In a rapidly changing environment, companies need to review their processes continuously to help ensure that they stay at the forefront of innovation and improvement. One of the critical processes in any company is the financial reporting process.
A business can make timely and effective decisions if it gets financial information that is of a high standard and is presented on a timely basis. There is also a growing need to produce such information in a cost effective manner. A number of external factors are also driving many companies to alter financial reporting
- Implementation of new accounting principles as well as changes to existing accounting principles will require companies to make significant changes in financial reporting processes to help ensure compliance
- Companies with aspirations of listing in on the stock exchange will need to improve their financial reporting processes to ensure compliance with stringent listing norms
- Companies going through a merger or a demerger will have to deal with the changes in financial reporting processes
- Achieve greater reliability of their financial reporting;
- Manage risk, enabling them to effectively avoid or quickly handle last-minute surprises;
- Accelerate their financial reporting calendar, providing investors with more timely information;
- Enhance their ability to meet (or accelerate) the timeline set for M&A transactions; and/or,
- Ensure that the appropriate expertise and experience are applied to key reporting matters, as and when needed.
- Evaluate and realign the accounting policies based on the prevailing financial reporting standards
- Provide assistance in ensuring that all tax and regulatory financial compliance
Even though some of these changes may be forced on a company, they provide the perfect opportunity to improve processes.
Our member firms provide a wide range of services to assist you in improving your financial reporting processes. The Quality Close methodology allows us to enhance the financial reporting process in a structured manner. Member firms have access to varying procedures, formats and tools for each phase of your closing activities that allows them to reach the best possible results. The breadth of member firms’ projects and their connection across our global network allow us to deploy professionals, who have a wide range of skills and experiences.