Faster Financial Reporting
Achieving a fast, efficient close is a constant challenge
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.
Entering the race for London 2012
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.
The benefits of accelerating the financial close process
There are a number of significant benefits to faster financial reporting:
- extra time and resource for other value-add work
- faster delivery of information for decision making
- improved communication with shareholders
- increased efficiency and effectiveness in the close process
- improved staff morale
Deloitte’s approach to accelerating 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.
Download
Faster Financial Reporting: Crossing the finish line in 2012
Alternatively contact Deloitte’s Faster Financial Reporting Leads Malcolm Wilkinson or Mark Tolley to discuss your requirements.
Useful links
Highlights
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Faster Financial Reporting Crossing the finish line in 2012. |
Key contacts
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Malcolm Wilkinson Partner, Consumer Business. |
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Mark Tolley Partner, Audit. |
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