Many companies continue to devote an excessive amount of time and effort on financial reporting at period ends which can be resource and time intensive, increase the risk of errors and even disrupt business decision-making.
For companies that report to the market with a 30 June year-end or interim reporting period, the potential impact of the London 2012 Olympic and Paralympic Games on business operations and customer demand and expectations represent an even bigger challenge for timely and risk-free reporting.
With the average time for market reporting at just over 60 days for many businesses (and 38 days for FTSE 100 companies), year-end or interim reporting close for listed companies that report in June or December are likely to fall at the height of the Games’ period.
In view of this, businesses should consider preparing for a faster close of year-end books, accelerated reporting processes and managing the risk of executives, non-executives and key personnel being absent during critical periods.
There are a number of significant benefits to faster financial reporting:
As the official professional services provider to the Olympic and Paralympic Games, Faster Financial Reporting is just one of the services Deloitte offers businesses preparing for and managing operations that might be impacted by London 2012. By using a proven three-phase approach, our proprietary Faster Financial Reporting Diagnostic toolkit and collaborative workshops (such as “the Wall”), we deliver achievable, effective and long-lasting results.