial transparency – drill to details & transactions

  • Used by Accountants, not IT

  • FAST – relieves time pressure at month end

7 Steps to Financial Integrity

  • Direct Inquiry

  • Interactive Trial Balance

  • Financial Transparency through drill down

  • Audit Unposted Batches

  • Review Currency Translation

  • Validate Financial Statement Lines

  • Analyse Results against Multiple Budgets

Step 1: Direct Inquiry

Inquire directly over the Balance & Journals tables, not through a view, or against a data extract. Post a journal & see the results immediately.

Step 2: Interactive Trial Balance

Analyze Trial Balances & multiple accounts across segments in summary or detail for multiple periods on a single screen.

Step 3: Financial Transparency

Drill from consolidated account balances, to transactions to sub ledgers to quickly investigate issues.

Step 4: Unposted Batches

Reconcile between journals & financial statement balances and investigate any unposted batches.

Step 5: Currency Translations

Review base and translated currency summaries with drill to Entered & Accounted journal amounts.

Step 6: Validate Financial Statements

Identify any accounts missing from financial reporting lines by validating parent account rollups, summary accounts or selecting totals for ranges.

Step 7: Actuals ‘v’ Budgets

Analyze financial results against multiple budget versions simultaneously.

The 7 steps:

  • Step 1: Direct Inquiry – Post a journal and see the results immediately

  • Step 2: Interactive Trial Balance - Analyse accounts across segments, consolidated or detailed

  • Step 3: Financial Transparency - Drill from balances to transactions, sub ledgers, journal entries

  • Step 4: Unposted batches – Investigate unposted batch errors

  • Step 5: Currency Conversions and Translations – Review base and translated currency summaries

  • Step 6: Validate Financial Statement Consolidation Lines – Identify any accounts missing from financial reporting lines by validating parent account rollups and summary accounts

  • Step 7: Analyse Actuals Against Multiple Budgetversions

  • At the completion of the 7 steps, financial reports can be published in confidence, with their financial integrity intact

Really Real Time Inquiry Suite

  • Easy interface to audit the data in the Oracle General Ledger

  • Pre-configured ad-hoc inquiry & reporting for Accountants

  • Can be used to validate or replace FSGs

  • Secure environment used by Accountants but controlled by IT

A few ANZ customers we’ve worked with

Really Real Time Inquiry Suite for Oracle

Are you involved in Month End or Project Accounting?

We can help make your life easier

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